Student Loan Calculator – Estimate Monthly Payments
Estimate monthly payments and total interest on a student loan, with an optional income-based payment.
About the Student Loan Calculator
What is the Student Loan Calculator?
A student loan calculator estimates the fixed monthly payment and total interest for an education loan over a chosen repayment term.
Why use this calculator?
Student debt can follow graduates for decades. Modeling the payment against expected income helps you choose a repayment plan and avoid surprises after the grace period ends.
How to use it
- Enter the total amount borrowed.
- Enter the interest rate (fixed or an average if you have several loans).
- Choose the repayment term.
- Optionally enter income to compare a rough income-based payment.
Formula
Standard plan uses the amortizing loan formula. Income-based plans cap payment at a percentage of discretionary income.
Federal and private loans have different rules; repayment options vary by country.
Frequently Asked Questions
What is the difference between subsidized and unsubsidized loans?
On subsidized loans the government pays the interest while you are in school and during deferment. On unsubsidized loans interest accrues immediately and is capitalized.
Should I refinance my student loans?
Refinancing can lower your rate, but it usually converts federal loans to private ones, giving up income-driven repayment and forgiveness options. Weigh those benefits carefully.
What is the difference between principal and interest?
The principal is the amount you borrow. Interest is the fee charged for borrowing it, shown either as an annual rate (APR) or a periodic rate. Early payments go mostly toward interest; later payments go mostly toward principal.
How does the loan term affect my payment?
A longer term lowers the monthly payment but increases the total interest you pay over the life of the loan. A shorter term raises the monthly payment but costs less overall.
What is an amortization schedule?
It is a table that breaks every payment into its principal and interest portions and shows the remaining balance after each payment.
Should I make extra payments?
Extra payments reduce principal directly, which shortens the loan and cuts total interest. Many loans have no prepayment penalty, but check your agreement first.
What is APR and how is it different from the interest rate?
The interest rate applies only to the balance. The APR (annual percentage rate) also includes fees and points, so it reflects the true yearly cost of the loan.
Is this calculator free to use?
Yes. Every calculator on this site is completely free, with no hidden fees, no subscriptions and no limits on how many times you can use it.
How accurate are the results?
We use standard, widely accepted formulas and calculate in your browser using double-precision arithmetic. Results are rounded for readability, so treat them as reliable estimates rather than a guarantee. Real-world factors can vary the true figure.
Can I add this calculator to my own website?
Yes. Open this calculator page and use the "Add to your website" box in the sidebar to copy a ready-made iframe snippet, then paste it into any HTML page.