See your standard monthly student loan payment and how much interest you will pay over the repayment term.
How the Student Loan Calculator works
This student loan calculator models a standard fixed repayment plan: it amortizes your total balance at the loan's interest rate over the repayment term, showing the level monthly payment and lifetime interest.
Example calculation
A $35,000 balance at 6% over 10 years is about $389 a month and roughly $11,600 in interest. Extending to 20 years lowers the payment but more than doubles the interest.
Tips for using the Student Loan Calculator
- Pay interest during school or grace periods if you can — it stops capitalization.
- Target the highest-rate loan first when paying extra.
- Refinancing private loans can lower the rate; refinancing federal loans forfeits protections.
Student Loan Calculator — frequently asked questions
- Does this cover income-driven plans?
- No — this models a standard fixed repayment. Income-driven plans depend on income and family size.
- Should I refinance?
- Refinancing can lower the rate but federal protections are lost. Compare carefully.
- Does this include income-driven repayment?
- No — IDR plans depend on income and family size. This shows the standard fixed plan for comparison.
- What is loan capitalization?
- Unpaid interest being added to your principal, after which you pay interest on interest.
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