Student Loan Calculator
Calculate your monthly student loan payment and see your total repayment cost.
Loan Details
Current Federal Student Loan Rates
Rates for loans first disbursed on or after July 1, 2024
Repayment Plan Details
Standard Repayment
Fixed monthly payments over 10 years. Pays the least interest overall.
Graduated Repayment
Payments start low and increase every 2 years. Good if you expect income to grow.
Extended Repayment
Fixed or graduated payments over up to 25 years. Lower monthly payment, more interest.
Income-Driven Repayment
Payment based on income and family size. May qualify for forgiveness after 20-25 years.
Monthly Payment
$397.95
Total Cost Breakdown
Money-Saving Tips
• Pay more than the minimum when possible
• Consider refinancing if you have good credit
• Set up autopay for 0.25% rate reduction
• Check if you qualify for loan forgiveness programs
How It's Calculated
Standard student loan repayment uses the same fixed-rate amortization formula as a mortgage. It turns your balance into equal monthly payments that pay off both principal and interest over your chosen term:
M = P · r(1 + r)n / ((1 + r)n − 1)
Where each term means:
- M — your fixed monthly payment.
- P — the principal: the total amount you borrowed.
- r — the monthly interest rate, equal to the annual rate divided by 12. A 6.53% annual rate becomes 0.0653 / 12 ≈ 0.005442 per month.
- n — the total number of monthly payments, equal to the term in years times 12. A 10-year plan has 120 payments.
A worked example
Suppose you borrow $35,000 at the current federal undergraduate rate of 6.53% on the 10-year Standard plan:
- P = 35,000
- r = 6.53% ÷ 12 ≈ 0.005442 per month
- n = 10 × 12 = 120 payments
The formula produces a monthly payment of about $398. Over 120 payments you would repay roughly $47,750 in total, of which about $12,750 is interest. Choosing a longer term (such as the Extended 25-year plan) lowers the monthly payment but raises total interest, while paying extra each month does the opposite.
Note: federal student loans accrue interest daily and the Graduated, Extended, and Income-Driven plans change payments over time, so your actual schedule with your loan servicer may differ from this estimate. Income-Driven Repayment depends on your income and family size and is not fully modeled here.
Frequently Asked Questions About Student Loans
How do I calculate my student loan payment?
Enter your total loan balance, interest rate, and repayment term into the calculator above. It uses the standard amortization formula to split your balance into equal monthly payments. For example, a $35,000 federal undergraduate loan at 6.53% over a 10-year standard plan works out to roughly $398 per month, with about $12,750 in total interest.
What are the current federal student loan interest rates?
For loans first disbursed on or after July 1, 2024, the fixed rates are 6.53% for Direct Subsidized and Unsubsidized undergraduate loans, 8.08% for Direct Unsubsidized graduate loans, and 9.08% for Direct PLUS loans (graduate and parent borrowers). Federal rates are fixed for the life of the loan and are set each year based on the 10-year Treasury note auction.
What is the difference between the federal repayment plans?
The Standard plan uses fixed payments over 10 years and costs the least interest overall. The Graduated plan starts with lower payments that rise every two years. The Extended plan stretches payments over up to 25 years for a lower monthly amount but more total interest. Income-Driven Repayment (IDR) caps your payment as a share of discretionary income and may lead to forgiveness after 20-25 years of qualifying payments.
How is student loan interest calculated?
Most federal student loans use simple daily interest. Each day, interest accrues on your outstanding principal at your daily rate (annual rate divided by 365). The monthly payment shown by this calculator is the fixed amortized amount that pays off both principal and interest over your chosen term. Paying extra reduces principal faster and lowers the total interest you pay.
Should I choose a longer or shorter repayment term?
A shorter term means higher monthly payments but far less total interest. A longer term lowers your monthly payment but increases the total cost. The Standard 10-year plan is the default and the cheapest overall. Extended and income-driven plans help if you need lower monthly payments, but you will typically pay more interest across the life of the loan.
Does paying extra each month save money?
Yes. Because interest accrues on your remaining balance, any extra payment goes straight to principal (after covering accrued interest) and shrinks the balance future interest is charged on. Even a small additional amount each month can shorten your payoff timeline and cut hundreds or thousands of dollars in total interest. There is no prepayment penalty on federal student loans.
What is the difference between federal and private student loans?
Federal loans have fixed rates set by Congress, flexible repayment options, and access to forgiveness and income-driven plans. Private loans come from banks and lenders, may have fixed or variable rates based on your credit, and generally offer fewer borrower protections. This calculator works for both, but the listed rates above are federal rates.
Can I lower my student loan interest rate?
For federal loans, enrolling in automatic payments usually earns a 0.25% interest rate reduction. You generally cannot otherwise change a federal loan rate, since it is fixed for the life of the loan. Refinancing with a private lender can lower your rate if you have strong credit, but doing so converts federal loans to private and permanently gives up federal benefits like income-driven repayment and forgiveness.
Authoritative sources: Federal Student Aid · Federal Reserve · FRED Economic Data · U.S. Treasury