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Finance Calc Kit
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Student Loan Calculator

Estimate monthly payments, total interest, and payoff schedule for student loans.

Loan details

$
%
years

Monthly payment

$325.58

120 months at 5.5%

Total interest

$9,069.60

Total payment

$39,069.60

Payment breakdown

  • Principal$30,000.0076.8%
  • Interest$9,069.6023.2%

How this payment is calculated

Three steps from your loan balance, rate, and term to the monthly payment.

  1. Convert the annual rate to monthly

    Divide 5.5% by 12.

  2. Find the number of payments

    10 years is 120 months.

  3. Apply the amortizing loan formula

    PMT=P×r×(1+r)n(1+r)n−1\mathrm{PMT} = P \times r \times \frac{(1 + r)^{n}}{(1 + r)^{n} - 1}

    P is principal, r is the monthly rate, and n is months. If the rate is zero, the payment is principal divided by months.

Payment schedule

Year-by-year totals. Open a year to see each month.

PeriodPaymentPrincipalInterestBalance
$3,906.96$2,314.73$1,592.23$27,685.27
$3,906.96$2,445.30$1,461.66$25,239.97
$3,906.96$2,583.24$1,323.72$22,656.73
$3,906.96$2,728.95$1,178.01$19,927.78
$3,906.96$2,882.88$1,024.08$17,044.89
$3,906.96$3,045.50$861.46$13,999.39
$3,906.96$3,217.29$689.67$10,782.10
$3,906.96$3,398.77$508.19$7,383.33
$3,906.96$3,590.49$316.47$3,792.84
$3,906.96$3,792.84$113.94$0.00
Report tool

Managing student loan repayment

Student loans are a common way to finance higher education. Whether you hold federal student loans or private loans, planning your repayment strategy helps you avoid default and minimize total interest. This calculator estimates your fixed monthly payment, total interest, and full amortization schedule using the standard reducing-balance formula. All math runs in your browser.

Enter your loan balance, annual interest rate, and term in years. Results update instantly, including monthly payment, total cost, and a principal versus interest breakdown. For general installment loans with tenure in months, use the EMI calculator. To model extra monthly principal payments and see how much interest you can save, try the loan payoff calculator. For unsecured personal loans with origination fees, use the personal loan calculator.

Student loan repayment formula

A standard amortizing student loan uses the same fixed monthly payment formula as other installment debt:

PMT=P×r1−(1+r)−n\mathrm{PMT} = \frac{P \times r}{1 - (1 + r)^{-n}}

PMT is the monthly payment, P is the initial loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years times 12). When the interest rate is zero, the payment is simply principal divided by months.

Worked example

A $30,000 student loan at 5.5% annual interest over 10 years (120 months):

  • Monthly payment: about $326
  • Total interest: about $9,069
  • Total payments: about $39,069

Early payments are mostly interest because the balance is highest at the start. As principal declines, more of each payment goes toward the balance. To see year-by-year totals or compare a simple three-field estimate, use the simple loan calculator or the amortization calculator.

Federal vs private student loans

Federal Direct Loans often offer income-driven repayment plans, deferment, and forgiveness programs that private lenders may not provide. Private student loans may offer lower rates for borrowers with strong credit but typically lack federal protections. This calculator models a standard fixed-rate amortizing schedule. Actual federal payments under income-driven plans may differ.

Tips to lower total interest

  • Pay more than the minimum: Extra principal payments reduce future interest because interest is charged on a smaller balance.
  • Avoid capitalization: Unpaid interest that capitalizes is added to principal, increasing future interest charges.
  • Compare refinance carefully: Refinancing to a lower rate can save money but may eliminate federal benefits like income-driven repayment.

Frequently asked questions

What is the difference between subsidized and unsubsidized federal loans?
For Direct Subsidized Loans, the federal government pays interest while you are enrolled at least half-time and during certain deferment periods. For Direct Unsubsidized Loans, interest accrues from disbursement and is your responsibility unless you pay it as it accrues.
How does a student loan grace period work?
A grace period is a set time after you graduate, leave school, or drop below half-time enrollment before regular payments begin. For most federal Direct Loans, the grace period is six months.
Should I consolidate or refinance my student loans?
Federal consolidation combines multiple federal loans into one loan with a weighted average interest rate. Refinancing replaces your loans with a private loan, which may lower your rate but removes federal protections such as income-driven repayment and forgiveness options.
Are student loan interest payments tax-deductible?
You may be able to deduct up to $2,500 of student loan interest paid during the tax year on your federal return, subject to income limits and IRS rules. Consult a tax professional for your situation.
Does this calculator include fees or income-driven repayment?
No. This tool models a standard fixed-rate amortizing loan with equal monthly payments. It does not include origination fees, forbearance, capitalization, or income-driven payment plans.

Resources and references

The formulas and methods in this calculator were checked against these independent sources.