Student Loan Calculator

A student loan calculator estimates the monthly payment and total interest on an education loan based on your current balance, the interest rate, and the repayment term in years. It assumes a standard amortizing payment — the same approach used by federal loan servicers and most private lenders for the Standard Repayment Plan.

Student debt has nuances most other loans don't. Federal loans(Direct Subsidized, Unsubsidized, PLUS) carry fixed rates and unique benefits like income-driven repayment and Public Service Loan Forgiveness. Private loans may have variable rates and stricter underwriting. Use this calculator to compare fixed-payment scenarios; switching to an income-driven plan changes the math entirely.

Suppose you graduate with $30,000 in federal Direct Unsubsidized loans at 5.5% on a 10-year Standard Plan:

• Monthly rate: 5.5% ÷ 12 = 0.004583
• Number of payments: 120
• Monthly payment: $325.55
• Total paid: $39,067
• Total interest: $9,067

Stretch the same loan to 25 years (an Extended plan or some IDR scenarios) and the payment falls to about $184/month — but total interest jumps to roughly $25,300, nearly tripling the cost. The lower payment comes at a steep price.

• Before signing for a new academic year — model the future monthly payment to see how much debt is sustainable.
• Picking a repayment plan after graduation — compare 10-year Standard vs 15- or 20-year Extended.
• Considering refinancing — plug in a private lender's offered rate to see if the monthly savings justify losing federal protections.
• Planning extra principal payments — see how an extra $50 or $100/month accelerates payoff.
• Comparing schools or programs — translate total expected debt into a real monthly burden alongside an expected starting salary.

• Refinancing federal loans without thinking it through. You permanently lose access to PSLF, IDR plans, and federal forbearance. Only refinance federal debt if you're sure you won't need any of these.
• Ignoring interest accruing during school. Unsubsidized loans accrue interest the whole time you're enrolled — it capitalizes at repayment, raising the principal.
• Choosing the lowest payment by default. Lower payments on longer terms can double your total interest cost.
• Forgetting the loan-to-income ratio. A reasonable rule is total student debt no higher than your expected first-year salary.
• Skipping interest tax deduction. You can deduct up to $2,500/year of student loan interest from your taxable income (subject to income limits).