🎓 Student Loan Calculator
Calculate your student loan payment
Standard: 10 years; Extended: 20-25 years
How to Use This Calculator
Enter Loan Amount
Input your total student loan balance - the amount you borrowed or currently owe.
Enter Interest Rate
Enter the annual interest rate for your student loans. Federal student loan rates vary by year and loan type (typically 3-7%).
Enter Repayment Term
Enter the repayment term in years. Standard repayment is 10 years, but extended plans can be 20-25 years.
Review Payment and Costs
See your monthly payment, total interest paid, total amount paid, and comparison with different repayment terms. Use this to plan your student loan repayment strategy.
Formula
Monthly Payment = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Where:
• P = Principal (Loan Amount)
• r = Monthly interest rate (Annual Rate ÷ 12)
• n = Number of monthly payments (Years × 12)
Example Calculation:
If loan amount $50,000, interest rate 6%, term 10 years:
• Monthly rate = 6% ÷ 12 = 0.5%
• Number of payments = 10 × 12 = 120
• Monthly payment: ~$555
• Total interest: ~$16,600
• Total paid: ~$66,600
About Student Loan Calculator
A student loan calculator helps you calculate monthly payments, total interest, and total cost for student loans. Student loans are used to finance higher education and typically have fixed interest rates and repayment terms. Understanding your student loan payments and total costs helps you plan for repayment, compare repayment options, and make informed decisions about your education financing. This calculator shows you payments for standard repayment plans and helps you understand the cost of borrowing for education.
When to Use This Calculator
- Loan Planning: Plan for student loans before borrowing
- Payment Planning: Understand monthly payment requirements
- Repayment Strategy: Compare different repayment terms
- Budget Planning: Plan your budget around loan payments
- Education Financing: Understand cost of education financing
Understanding Student Loans
- Federal Loans: Offered by government (typically lower rates, more flexible)
- Private Loans: Offered by banks/lenders (rates vary by credit)
- Repayment Terms: Standard 10 years, extended 20-25 years
- Interest Rates: Fixed rates (typically 3-7% for federal loans)
- Deferment: Payments may be deferred while in school
Why Use Our Calculator?
- ✅ Payment Calculation: See exact monthly payment amount
- ✅ Interest Analysis: Understand total interest costs
- ✅ Term Comparison: Compare different repayment terms
- ✅ Budget Planning: Plan your budget around loan payments
- ✅ 100% Free: No registration or payment required
Student Loan Repayment Options
- Standard Repayment: Fixed payments over 10 years
- Extended Repayment: Lower payments over 20-25 years (more interest)
- Income-Driven: Payments based on income (10-15% of discretionary income)
- Graduated Repayment: Payments start low and increase over time
Frequently Asked Questions
What is a student loan?
A student loan is money borrowed to pay for higher education expenses. Student loans can be federal (from the government) or private (from banks/lenders). Federal student loans typically offer lower interest rates, more flexible repayment options, and forgiveness programs. Student loans must be repaid with interest.
What interest rates do student loans have?
Federal student loan interest rates vary by loan type and year, typically ranging from 3-7% for undergraduate loans and 5-8% for graduate loans. Rates are fixed for the life of the loan. Private student loan rates vary by lender and credit score, typically ranging from 4-13% or higher.
How long do I have to repay student loans?
Standard repayment plans are 10 years, but extended plans can be 20-25 years. Income-driven repayment plans also typically have 20-25 year terms before forgiveness. Shorter terms have higher monthly payments but less total interest, while longer terms have lower payments but more total interest.
Can I change my repayment plan?
Yes, you can change your repayment plan on federal student loans. You can switch between standard, extended, graduated, or income-driven plans. Contact your loan servicer to change your repayment plan. Private loans may have different options - check with your lender.