Student Loan Calculator
Calculate your monthly payment, total interest, and payoff timeline for any student loan. Switch between entering a payment amount or a desired repayment term.
Monthly Payment
$400.00
Total Interest
$12,565
Payoff Time
9yr 11mo
How to Use
Enter your total loan balance and annual interest rate. Then choose your mode: if you know your monthly payment and want to see how long it takes to pay off, select "Monthly Payment." If you want the calculator to figure out the required payment for a specific term (e.g. 10 years), select "Loan Term." The year-by-year breakdown shows how much goes to principal vs. interest each year.
How Student Loan Interest Works
Student loans accrue interest daily based on your outstanding balance. When you make a payment, the interest accrued since your last payment is applied first; the remainder reduces your principal. This is why early payments have a higher interest-to-principal ratio — and why making even small extra payments early in the loan can dramatically reduce total interest paid.
Why Use This Calculator
Whether you are a recent graduate figuring out your first loan payment or someone years into repayment considering extra payments, this calculator helps you see the full picture. Students, parents, and financial planners use it to compare different payment strategies side by side. By adjusting the monthly payment or loan term, you can instantly see how even small changes affect your total interest paid and payoff date — turning abstract loan terms into concrete dollar amounts and timelines.
Real-World Examples
Example 1: Standard 10-Year Federal Loan
A graduate with $35,000 in federal loans at 6.53% on the standard 10-year plan would pay about $399 per month. Over 10 years, they would pay roughly $12,860 in total interest, bringing the total cost to $47,860. The first payment splits roughly $190 to interest and $209 to principal.
Example 2: Aggressive Payoff Strategy
Using the same $35,000 loan at 6.53%, paying $600 per month instead of $399 cuts the payoff time to about 5.5 years and reduces total interest to roughly $6,500. That extra $201 per month saves over $6,300 in interest and frees you from payments nearly 5 years earlier.
Example 3: Graduate School Debt
A graduate student with $80,000 at 8.08% choosing a 20-year repayment would pay about $674 per month. Total interest over 20 years comes to roughly $81,700 — more than the original loan. Shortening to 10 years increases payments to $975 but saves over $45,000 in interest.
Tips & Things to Watch Out For
- •Always specify that extra payments should go toward principal — some servicers apply them to future payments instead, which does not reduce interest.
- •If you have multiple loans, consider the avalanche method (pay highest interest rate first) to minimize total interest paid.
- •Set up autopay for a 0.25% interest rate reduction — most federal and many private loan servicers offer this discount.
- •Student loan interest up to $2,500 per year is tax-deductible if your income is below the phase-out threshold ($80,000 single / $165,000 married).
- •Check if your employer offers student loan repayment assistance — an increasing number of companies now provide this benefit.
Frequently Asked Questions
- What are typical federal student loan interest rates?
- For 2024-2025, federal Direct Subsidized and Unsubsidized Loans for undergraduates have a 6.53% interest rate. Graduate Unsubsidized Loans are 8.08%, and Parent PLUS Loans are 9.08%. Private student loan rates vary widely based on credit score and lender, typically ranging from 4% to 14%.
- What is the standard repayment plan?
- The federal standard repayment plan spreads payments over 10 years. Income-driven repayment plans (IDR) like SAVE, PAYE, and IBR cap payments at a percentage of discretionary income (typically 5-10%) and extend the term to 20-25 years, with potential forgiveness at the end.
- How much does paying extra each month help?
- Extra payments directly reduce principal, which cuts the interest accrued on future payments. On a $35,000 loan at 6.5% with a $400/month payment, paying an extra $100/month can save thousands in interest and cut years off the repayment timeline. Use the calculator to see the impact of different payment amounts.
- Should I pay off student loans or invest?
- If your student loan rate is below ~6%, mathematically it often makes sense to invest the difference (long-term stock market returns average around 7-10%). Above 7-8%, paying off the loan is like a guaranteed return at that rate. Many people split the difference by making minimum loan payments while also contributing to retirement accounts for the employer match.
- What happens if I miss a student loan payment?
- For federal loans, you have a 270-day grace period before default, but interest accrues and your credit score can be impacted after 90 days of delinquency. Private loans may default after just 120 days. Contact your servicer immediately if you anticipate trouble — income-driven repayment plans, deferment, and forbearance are available for federal loans.
- Is refinancing student loans worth it?
- Refinancing can lower your interest rate if your credit score has improved since you took out the loan. However, refinancing federal loans into private loans means losing access to income-driven repayment, Public Service Loan Forgiveness, and federal forbearance options. Only refinance federal loans if you have stable income and do not need those protections.