Part of the Education collection — 4 tools available
Student Loan Calculator
Calculate monthly student loan payments and total interest. See how different repayment plans affect your total cost over the life of your student loans.
About This Calculator
Student loans can follow you for 10-25 years after graduation, and the total interest paid over the life of the loan often exceeds the original amount borrowed. A $40,000 loan at 5.5% interest on a 10-year standard repayment plan costs over $12,000 in interest — making the true cost $52,000. Understanding your monthly payment, total interest, and how extra payments reduce both is essential before signing the promissory note. Our student loan calculator shows monthly payments, total cost, and the dramatic impact of even small additional monthly payments.
The Formula Behind This Calculator
Monthly = P * [r(1+r)^n] / [(1+r)^n - 1] Standard: 10 years, Income-driven: 20-25 years.
Understanding the math helps you verify results and make better decisions for your project.
Related Tools
How to Use
- 1Enter the total loan amount you plan to borrow (or have borrowed).
- 2Enter the annual interest rate.
- 3Choose a repayment term (10 years is standard for federal loans).
- 4Click Calculate for monthly payment and total interest.
When to Use
- →Estimating monthly payments before taking out student loans to understand your future budget
- →Comparing total interest paid across different repayment terms (10 vs 15 vs 20 years)
- →Deciding whether to pay extra each month by seeing how much interest it saves over the loan life
Tips
- ✓Pay extra even $50/month — on a $35,000 loan at 5.5%, that can save over $5,000 in interest and years of payments
- ✓Look into income-driven repayment plans if your federal loan payment feels unmanageable relative to your income
- ✓Refinancing private loans when rates drop can save thousands — but refinancing federal loans means losing borrower protections
FAQ
Standard vs income-driven repayment?
Standard: fixed payments over 10 years. Income-driven plans (IBR, PAYE, REPAYE) cap payments at 10-15% of discretionary income but extend the term and increase total interest.
Should I pay extra on my student loans?
Yes, if you have an emergency fund and no higher-interest debt. Even $50/month extra can save thousands in interest and shave years off your repayment.
Are student loans tax deductible?
You can deduct up to $2,500 in student loan interest per year if your income is under the phase-out threshold ($75,000-$90,000 single, $155,000-$185,000 married).
Related Calculators
GPA Calculator — Weighted & Unweighted
Calculate your GPA on a 4.0 scale with support for weighted (AP/IB/Honors) courses. Enter grades and credits for an accurate semester or cumulative GPA.
Grade Calculator — Final Grade Needed
Calculate the grade you need on your final exam to achieve your target course grade. Enter current grade, final weight, and desired grade to plan your studying.
Test Score Calculator — Percentile & Curve
Calculate your percentile rank and curved score based on class statistics. See where you stand compared to the mean and standard deviation of test scores.