Student Loan Calculator
Estimate your monthly payment on a fixed-rate student loan with level payments, like a standard 10-year plan, and see how much extra payments could save.
Results
Monthly payment
$333.06
Assumes a fixed rate and level payments, like a standard 10-year plan. Income-driven plans, deferment and forgiveness are not modeled.
- Amount borrowed
- $30,000.00
- Total interest
- $9,967.38
- Total of payments
- $39,967.38
- Paid off in
- 10 years
Principal 75%Interest 25%
How this was calculated
Monthly rate r = 6% ÷ 12 = 0.005000. Number of payments n = 120.
Payment = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $30,000.00. Each month, interest is charged on the remaining balance and the rest of the payment reduces the balance.
Lenders round to the cent and some accrue interest daily, so your statement may differ slightly.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,258.17 | $1,738.57 | $27,741.83 |
| 2 | $2,397.45 | $1,599.29 | $25,344.39 |
| 3 | $2,545.31 | $1,451.42 | $22,799.07 |
| 4 | $2,702.30 | $1,294.43 | $20,096.77 |
| 5 | $2,868.98 | $1,127.76 | $17,227.79 |
| 6 | $3,045.93 | $950.81 | $14,181.86 |
| 7 | $3,233.79 | $762.94 | $10,948.07 |
| 8 | $3,433.25 | $563.49 | $7,514.82 |
| 9 | $3,645.00 | $351.73 | $3,869.82 |
| 10 | $3,869.82 | $126.92 | $0.00 |
The starting values are examples only, not current rates. Replace them with your own figures.
Which repayment plans this calculator covers
The calculator models a fixed rate with equal monthly payments until the loan is paid off. That matches the federal Standard Repayment Plan and most private student loans once repayment begins.
It does not model income-driven repayment, graduated plans that start low and rise, deferment, forbearance or loan forgiveness. Federal repayment options have changed in recent years, so check StudentAid.gov or your loan servicer for the plans available to you now.
Enter the balance when repayment starts
On many student loans, including federal unsubsidized loans and most private loans, interest builds up while you are in school and during any grace period. When repayment begins, unpaid interest may be capitalized, which means it is added to your principal and then earns interest itself.
For an accurate estimate, enter your expected balance at the start of repayment, not the amount you originally borrowed. Your servicer’s account page shows the current principal and any accrued interest.
If you have several loans
Federal borrowers often have a separate loan for each school year, each with its own rate. You can run each loan separately and add up the payments. You can also estimate the combined picture by entering the total balance with a balance-weighted average rate.
A federal Direct Consolidation Loan combines federal loans into one, using the weighted average rate rounded up to the nearest one-eighth of a percent. Refinancing federal loans with a private lender can lower the rate for some borrowers, but you permanently lose federal benefits such as income-driven plans and federal forgiveness programs.
Paying extra on student loans
Extra payments can shorten your payoff and cut interest, especially on higher-rate loans. Ask your servicer to apply extra amounts to principal on your highest-rate loan. Otherwise, the extra may be applied to accrued interest first or treated as an early payment of your next bill.
Standard 10-year payments, with and without extra
A $30,000 balance at an example 6% fixed rate.
| Scenario | Borrowed | Rate | Term | Paid off in | Monthly payment | Total interest |
|---|---|---|---|---|---|---|
| 10-year standard | $30,000 | 6% | 10 years | 10 years | $333.06 | $9,967 |
| 10-year + $100/mo extra | $30,000 | 6% | 10 years | 7 years 2 months | $433.06 | $6,921 |
| 20-year term | $30,000 | 6% | 20 years | 20 years | $214.93 | $21,583 |
An extra $100 a month takes years off the loan. Stretching the same balance over 20 years lowers the payment but more than doubles the interest.
How the calculation works
The student calculator uses the same fixed-rate amortization formula as our main loan calculator. Interest is charged monthly on the remaining balance, and equal payments pay off the loan by the end of the term. For a step-by-step walkthrough, read how loan amortization works.
Student loan questions
Does this work for federal student loans?
Yes, for fixed-payment plans such as the Standard Repayment Plan. Federal loans have fixed rates set when each loan is disbursed. Income-driven plans base payments on income and family size, which this calculator does not model.
What rate should I use if I have several loans?
Use a balance-weighted average: multiply each balance by its rate, add the results, and divide by the total balance. Or run each loan separately for more precise results.
Does the calculator account for interest during school?
Not directly. Enter the balance you expect when repayment starts, including any interest that will be capitalized, to account for it.
Can a variable-rate private loan be calculated?
Only as a snapshot. Enter today’s rate to see the current payment, then try higher rates to see how the payment could change if the rate rises.
Sources and further reading
- Repaying your federal student loans — Federal Student Aid, U.S. Department of Education
- Student loans: tools and answers — Consumer Financial Protection Bureau
Related calculators
Have a different kind of loan? Use the general loan payment calculator.