Student Loan Calculator

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Enter your balance, rate and term to see your monthly payment, total interest and payoff year, then compare terms from 5 to 25 years.

Quick answer: On a $30,000 federal loan at 6.52% (the 2026–27 undergraduate rate) over a 10-year term, the monthly payment is $340.95, with $10,913.92 total interest over the life of the loan. The formula is M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], worked through below.

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📐 Formula

Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P = loan balance, r = monthly rate (annual rate ÷ 12) and n = number of monthly payments. A 10-year term: n = 120.

How to Use the Student Loan Calculator

1

Enter your total balance

Enter the combined balance of all loans. If the rates differ, use a weighted average (see the FAQ below) or run each loan separately.

2

Enter the interest rate

Use your current rate. Federal Direct undergraduate loans are fixed at the rate set when you borrowed. Private loans may have variable rates that reset annually.

3

Set the repayment term

For loans made before July 1, 2026, the standard federal plan is 10 years (120 months). Pick a shorter term to pay less interest or a longer one for a lower monthly payment. This calculator compares fixed terms only; income-driven plans tie your payment to your income and are covered below.

4

Compare terms

Read the comparison table under the results. It shows the monthly payment, total interest and total repaid at 5, 10, 15, 20 and 25 years, and marks the row for the term you picked.

Federal vs Private Student Loans: What Actually Differs

Federal student loans carry protections private loans don't: income-driven repayment (IDR), deferment, forbearance and forgiveness, including Public Service Loan Forgiveness (PSLF), which forgives the remaining balance after 120 qualifying payments made while you work full time for a qualifying government or nonprofit employer. Private loans are underwritten like other consumer credit, with contractual terms and far less flexibility if your income drops, though sometimes at a lower rate for well-qualified borrowers.

Federal Direct Subsidized loans do not accrue interest while you're enrolled at least half-time. Unsubsidized loans accrue interest from disbursement, including while you're in school and during the grace period, and you're responsible for all of it. Under the current federal rule, that interest is not added to your principal when repayment starts; on a Direct Loan, capitalization is now limited to specific events, such as when a deferment on an unsubsidized loan ends, or if you drop out of income-based repayment (studentaid.gov: Interest Rates for Direct Loans).

Income-Driven Repayment: The Current Plans and Who Benefits

Federal income-driven repayment (IDR) now means the Repayment Assistance Plan (RAP) or Income-Based Repayment (IBR). The Saving on a Valuable Education (SAVE) plan was shut down by a March 2026 court order, and Pay As You Earn (PAYE) and Income-Contingent Repayment (ICR) end by July 1, 2028.

PlanPaymentForgiveness
RAP1–10% of AGI30 years (360 payments)
IBR10–15% of discretionary income20–25 years
PSLF120 qualifying paymentsPublic service employer

RAP, which launched July 1, 2026, reduces your payment by $50 per dependent and never charges less than $10 a month. IBR's 20–25 year forgiveness only covers loans made before July 1, 2026: once you've taken out a new loan on or after that date, RAP is your only IDR option (studentaid.gov: Repayment Plans).

IDR is most valuable for borrowers with high debt relative to income, particularly those in public service careers where PSLF can forgive the balance after just 10 years. For borrowers who can afford the fixed payment, the longer IDR timeline usually costs more interest than paying off over a 10-year term. Compare total lifetime cost across plans before you choose: the monthly payment difference can be misleading about overall cost.

Refinancing: When It Makes Sense (and When It Doesn't)

Refinancing federal loans into a private loan permanently eliminates federal protections: IDR eligibility, PSLF qualification and deferment rights. For borrowers in public service or with high debt-to-income ratios, this is rarely advisable. For private loan holders, or borrowers with stable high incomes and no interest in federal forgiveness, refinancing to a lower rate can save real money. A $40,000 private loan refinanced from 8.5% to 5.5% saves approximately $7,400 in interest over 10 years, substantial for those who qualify for prime rates. Compare the numbers on a specific offer with the Personal Loan Calculator before committing to a refinance.

