Student Loan Calculator

Use this free student loan calculator to estimate monthly payments and total interest on federal and private student loans.
Loan Details
Enter your student loan information
Payment Summary
Monthly payment breakdown
Monthly Payment
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Total Interest
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Total Payment
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How Student Loan Calculations Work

Student loans use the same amortization formula as mortgages and other installment loans. Your monthly payment is calculated so that the loan is paid off in full by the end of the repayment term, with each payment covering both the interest accrued that month and a portion of the principal balance.

The formula: Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal (loan amount), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12). For example, a $30,000 loan at 5.5% over 10 years results in a monthly payment of approximately $325.61.

Federal vs. private loans: Federal student loans typically offer fixed interest rates set by Congress, income-driven repayment options, and potential loan forgiveness programs. Private student loans may have variable or fixed rates determined by your creditworthiness and usually lack the flexible repayment options of federal loans.

Understanding the payoff schedule: In the early years of repayment, most of your payment goes toward interest rather than principal. As the balance decreases, a larger share goes toward paying down the principal. This is called amortization. Making extra payments toward principal can significantly reduce the total interest you pay over the life of the loan.

Common repayment strategies: The standard 10-year plan has higher monthly payments but minimizes total interest. Extended plans (up to 25 years) lower monthly payments but increase total cost. Income-driven repayment plans cap payments at a percentage of your discretionary income. Consider refinancing if you have good credit and can secure a lower rate.

Example: $30,000 Student Loan at 5.5% for 10 Years

Monthly Payment:
$325.61
Total Interest:
$9,073.02
Total Payment:
$39,073.02
Interest Ratio:
23.2% of total

By paying just $50 extra per month ($375.61), you could pay off the loan 2 years early and save over $2,000 in interest.

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How our student loan calculator works

1

Enter loan balance

Type the total loan amount, either the original principal or your current balance for refinancing scenarios.

2

Set interest rate and term

Type the APR and the repayment term in years. Federal loans are typically 10-25 years; private loans 5-20 years.

3

Choose repayment plan

Standard, graduated, or income-driven. Each plan has different monthly payments and total interest. The calculator shows all three side by side.

Key things to know about our student loan calculator:

  • Federal vs private: Federal loans have flexible repayment, forgiveness options (PSLF, income-driven), and lower rates for students. Private loans usually have stricter terms.
  • Refinancing: If you have stable income and good credit, refinancing private loans can lower your rate by 1-3%. But you lose federal protections.
  • Loan forgiveness: Public Service Loan Forgiveness (PSLF) forgives remaining federal loan balance after 120 qualifying payments while working for a non-profit or government employer.

For related calculations, try our loan calculator.