Student Loan Calculator

Estimate an equal monthly payment, total interest, and payoff date for a fixed-rate loan.

Maintained by Archie Chang · Data and formulas checked July 14, 2026 · Methodology & sources

Not financial advice. This calculator provides estimates for informational and educational purposes only. Results are not a loan offer or a guarantee of terms. Always confirm figures with a qualified lender or financial advisor before making decisions.

Loan Details

$
%

This is a fixed-payment estimate. Federal graduated and income-driven plans are not modeled.

Current Federal Student Loan Rates

Direct Loans first disbursed July 1, 2026–June 30, 2027

Monthly Payment

$397.77

Total Payment$47,733
Total Interest$12,733
Payoff DateJuly 2036

Total Cost Breakdown

Principal: $35,000Interest: $12,733

Estimate Scope

• Uses the balance, fixed rate, and term you enter

• Assumes equal monthly payments

• Excludes fees and changing payment schedules

• Does not estimate IDR or forgiveness eligibility

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 6.52% annual rate becomes 0.0652 / 12 ≈ 0.005433 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 6.52% on the 10-year fixed-payment schedule:

  • P = 35,000
  • r = 6.52% ÷ 12 ≈ 0.005433 per month
  • n = 10 × 12 = 120 payments

The formula produces a monthly payment of about $397.77. Over 120 payments you would repay about $47,732.90 in total, of which about $12,732.90 is interest. A longer fixed-payment term lowers the monthly amount but raises total interest.

Note: federal student loans accrue interest daily, while this tool uses monthly amortization for an estimate. Servicer schedules and federal repayment plans can differ. Income-driven payments are not 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. The calculator uses the standard fixed-payment amortization formula. For example, a $35,000 federal undergraduate loan at 6.52% over 10 years works out to about $398 per month, with about $12,733 in total interest.

What are the current federal student loan interest rates?

For Direct Loans first disbursed from July 1, 2026 through June 30, 2027, the fixed rates are 6.52% for undergraduate Direct Subsidized and Unsubsidized loans, 8.07% for graduate Direct Unsubsidized loans, and 9.07% for Direct PLUS loans. Federal rates are fixed for the life of each loan.

What repayment schedule does this calculator model?

It models equal monthly payments over the term you select. It does not model Graduated Repayment, Income-Driven Repayment, deferment, forbearance, forgiveness, or temporary interest benefits. Those outcomes depend on borrower-specific federal rules and servicer records.

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?

For the fixed-payment scenarios modeled here, a shorter term means higher monthly payments and less total interest. A longer term lowers the monthly amount but increases total interest. Actual federal repayment-plan costs can differ because income-driven payments and forgiveness rules are not fixed-payment schedules.

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 this calculator estimate an income-driven payment?

No. Income-driven payments depend on the applicable plan, adjusted gross income, family size, loan dates, and current federal rules. Entering a longer term here only shows a fixed-payment scenario; it is not an IDR quote. Use Federal Student Aid’s Loan Simulator for a personalized federal plan comparison.

Related tools

Authoritative sources: Federal Student Aid — official 2026-27 rates · Federal Student Aid Loan Simulator