Student Loan Payment Calculator
Calculate your monthly student loan payment, total interest paid, and total repayment amount.
Results
Visualization
How It Works
The student loan payment calculator uses the standard amortization formula to determine your fixed monthly payment based on loan amount, interest rate, and repayment term. It also shows total interest paid over the life of the loan, helping you understand the true cost of borrowing.
The Formula
Variables
- P — The total loan principal (amount borrowed)
- r — Monthly interest rate (annual rate divided by 12)
- n — Total number of monthly payments (years x 12)
Worked Example
For a $35,000 loan at 5.5% interest over 10 years: monthly rate = 0.4583%, n = 120 payments. Monthly payment = $35,000 x [0.004583 x 1.004583^120] / [1.004583^120 - 1] = $379.79. Total paid = $45,575. Total interest = $10,575.
Practical Tips
- Federal student loan rates for 2025-26 are 6.53% for undergrad and 8.08% for grad PLUS loans.
- Paying just $50 extra per month on a $35,000 loan can save over $3,000 in interest and pay it off 2 years early.
- Income-driven repayment plans can lower monthly payments but increase total interest paid.
- Refinancing to a lower rate can save thousands — but you lose federal protections like forbearance and forgiveness.
- The standard repayment plan is 10 years, but extended plans go up to 25 years with much higher total interest.
Frequently Asked Questions
What is the current federal student loan interest rate?
For the 2025-26 academic year, federal Direct Subsidized and Unsubsidized loans for undergraduates carry a 6.53% fixed rate. Graduate PLUS loans are 8.08%.
Should I choose a longer repayment term?
A longer term lowers monthly payments but dramatically increases total interest. A 20-year term on $35,000 at 5.5% costs $8,000 more in interest than a 10-year term.
What is the difference between subsidized and unsubsidized loans?
Subsidized loans don't accrue interest while you're in school at least half-time. Unsubsidized loans start accruing interest immediately upon disbursement.
Can I pay off student loans early without penalty?
Yes. Federal student loans have no prepayment penalty. Most private loans also allow early repayment without fees.
How does income-driven repayment work?
IDR plans cap monthly payments at 10-20% of discretionary income. After 20-25 years of payments, the remaining balance is forgiven (but may be taxable income).