Student Loan Calculator
See your student loan payment and how fast you can be debt-free. Compare repayment terms and find out how much an extra payment each month saves in interest and time.
Monthly payment
| Term | Monthly payment | Total interest | Total paid |
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How to use the student loan calculator
- Enter your total balance and interest rate. For several loans, use the weighted average rate, or calculate each loan separately.
- Choose a repayment term. The standard federal plan is 10 years.
- Add an extra monthly payment to see how much sooner you will finish and how much interest you will save.
Paying off student loans faster
Student loan interest accrues daily on the outstanding balance, so every extra dollar toward principal reduces all future interest. When you pay extra, tell your servicer to apply it to the highest-rate loan (the avalanche method) and not to advance your next due date. Federal loans have no prepayment penalty.
Longer terms lower the monthly payment but increase the total interest dramatically. The comparison table shows the trade-off at the same rate. Refinancing with a private lender can lower your rate, but it permanently gives up federal benefits such as income-driven repayment, deferment and forgiveness programs.
This calculator models a fixed-rate, fixed-payment plan. Federal income-driven repayment plans set payments as a share of discretionary income, and federal repayment options have changed in recent years, so check the current details on StudentAid.gov or with your servicer before switching plans.
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Frequently asked questions
What is the standard repayment plan?
For federal loans, fixed payments over 10 years. It usually costs the least in total interest among federal plans.
Should I pay off student loans early or invest?
Paying extra earns a guaranteed return equal to your rate. Higher-rate loans (above roughly 6–7%) are often worth prioritizing; capturing an employer 401(k) match usually comes first.
Does this include income-driven repayment?
No. It models fixed payments. Income-driven plans depend on income and family size; use the federal Loan Simulator for those.
How do I handle multiple loans?
Enter the total balance and a weighted average rate for a combined estimate, or run each loan separately.