Student Loan Calculator
Estimate the monthly payment, total interest and total cost of a student loan from the amount, rate and repayment term.
How it works
M = P × r ÷ (1 − (1 + r)^−n), where r = annual rate ÷ 12 and n = years × 12
Student loans amortize like any fixed-rate loan: P is the balance, r the monthly interest rate and n the number of monthly payments. Each payment covers that month’s interest first, and the rest reduces the balance. The standard federal repayment term is 10 years, but longer terms lower the monthly payment while raising total interest.
Worked example
A $30,000 loan at 6% over 10 years costs about $333.06 a month. Over 120 payments that is roughly $39,967 repaid — close to $9,967 in interest.
Frequently asked questions
What is the difference between federal and private student loans?
Federal loans offer fixed rates set by Congress, income-driven repayment plans, deferment and potential forgiveness programs. Private loans from banks or lenders can have fixed or variable rates based on your credit, with far fewer built-in protections. Borrowers generally exhaust federal options first.
Should I pay off student loans early?
Extra payments go straight to principal and cut total interest, which helps most on higher-rate private loans. On low-rate federal loans, weigh early payoff against keeping flexible protections and investing the difference.
Does this include loan fees or capitalized interest?
No. Some loans charge an origination fee or capitalize unpaid interest, which raises the real cost. This is a clean estimate from amount, rate and term — check your servicer for exact figures.
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This is an educational estimate, not financial or tax advice. Confirm figures with a professional.