Student Loan Calculator
Estimate your student loan monthly payment and total interest on a standard repayment plan. Enter your balance, rate, and term.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,258 | $1,739 | $27,742 |
| 2 | $2,397 | $1,599 | $25,344 |
| 3 | $2,545 | $1,451 | $22,799 |
| 4 | $2,702 | $1,294 | $20,097 |
| 5 | $2,869 | $1,128 | $17,228 |
| 6 | $3,046 | $951 | $14,182 |
| 7 | $3,234 | $763 | $10,948 |
| 8 | $3,433 | $564 | $7,515 |
| 9 | $3,645 | $352 | $3,870 |
| 10 | $3,870 | $127 | $0 |
Assumes a fixed rate and equal monthly payments. Excludes fees unless included in the rate.
How to use this calculator
Enter your total loan balance, the interest rate, and the repayment term in years. You'll get the monthly payment, total interest, and a year-by-year breakdown.
How student loan repayment works
The standard plan amortizes your balance over a fixed term, usually 10 years. Longer terms lower the monthly payment but increase total interest. Paying extra toward principal shortens the payoff and saves interest.
Worked example
A $30,000 balance at 6% over 10 years is about $333/month, with roughly $10,000 in total interest.
Frequently asked questions
How are student loan payments calculated?
On the standard plan, student loans amortize over a fixed term (often 10 years). Each equal monthly payment covers interest plus principal until the balance reaches zero.
What's the standard repayment term?
Federal student loans default to a 10-year (120-month) standard repayment plan, though extended and income-driven plans can lengthen it — which lowers payments but raises total interest.
Should I pay extra on student loans?
Paying more than the minimum reduces principal faster and cuts total interest, with no prepayment penalty on federal loans. Target the highest-rate loan first if you have several.
Does this cover income-driven plans?
No — this estimates standard fixed amortization. Income-driven repayment caps payments at a share of your income and is calculated differently.