Student Loan Calculator
Calculate your monthly payment and see how extra payments save you money.
With Extra Payments
Yearly Summary
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Request a ToolHow to Use the Student Loan Calculator
This calculator helps you understand your student loan repayment at a glance. Enter your loan details and see your monthly payment, total cost, and payoff timeline instantly. Here is how to get started:
- Enter your loan amount. This is the total balance you owe (or plan to borrow). The default is $35,000, which is close to the average student loan balance in the U.S.
- Set the interest rate. Enter the annual interest rate on your loan. Federal undergraduate loans are typically around 5-6%, while private loans and graduate loans can be higher. Check your loan servicer for your exact rate.
- Choose your loan term. Select 10, 15, 20, or 25 years. The standard federal repayment plan is 10 years. Longer terms lower your monthly payment but increase total interest paid.
- Add extra payments (optional). Enter any additional amount you can pay each month beyond the minimum. Even $50 or $100 extra per month can save thousands in interest and cut years off your repayment timeline.
Results update instantly as you type. The comparison section appears automatically when you add extra payments, so you can see exactly how much you save. Use the Share button to send a pre-filled link, or Copy to grab the result.
About Student Loans
Student loans use standard amortization, the same formula used for mortgages and auto loans. Each monthly payment is split between interest and principal. Early in the loan, most of your payment goes toward interest. Over time, that ratio flips and more goes toward principal. This is why extra payments early in the loan have the biggest impact on total interest.
Federal student loans come with options like income-driven repayment and Public Service Loan Forgiveness that this calculator does not model. Those programs change the math significantly. This tool is designed for standard repayment plans where you want to understand your fixed monthly payment and how extra payments affect your payoff timeline.
All calculations run entirely in your browser. We never see or store your financial data.
Frequently Asked Questions
How is the student loan payment calculated?
The calculator uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This is the same formula used for mortgages and auto loans. It produces a fixed monthly payment that fully pays off the loan by the end of the term.
Should I pay extra on my student loans?
If your interest rate is above 4-5%, extra payments usually make sense. On a $35,000 loan at 5.5% over 10 years, paying just $100 extra per month saves over $2,000 in interest and pays off the loan nearly 2 years early. However, if you qualify for Public Service Loan Forgiveness or have higher-interest debt elsewhere, those should take priority. Use this calculator to compare scenarios and decide what works best for your situation.
What is the average student loan interest rate?
Federal student loan rates are set annually by Congress. For undergraduate Direct Loans, rates have ranged from about 3.7% to 6.5% in recent years. Graduate Direct Loans and PLUS loans carry higher rates, typically 5.3% to 8.0%. Private student loans vary widely by lender and credit score, from under 4% to over 14%. Check your loan servicer for your specific rate.
Does this calculator work for federal and private loans?
Yes. Both federal and private student loans use the same standard amortization math for fixed-rate repayment. Enter your loan amount and interest rate regardless of the loan type. Note that this calculator models standard fixed repayment only. It does not account for income-driven repayment plans, graduated repayment, variable rates, or loan forgiveness programs, which apply only to federal loans.