Numeros
Categories Financial Calculators Health Calculators Math Calculators Date & Time Construction Engineering Physics Business Education Lifestyle Converters Generators
About

Student Loan Calculator

By · Updated

Estimate your monthly payment on a standard, fixed-term student loan repayment plan. Enter your loan balance, interest rate, and repayment term to see your payment and total interest.

Student Loan Calculator

Live
Monthly payment
$303.87
Total interest
$8,465
Total repaid
$36,465
Models a standard fixed repayment plan — actual income-driven plans work differently (see FAQ).

The standard repayment formula

M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]
Example

A $28,000 balance at 5.5% over a 10-year standard plan: M ≈ $303.87/month, with about $8,465 in total interest over the life of the loan.

Step-by-step guide

  1. Enter your total loan balance — combine multiple loans if you want a single blended estimate.
  2. Enter your interest rate. If you have several loans at different rates, use a weighted average.
  3. Enter your repayment term — 10 years is the standard federal repayment period in the US.

Common mistakes

Assuming every borrower is on this standard plan — income-driven repayment plans use a percentage of income instead of this formula, and can result in a very different payment.
Averaging interest rates by simple mean instead of weighting by balance, which can meaningfully skew the estimate if your loan amounts differ a lot.

Frequently asked questions

Does this account for income-driven repayment plans?

No — this models the standard fixed-payment plan. Income-driven plans base your payment on a percentage of discretionary income, which can be lower or higher than this estimate and changes as your income changes.

Does interest accrue while I'm in school or deferment?

It depends on the loan type — some federal loans are subsidized and don't accrue interest during school, while unsubsidized and private loans typically do. Check your specific loan terms.

Does paying extra each month help?

Yes — extra payments applied to principal reduce both your payoff time and total interest, as long as your servicer applies the extra amount to principal rather than future payments. Confirm this with your loan servicer.

Related calculators

See the complete Financial Calculators guide for the full list, or try: