Student Loan Calculator
Calculate student loan monthly payments and total interest, and see how extra payments shorten your payoff.
Everyday Uses
Graduation reality check
Before repayment starts, see the actual monthly bill your balance implies — and budget for it.
Extra payment payoff
See exactly how many months and dollars an extra $50 or $100 per month saves you.
Refinancing decisions
Compare your current rate against a refinance offer using the compare feature.
Borrowing decisions
Prospective students: see what a planned loan really costs monthly after graduation — before signing.
Frequently Asked Questions
How are student loan payments calculated?
Standard repayment uses the same amortization formula as any installment loan: PMT = P × i / (1 − (1 + i)⁻ⁿ), where P is the balance, i the monthly rate, and n the number of months. A $35,000 loan at 5.5% over 10 years costs about $380/month, with roughly $10,600 of total interest.
How much do extra payments actually help?
A lot, because they attack principal directly. On the example above, an extra $100/month clears the loan about 2.5 years early and saves over $3,000 in interest. Even $25/month makes a visible difference — run your own numbers with the extra-payment field to see the exact impact.
Should I pay off student loans early or invest?
Compare your loan rate to realistic long-term investment returns. High-rate private loans (7%+) are usually worth attacking aggressively; low-rate loans (under ~4%) often lose the comparison to investing, especially with employer 401(k) matching available. Many people split the difference for both progress and peace of mind. Consider tax deductions on student loan interest where applicable — this tool shows the raw numbers, not tax effects.
What repayment term do student loans use?
The US federal standard plan is 10 years; extended and consolidated plans run 12–30 years. Longer terms lower the monthly payment but increase total interest substantially — a 20-year term on the example loan roughly doubles the interest paid. Enter different terms here to see the trade-off precisely.