Making the Most of Your Grace Period

Most federal student loans provide a 6-month grace period after graduation before repayment begins. Use it: pay down the interest accruing on unsubsidized loans so you owe less once your first bill arrives, research and enroll in your chosen repayment plan before the first payment is due and set aside one month of loan payments before the first bill arrives. Starting repayment 30 days prepared is significantly better than starting 30 days behind.

How to Calculate Student Loan Payments by Hand: Worked Example

Take a $30,000 federal loan at 6.52% over a 10-year term. Using M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1] with monthly rate r = 0.0652 ÷ 12 = 0.005433 and n = 120 payments: M = $340.95 per month. Total interest is 120 × $340.95 − $30,000 = $10,914 using the rounded payment (the unrounded figure is $10,913.92). Paying more than the minimum cuts that further: an extra $50 a month on a $35,000 loan at 6.5% over a 10-year term saves about $2,000 in interest and pays it off about 17 months sooner (this calculator doesn't model extra payments).

How much interest builds up during school and grace?

Unsubsidized federal loans accrue interest from disbursement, even while you're enrolled. On the same $30,000 principal at 6.52% over a typical 4.5-year school-plus-grace period, simple interest (see the Simple Interest Calculator for the formula) accrues to roughly $8,802, and you owe all of it once repayment starts. Under current rules that amount doesn't get folded into your principal automatically. It sits there as interest you can pay down on its own, and paying even part of it while you're still in school means less of it is waiting for you when the first bill arrives.

⚠️ Disclaimer Student loan estimates use current federal rate examples; actual rates, servicer terms and forgiveness program eligibility change and should be confirmed at studentaid.gov.

Frequently Asked Questions

For loans first disbursed July 1, 2026 through June 30, 2027: Direct Subsidized/Unsubsidized (undergraduate) 6.52%, Direct Unsubsidized (graduate or professional) 8.07%, Direct PLUS (parents and graduate or professional students) 9.07%. These rates are set by a formula in federal law tied to the 10-year Treasury note, not by Congress each year.
For loans made before July 1, 2026, the standard repayment plan is 10 years (120 payments), which typically costs the least interest of the standard repayment options, and a shorter custom term costs less again. Loans made on or after July 1, 2026 default to the Tiered Standard Plan instead, which pays off over 10 to 25 years depending on how much you borrowed, often at a higher payment than the old 10-year standard.
Yes, but which path applies depends on your job and when you borrowed. Work full time for a government or nonprofit employer and PSLF can forgive the balance after 120 qualifying payments. Otherwise it comes through your income-driven plan: RAP if you've borrowed on or after July 1, 2026, or IBR if your loans predate that. See the Income-Driven Repayment table above for what each plan pays and forgives.
Look past the headline rate. Compare any origination fees, whether the rate is fixed or variable, the rate you'd actually qualify for based on your own credit and income rather than a lender's advertised low rate and whether you'd lose federal protections such as income-driven repayment and PSLF. That last point rules out refinancing for most borrowers in public service or with unstable income, since the switch to a private loan is permanent.
If you can, yes. Unsubsidized loans accrue interest from the day they're disbursed, and you owe all of it whether or not it's ever added to your principal. Paying even the interest that accrues each month, while you're still in school, keeps your balance from growing before you've made a single payment on it. If you can't pay anything, that's fine too. It just means you start repayment owing more interest than you would have.
Yes, as an estimate. Add your balances together and enter a weighted average rate: multiply each balance by its rate, add the results, and divide by the total balance. For example, $20,000 at 5% and $10,000 at 7% gives (1,000 + 700) ÷ 30,000 = about 5.67%. The payment will be close to what your servicer shows but not exact, because each loan accrues its own interest.
No. It models a fixed term from 5 to 25 years, so it shows what a set payment costs, not an income-driven one. Income-driven payments depend on your adjusted gross income and family size, which this tool doesn't ask for. Use the official loan simulator from Federal Student Aid for your own RAP or IBR payment, and use this calculator to see what the same balance costs on a fixed term.

Sources & Methodology

Federal loan rates, repayment plans and forgiveness terms come from Federal Student Aid, the U.S. Department of Education office that runs the federal student loan programs. Payments use the standard fixed-rate amortization formula shown above.