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Student Loan Calculator

Plan your student loan repayment strategy. Calculate monthly payments, total interest, and understand the true cost of your education loans.

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Calculator

Monthly Payment

$414.55

Total Payment

$49,746.44

Total Interest

$9,746.44

How It Works

Student loans help finance higher education but can take years or decades to repay. Our calculator helps you understand your repayment options by showing monthly payments and total interest for different loan amounts and terms.

Federal student loans typically offer fixed interest rates and flexible repayment plans, including income-driven options. Private student loans may have variable or fixed rates based on your credit.

Understanding your student loan payments helps you budget effectively and plan for other financial goals like buying a home or saving for retirement.

The Formula

M = P × [r(1+r)^n] / [(1+r)^n - 1]

M = Monthly payment, P = Loan principal, r = Monthly interest rate, n = Total months

Example

Scenario: You have $40,000 in federal student loans at 4.5% with a 10-year repayment plan.

Result: Your monthly payment would be $414. Over 10 years, you'd pay $49,737 total, including $9,737 in interest.

Strategy: Paying an extra $50 per month would save you $1,567 in interest and shorten your repayment by 1 year and 4 months.

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Frequently Asked Questions

What is the average student loan interest rate?
Federal undergraduate loans for 2025-2026 have rates around 4.5-5.5%. Graduate loans are slightly higher. Private student loan rates range from 3% to 13% depending on credit.
Should I choose standard or income-driven repayment?
Standard repayment has higher payments but pays off loans faster with less interest. Income-driven repayment lowers payments based on your income but may extend the term and increase total interest.
Can I refinance my student loans?
Yes, refinancing can lower your interest rate if your credit has improved since graduation. However, refinancing federal loans with a private lender means losing federal protections like forbearance and income-driven plans.
What is student loan forgiveness?
Public Service Loan Forgiveness (PSLF) forgives remaining federal loan balances after 120 qualifying payments while working for a government or nonprofit. Other forgiveness programs exist for teachers and certain professions.
How does student loan interest work?
Federal student loans accrue interest daily. During school and grace periods, interest may be subsidized (government pays) or unsubsidized (you're responsible). Unpaid interest can capitalize, adding to your principal.