Student Loan Calculator
Estimate student loan payments and total repayment cost.
Quick answer
A student-loan payment follows the standard amortization formula from the balance, interest rate, and term (often a 10-year standard plan). Federal loans also offer income-driven plans that cap the payment as a share of discretionary income and extend the term.
Monthly payment
$341.10
Total interest
$10,932
Total repaid
$40,932
Federal undergraduate loans disbursed 2024–25 carry a 6.53% rate; the standard federal plan is 10 years.
Standard vs. income-driven
The 10-year standard plan minimizes interest. Income-driven plans (10–20% of discretionary income, forgiveness after 20–25 years) lower the payment but usually raise lifetime cost — they're a cash-flow tool, not a savings tool, unless you expect forgiveness.
Refinancing trade-offs
Private refinancing can cut the rate for strong credit, but permanently forfeits federal protections: income-driven plans, deferment, and forgiveness programs like PSLF. Refinance federal loans only when you're certain you won't need those.
Frequently asked questions
- How does the Student Loan Calculator work?
- A student-loan payment follows the standard amortization formula from the balance, interest rate, and term (often a 10-year standard plan). Federal loans also offer income-driven plans that cap the payment as a share of discretionary income and extend the term.
- Is the Student Loan Calculator free to use?
- Yes. The Student Loan Calculator is completely free, runs entirely in your browser, and requires no account or sign-up. Your inputs never leave your device.
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