How to use the Student Loan Calculator tool
3 simple steps · under a minute
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Enter your loan
Type your total student loan balance and the interest rate.
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Choose the term and any extra
Enter the repayment term (10 years is standard) and any extra amount you can pay.
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See your payoff plan
Read your monthly payment, payoff time and the interest you save by paying extra.
About Student loan calculator
Student loans can take a decade or more to repay, and the interest adds up. This student loan calculator works out your monthly payment on a fixed-term repayment plan, the total interest you will pay and the date your loans will be paid off.
Add an extra monthly payment to see how much faster you can become debt-free and how much interest you save. For several loans with different rates, enter the combined balance and an average rate, or use the Debt Payoff Calculator to target the highest-rate loan first.
Standard repayment
Calculates the payment on a standard fixed-term plan.
Pay off faster
Shows the months and interest you save with extra payments.
Yearly schedule
See your balance fall year by year until the loan is gone.
Frequently asked questions
How are student loan payments calculated?
On a standard plan, the loan is repaid in equal monthly payments using the same amortization formula as other fixed-rate loans.
What is the standard repayment term?
For US federal student loans the standard plan is 10 years. Private loans commonly range from 5 to 20 years.
Does paying extra really help?
Yes. Extra payments go straight to the principal, which cuts the interest charged in every following month.
Does this cover income-driven repayment?
No. Income-driven plans base payments on your income and family size. This calculator shows standard fixed payments.
Is this financial advice?
No. Check your loan servicer for exact figures and repayment options.