Student Loan Calculator
Student loans are often the second-largest debt a borrower carries after a mortgage, and the repayment term you choose has a large effect on both your monthly cash flow and the total interest you'll pay over the life of the loan. This calculator estimates your monthly payment and total interest using the standard amortization formula, so you can see the trade-off between a lower monthly payment and a higher total cost. The standard federal repayment plan is 10 years, which minimizes total interest but produces the highest monthly payment; extending the term to 20 or 25 years lowers the monthly payment significantly but can more than double the total interest you'll pay. Enter your total loan balance, the interest rate, and the repayment term in years, and the calculator returns the monthly payment, the total interest, and the total amount paid. Income-driven repayment plans may also be available for federal loans, capping payments at a percentage of your discretionary income and forgiving remaining balances after 20 to 25 years of payments, though those plans have their own trade-offs around interest capitalization and tax on forgiven balances. For private student loans, refinance options may lower your rate if your credit and income have improved since you borrowed, but be cautious about refinancing federal loans because you'd lose access to income-driven plans, forgiveness, and deferment. This calculator is most useful before you borrow — to see the true cost of a loan amount and understand what monthly payment it implies — and after, to compare the cost of different repayment terms and decide whether accelerating payoff or extending the term makes more sense for your budget and goals.
Student Loan Calculator
Estimate monthly student loan payments and total interest over the term.
Monthly payment
$397
Over 10 years
Total interest
$12,690
Total paid
$47,690
Standard federal repayment is 10 years, but extending to 20–25 years lowers your monthly payment while raising total interest. Income-driven plans may also be available for federal loans.
How to Use This Calculator
- 1Enter your total student loan amount.
- 2Enter the interest rate.
- 3Enter the repayment term in years.
- 4Read your monthly payment and total interest.
Why It Helps
- ✓Estimates monthly payments before you borrow.
- ✓Compares different repayment terms.
- ✓Shows the interest cost of longer terms.
- ✓Helps you budget for student debt.
About This Calculator
Student loans are often the second-largest debt a borrower carries after a mortgage, and the repayment term you choose has a large effect on both your monthly cash flow and the total interest you'll pay over the life of the loan. This calculator estimates your monthly payment and total interest using the standard amortization formula, so you can see the trade-off between a lower monthly payment and a higher total cost. The standard federal repayment plan is 10 years, which minimizes total interest but produces the highest monthly payment; extending the term to 20 or 25 years lowers the monthly payment significantly but can more than double the total interest you'll pay. Enter your total loan balance, the interest rate, and the repayment term in years, and the calculator returns the monthly payment, the total interest, and the total amount paid. Income-driven repayment plans may also be available for federal loans, capping payments at a percentage of your discretionary income and forgiving remaining balances after 20 to 25 years of payments, though those plans have their own trade-offs around interest capitalization and tax on forgiven balances. For private student loans, refinance options may lower your rate if your credit and income have improved since you borrowed, but be cautious about refinancing federal loans because you'd lose access to income-driven plans, forgiveness, and deferment. This calculator is most useful before you borrow — to see the true cost of a loan amount and understand what monthly payment it implies — and after, to compare the cost of different repayment terms and decide whether accelerating payoff or extending the term makes more sense for your budget and goals.
Disclaimer: This calculator provides estimates for educational purposes only and does not constitute financial, tax, or investment advice. Results depend on assumptions that may not reflect your actual situation.
Frequently Asked Questions
What is the standard repayment term?
Federal loans default to a 10-year standard repayment plan. Extended and graduated plans can stretch to 25 years.
Should I extend my repayment term?
A longer term lowers your monthly payment but increases total interest. Extend only if you need cash-flow relief; pay extra when you can.
What are income-driven repayment plans?
Federal IDR plans cap payments at a percentage of discretionary income and forgive remaining balances after 20-25 years. Eligibility depends on loan type and income.
Should I refinance my student loans?
Refinancing private loans can lower your rate. Be cautious refinancing federal loans — you lose IDR, forgiveness, and deferment options.
Does this work for graduate and PLUS loans?
Yes. Enter the total balance, rate, and term for any student loan type.
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Written by
James MitchellSenior Financial Analyst & Personal Finance Expert
Certified Financial Planner (CFP) • MBA in Finance, University of Chicago Booth School of Business