Student Loan Calculator
Monthly payment and total interest for a student loan on the standard 10-year plan or any other term — and how much faster you'd be debt-free with an extra monthly payment. Covers standard federal repayment, private loans, and refinanced loans.
Student loan payment
Example: $30,000 at 5.5% on the 10-year plan ≈ $325.58/mo.
The standard plan, quantified
The worked example — a $30,000 balance at 5.5% on the 10-year standard plan — costs $325.58 a month and $9,069 in interest, for $39,069 repaid in all. Add just $100 extra a month and you're debt-free 2 yr 10 mo sooner, saving $2,753 of interest. Every figure is computed by the same tested engine as the calculator above.
Which loans this models — and which it doesn't
Fixed-payment amortized repayment covers the federal Standard and Extended-Fixed plans, private student loans, and refinanced loans. It does not model income-driven plans (IDR), where payments track your income rather than the balance, nor forgiveness programs like PSLF. If you're weighing standard repayment against an IDR plan, this calculator shows the standard side of that comparison precisely.
Prepayment strategy
Interest accrues on the balance, so extra payments early in repayment save the most — and if you hold several loans, directing extras at the highest-rate loan first (the "avalanche" order) minimizes total interest. Make sure your servicer applies extra amounts to principal immediately rather than advancing your due date.
Frequently asked questions
Why 10 years as the default term?
The US federal Standard Repayment Plan is 120 equal monthly payments over 10 years (consolidation loans can run longer) — the default borrowers land on unless they choose otherwise. The calculator supports other terms for extended plans, refinanced loans, and private loans.
Do federal income-driven plans work like this?
No — income-driven repayment (IDR) plans set your payment as a share of discretionary income, not by amortization, and can end in forgiveness. This calculator models fixed-payment amortized repayment: the standard plan, private loans, and refinanced loans.
Should I pay extra on student loans?
Extra payments shorten the loan and cut interest, as the calculator shows. Weigh that guaranteed saving against your loan rate: aggressive prepayment matters more at 7–10% private rates than at lower federal rates, and never at the expense of employer retirement matching. Confirm extra amounts are applied to principal, not future payments.
Is refinancing student loans a good idea?
Refinancing can lower the rate on private loans. Refinancing federal loans into a private loan permanently gives up federal protections — income-driven plans, deferment, and forgiveness programs — so treat that trade seriously and read the terms.
Not financial advice: a general educational estimate. Federal repayment options, IDR formulas, and forgiveness rules change — check current terms with your servicer or studentaid.gov before deciding. Values are processed locally in your browser and never transmitted. See the methodology page.