Student Loan Calculator
Enter your loan balance, interest rate, and term to see your monthly payment and total interest cost — then see how extra payments accelerate your payoff.
Standard Repayment
Repayment Summary
Monthly payment
$341.25
Payoff time
10 yrs
Total interest
$10,951
Months saved
—
Interest saved
—
Assumes a fixed interest rate and no origination fees. Federal loan rates and income-driven repayment terms vary.
How to Use This Student Loan Calculator
Enter your current loan balance, the annual interest rate, and your repayment term in years. The calculator instantly shows your required monthly payment under a standard fixed-rate schedule, plus your total interest cost over the life of the loan. For most federal student loans, the standard repayment term is 10 years, though income-driven repayment plans can extend this to 20 or 25 years — at the cost of significantly more interest paid.
The extra monthly payment field is where the real power lies. Even a modest additional payment — $50 or $100 per month — can eliminate years from your repayment timeline and save thousands in interest. The calculator shows exactly how many months you cut off and how much interest you save, so you can make an informed decision about whether to put extra cash toward loans or invest it elsewhere.
The monthly payment formula for a fixed-rate loan is: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the principal balance, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This is the same formula used by every lender and servicer for fixed-rate amortizing loans.
For context on current rates: undergraduate federal Direct Loans for the 2024–25 academic year carry a 6.53% interest rate. Graduate Direct Unsubsidized Loans are 8.08%, and Direct PLUS Loans (parent or graduate) are 9.08%. Private loan rates vary widely by lender and creditworthiness — refinancing into a lower private rate can save money, but you permanently lose access to federal income-driven repayment and forgiveness programs.
Frequently Asked Questions
What is the average student loan payment?
The average monthly student loan payment for borrowers in repayment is roughly $300–$400, but this varies enormously. A $30,000 federal loan at 6.54% on a 10-year standard plan costs about $339/month. Graduate and professional borrowers often carry $80,000–$200,000 in debt, pushing monthly payments well above $1,000 on a standard plan. Income-driven plans cap payments at 5–10% of discretionary income, which can significantly reduce monthly obligations — but increase total interest paid over the life of the loan.
Should I refinance my student loans?
Refinancing makes sense if you can qualify for a meaningfully lower interest rate and you don't intend to use federal benefits. The key tradeoff: refinancing federal loans into a private loan permanently removes eligibility for income-driven repayment plans (SAVE, PAYE, IBR), Public Service Loan Forgiveness (PSLF), and federal deferment/forbearance options. If your income is stable, you have no plans to work in public service, and a lender offers a rate at least 1–2 percentage points below your current rate, refinancing can save thousands. If there's any chance you'll need income-driven repayment or PSLF, keep federal loans federal.
How does income-driven repayment work?
Income-driven repayment (IDR) plans set your monthly payment as a percentage of your discretionary income rather than based on your balance. The SAVE plan (formerly REPAYE) calculates payments at 5% of discretionary income for undergraduate loans and caps interest so balances don't grow when payments don't cover interest. After 20–25 years of qualifying payments (10 years under PSLF for public service), the remaining balance is forgiven — though forgiven amounts may be taxable as income. IDR is valuable if your payment-to-income ratio is unfavorable, but can result in paying more interest overall than a standard plan.
What is the grace period for student loans?
Most federal student loans have a 6-month grace period after you graduate, leave school, or drop below half-time enrollment before repayment begins. During the grace period for subsidized loans, the government covers interest — so your balance doesn't grow. Unsubsidized loans accrue interest during the grace period, and that interest capitalizes (adds to your principal) when repayment starts. Some private loans have grace periods; others require interest payments while in school. Making interest-only payments during school can prevent capitalization and reduce your total repayment cost.