Student Loan Calculator
See your monthly payment, total interest, and payoff date, and what paying a little extra each month would save you.
How your payment is calculated
Loans amortize: each monthly payment pays that month's interest first, and whatever is left chips away at the balance. Early on, most of your payment goes to interest; by the end, almost all of it goes to principal. That's why extra payments are so powerful: every extra dollar skips the interest line entirely and attacks the balance.
The default term is 10 years, matching the federal Standard Repayment Plan. Enter your own rate and term to match your loans, federal or private.
Borrowing for school? Estimate your federal aid first
Common questions
How is my monthly payment calculated?
With standard amortization: each payment covers that month's interest first, and the rest reduces your balance. The payment is sized so the loan hits zero exactly at the end of your term. Federal loans default to the 10-year Standard Repayment Plan.
How much do extra payments actually help?
More than most people expect, because every extra dollar goes straight to principal. On a $30,000 loan at 6.5%, an extra $100 a month saves roughly $3,000 in interest and pays the loan off about 3 years early. Tell your servicer to apply extra payments to principal, not to advance the due date.
What interest rate should I enter?
Use the rate on your loan. Federal undergraduate Direct Loan rates have recently been in the 5-7% range; private loan rates vary with credit. If you have several loans, calculate each one separately or use your weighted average rate.
What about income-driven repayment plans?
Income-driven plans set your payment as a share of your discretionary income instead of amortizing the balance, so this calculator doesn't model them. It shows the standard fixed-payment schedule, which is the benchmark to compare any plan against.
How do I borrow less in the first place?
Grants and scholarships. Unlike loans, they never have to be paid back. Award Scholar matches you with scholarships you actually qualify for and writes the essays, so applying takes minutes instead of hours.