Student Loan Calculator
Calculate monthly student loan payments, total interest, and payoff timeline. Compare standard vs graduated repayment and see the impact of extra payments.
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Monthly Payment
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Total Interest Paid —
Total Cost of Loan —
Extended More scenarios, charts & detailed breakdown ▾
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Monthly Payment
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Total Interest —
Total Cost —
Interest / Loan Ratio —
Professional Full parameters & maximum detail ▾
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Loan Summary
Total Loan Balance —
Weighted Average Interest Rate —
Combined Monthly Payment —
Total Interest (All Loans) —
Payoff Strategy
Avalanche Order (Highest Rate First) —
Snowball Order (Lowest Balance First) —
Extra Payment Impact
Interest Saved with Extra Payments —
Payoff Months with Extra Payment —
How to Use This Calculator
- Enter your Loan Balance — the total amount outstanding.
- Enter the Annual Interest Rate — check your loan servicer or promissory note.
- Select your Loan Term — standard federal repayment is 10 years.
- See your Monthly Payment, total interest, and total cost instantly.
- Use Extra Payments tab to see how paying more accelerates payoff.
Formula
Monthly Payment:
M = P × [r(1+r)^n] / [(1+r)^n − 1]
- P = Loan principal balance
- r = Monthly interest rate (Annual rate ÷ 12)
- n = Number of monthly payments (Years × 12)
Example
Example: $35,000 balance, 6.5% rate, 10-year term.
- Monthly Payment: $397.58
- Total Interest Paid: $12,709
- Total Cost: $47,709
- With $100 extra/month: saves ~$2,900 interest, pays off 2.3 years early
Frequently Asked Questions
- Your monthly payment is calculated using the standard loan formula: M = P[r(1+r)^n]/[(1+r)^n - 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of months. The standard federal repayment term is 10 years.
- Graduated repayment starts with lower payments that increase every two years, typically ending at twice the initial payment. This is helpful if you expect your income to rise over time, but you pay more total interest than standard repayment.
- Avalanche: pay minimums on all loans, put extra money toward the highest-rate loan first — minimizes total interest. Snowball: pay off the smallest balance first — provides psychological wins and momentum. Mathematically, avalanche saves more money.
- For 2024–25, federal undergraduate Direct Loans are 6.53%, graduate Direct Loans 8.08%, and Direct PLUS Loans 9.08%. Rates are set annually by Congress based on the 10-year Treasury note yield plus a fixed add-on.
- Yes, significantly. Even an extra $50–$100/month can cut years off your repayment and save thousands in interest. Just make sure to specify that extra payments go to principal, not future payments.
Related Calculators
Sources & References (5) ▾
- Federal Student Aid — Understanding Repayment — Federal Student Aid (U.S. Dept. of Education)
- CFPB — Student Loans — Consumer Financial Protection Bureau
- Federal Student Aid — Interest Rates and Fees — Federal Student Aid
- Department of Education — Income-Driven Repayment Plans — U.S. Department of Education
- IRS — Student Loan Interest Deduction (Topic 456) — Internal Revenue Service