Student Loan Calculator
The Student Loan Calculator helps you understand the full cost of a student loan and plan your repayment strategy.
Inputs
- ›Loan Balance — the total amount borrowed
- ›Interest Rate (APR) — your annual interest rate
- ›Loan Term — the repayment period in months or years
- ›Monthly Payment (optional) — enter a custom payment to see how it affects payoff time and total interest
What It Calculates
- ›Monthly payment — based on your balance, rate, and term
- ›Total interest paid — the full cost of the loan over its life
- ›Payoff date — the month and year you'll make your final payment
- ›Amortization breakdown — how much of each payment goes to principal vs. interest
Extra Payments
Enter an extra monthly amount above the minimum to see how it accelerates payoff. Even an extra $50/month can reduce total interest significantly on a large student loan balance.
Federal vs. Private Loans
The calculator works for both federal and private loans. If you have multiple loans at different rates, run a separate calculation for each — or use the Debt Consolidation Calculator to compare consolidating them.
Tips
- ›Refinancing? Run the calculator with your current loan, then again with the proposed refinanced terms to see the difference in total interest.
- ›Income-Driven Plans? If you're on an IDR plan (IBR, PAYE, SAVE, etc.), your actual payment may differ from the standard calculation. Enter your actual IDR payment to see the real payoff timeline.