Student Loan Calculator
See what your student loan actually costs. Enter your balance, interest rate, and repayment term to get your monthly payment, total interest, and projected payoff date under a standard repayment schedule.
*Assumes standard fixed repayment. Income-driven repayment plans will differ. Not financial advice.
See how this fits your monthly budget.
Debt-to-Income Calculator🎓 Understanding Your Student Loan
What the numbers mean and how repayment options change your outcome.
How it Works
Amortizes your balance evenly over the repayment term at a fixed interest rate, showing what a standard plan looks like — the baseline most lenders quote before income-driven adjustments.
The Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1], where P = balance, r = APR ÷ 12, n = term in months.
Pro Tip
Making extra payments toward principal — even $50-100/month — can shave years off your term and save substantial interest, especially on higher-rate private loans.
Frequently Asked Questions
What's the difference between standard and income-driven repayment? +
Standard repayment splits your balance into fixed payments over a set term (often 10 years), like the calculation shown here. Income-driven repayment (IDR) plans instead set your payment as a percentage of discretionary income, which can be lower monthly but often stretches repayment to 20-25 years and may result in more total interest, though some IDR plans include forgiveness after the term.
How is my monthly student loan payment calculated? +
For standard repayment, lenders use the same amortization formula as any installment loan: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is your balance, r is the monthly interest rate (APR ÷ 12), and n is the number of monthly payments across your term.
Should I pay off student loans early? +
If your loan's interest rate is higher than what you could reasonably earn investing, paying it off early usually saves more money than investing the extra cash. Federal loans with borrower protections (deferment, forgiveness eligibility) are sometimes worth keeping at minimum payments; high-rate private loans are usually the best candidates for early payoff.
Does interest accrue while I'm in school or during deferment? +
It depends on the loan type. Subsidized federal loans don't accrue interest while you're in school at least half-time or during deferment. Unsubsidized federal loans and most private loans accrue interest the entire time, which is added to your balance (capitalized) once repayment begins.
Can student loans be forgiven? +
Some federal programs offer forgiveness after a set number of qualifying payments, such as Public Service Loan Forgiveness (10 years of payments while working for a qualifying employer) or after 20-25 years under certain income-driven repayment plans. Private loans generally do not offer forgiveness programs.