Student Loan Calculator Online Free
Student Loan Calculator
Simple Student Loan Calculator
Results
Monthly Payment
$345.24
/month
Total Interest
$11,428.919
38.1% of principal
Total Payments
$41,428.919
over 10 years
Principal vs Interest Breakdown
Principal
72%
Interest
28%
The student loan calculator estimates your monthly payment, total interest, and payoff date. Enter your loan balance, interest rate, and repayment term to see the full cost, and compare standard vs. income-driven repayment options.
Student Loan Payment Formula
M = P x [r(1+r)^n] / [(1+r)^n - 1]
M = monthly payment. P = loan balance. r = monthly rate (annual rate / 12). n = months. Example: $35,000 at 5.5% for 10 years (120 months). M = $379.27 per month.
Monthly Payment by Loan Balance and Rate
| Balance | 4% / 10yr | 5.5% / 10yr | 7% / 10yr | 5.5% / 20yr |
|---|---|---|---|---|
| $15,000 | $151.74 | $162.54 | $174.16 | $103.15 |
| $25,000 | $252.90 | $270.91 | $290.27 | $171.92 |
| $35,000 | $354.06 | $379.27 | $406.37 | $240.69 |
| $50,000 | $505.82 | $541.82 | $580.54 | $343.84 |
Standard vs. Income-Driven Repayment
| Plan | Term | Monthly Payment (est.) | Total Interest |
|---|---|---|---|
| Standard | 10 years | $454 | $14,464 |
| Graduated | 10 years | Starts low, rises | Higher than standard |
| SAVE / IBR | 20-25 years | Income-based | $30,000+ |
| Extended | 25 years | $280 | $44,000+ |
Strategies to Pay Off Student Loans Faster
Extra payments on the principal reduce total interest and shorten the payoff timeline. Refinancing to a lower rate saves thousands on private loans. Federal loan refinancing into a private loan forfeits income-driven repayment and forgiveness options. Employer repayment assistance programs (ERPA) provide tax-free benefits worth maximizing.
Frequently Asked Questions
How do I calculate my student loan monthly payment?⌄
Use the amortization formula with your loan balance, annual rate, and term in months. For $30,000 at 5.5% for 10 years, the monthly payment is about $325. Enter your details in this calculator for the exact figure.
What is the average student loan payment per month?⌄
Borrowers on the standard 10-year federal plan with average debt often pay between $250 and $500 per month. Income-driven plan payments depend on income and family size and can be as low as $0 for very low earners.
Should I pay off student loans or invest?⌄
If your rate is above 7-8%, paying off the loan aggressively often beats expected investment returns. At rates below 5-6%, investing in a diversified portfolio may produce higher long-term returns. Always capture your employer's 401(k) match first.
What is the difference between federal and private student loans?⌄
Federal loans have fixed rates set by Congress, income-driven repayment options, and access to forgiveness programs. Private loans are issued by banks and credit unions with variable or fixed rates based on creditworthiness. Private loans lack the protections of federal loans.
Does paying extra on student loans reduce the total I owe?⌄
Yes. Extra payments reduce the principal balance, which reduces future interest charges. On a $40,000 loan at 6% over 10 years, paying $100 extra per month saves about $2,000 in interest and pays off the loan 1.5 years early.
What happens if I cannot make my student loan payment?⌄
Federal loans have deferment and forbearance options. Income-driven plans can lower payments to $0 if income is low enough. Private loans have fewer options. Contact your loan servicer before missing a payment to avoid default.