Student Loan Calculator
Estimate your monthly student loan payment, total interest, and full payoff schedule across any repayment term.
Student loans usually have 10–25 year repayment periods and interest rates between 4–12% depending on whether they're federal or private. Small extra monthly payments made early can shave years off the payoff date and save thousands in interest. Use the Prepayment Simulator to see your break-even point.
Calculate Student Loan Payment
Enter your balance, rate, and repayment period to see your monthly payment, total interest, and complete amortization schedule month by month.
Compare Repayment Plans
Compare standard vs extended repayment, or compare a federal loan against a private refinance offer, side by side across up to three scenarios.
Check Affordable Loan Size
Before borrowing more for graduate school, check how much you can safely handle based on your projected income after graduation.
Should You Refinance?
Considering refinancing to a lower rate? Enter your current balance, any refinancing fees, and new terms to see the true lifetime saving — and your break-even month.
Loan Details
Prepayment
Simulate extra monthly or lump sum payments to see how much you can save.
Principal vs Interest
Balance Over Time
Frequently Asked Questions
How is my student loan monthly payment calculated?
Standard student loan payment uses the amortization formula: Payment = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is your remaining balance, r is the monthly interest rate (annual rate ÷ 12), and n is the number of months left. A $30,000 balance at 6.5% over 10 years works out to about $341 per month.
Should I make extra payments on my student loans?
Yes — extra payments applied to principal reduce the balance that accrues interest, compounding your savings over time. A $50 extra monthly payment on a $30,000 loan at 6.5% over 10 years saves roughly $2,500 in interest and cuts the payoff by 14 months. Use the Prepayment Simulator to model your specific situation.
Is it worth refinancing a student loan?
Refinancing is usually worth it if you can drop your interest rate by 1–2% or more AND you won't lose benefits like income-driven repayment or loan forgiveness. The Restructure tab lets you plug in your current balance, new rate, and any refinancing fees to see the exact break-even month and total interest saved.
What's the difference between subsidized and unsubsidized student loans?
Subsidized loans don't accrue interest while you're in school or during deferment — the government pays it. Unsubsidized loans accrue interest from day one, which capitalizes (gets added to principal) when you start repayment. This calculator handles either type once you know your total balance at repayment start.