Student Loan Calculator

Calculate your student loan monthly payments, total interest, and repayment schedule including grace period.

$
%

Estimate your student loan monthly payment and total repayment cost with our free calculator, useful for planning your budget before or after graduation.

How Student Loan Payments Are Calculated

Like other amortized loans, student loan payments follow M = P[i(1+i)^n]/[(1+i)^n−1].

How to Use This Calculator

  1. Enter your total student loan balance
  2. Enter your interest rate
  3. Enter your repayment term in years
  4. Click Calculate to see your monthly payment and total interest

Frequently Asked Questions

Do federal and private student loans calculate payments the same way?

The math is similar, but federal loans often offer income-driven repayment plans.

Does this account for loan forgiveness programs?

No, this calculator shows standard repayment; forgiveness programs should be researched separately.

Should I pay extra toward my student loans?

Extra payments reduce total interest and payoff time, similar to any other loan.

What happens if I consolidate multiple student loans?

Consolidation combines multiple loans into one with a new weighted-average rate and term.