How to use the Student Loan Calculator
- 1 Enter your total loan balance.
- 2 Enter the interest rate; for several loans, use a weighted average.
- 3 Enter the repayment term in years, 10 for a standard plan.
- 4 Read the monthly payment, total interest and total repaid.
Worked example
$35,000 at 6.5% over 10 years. The monthly payment is about $397.42 for 120 months. You repay about $47,690, of which about $12,690.15 is interest. Over 20 years the payment drops to about $261, but the interest more than doubles.
Features
Standard plan view
A fixed payment over the term, like the federal standard repayment plan.
Any term
Try 10, 15 or 20 years to see how the payment and total interest change.
Total cost
See how much interest adds over the life of the loan.
When to use it
After graduation
Know your payment before the grace period ends.
Refinancing
Compare your current loan with a private refinance offer.
Paying faster
See how a shorter term cuts total interest.
Budgeting
Fit the payment into a first-job budget.
Frequently asked questions
How is the payment calculated?
With the standard amortization formula for a fixed rate and term, the same method used for a standard repayment plan.
What about income-driven plans?
Income-driven plans base payments on income and family size. Use the Federal Student Aid Loan Simulator for those.
Should I pay extra?
Extra payments reduce interest. For federal loans, ask the servicer to apply them to principal.
What rate should I use with several loans?
Use the weighted average: multiply each balance by its rate, add them up and divide by the total balance.
Does interest build during school?
Unsubsidized loans accrue interest while you study, which can be added to the balance when repayment starts.
When do federal student loan payments start?
Most federal loans have a six-month grace period after you leave school or drop below half-time enrollment, and then repayment begins.
Can I change my repayment plan later?
Federal borrowers can usually switch plans by contacting their loan servicer. Lower monthly payments over a longer term generally mean more interest in total.
Is student loan interest tax-deductible?
You may be able to deduct some of the interest you pay each year on a qualified student loan, subject to income limits. Check current IRS rules for the year you file.
What is loan forgiveness?
Some programs, such as Public Service Loan Forgiveness for eligible public-sector and non-profit jobs, can forgive the remaining federal balance after qualifying payments. Rules are strict, so check with Federal Student Aid.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Reviewed by ToolsUnlocked Team · Last updated