Debt
Student Loan Calculator
Estimate your student loan monthly payment, total interest cost, and see how extra payments can save you money.
Enter your student loan details to see your monthly payment, total cost, and how making extra payments can shorten your repayment.
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Example
On $35,000 of student loans at 5.5% over 10 years, the monthly payment would be around $380, with total interest near $10,500.
Results
Monthly payment
$379.84
Total interest
$10,581
Total paid over term
$45,581
Projection
Trend view
Milestones
Decision cues
Breakdown
Cost mix
Result reading
The visual trend is moving down, with an approximate change of -$32,300 across the period shown.
Planning cue
Use the output as a scenario test rather than a promise. Small input changes can materially change the result.
This is a standard amortization calculation. Actual repayment may vary if you switch plans or pause payments.
How it works
What the result is showing you
These sections explain what the calculator measures, which assumptions matter most, and where the number can be misleading.
Understanding student loan repayment
Your monthly payment depends on your total borrowed, interest rate, and repayment term. Federal loans offer standard 10-year repayment or income-driven plans that adjust payments based on your income and family size.
The impact of extra payments
Even small extra payments applied to principal can save thousands in interest and shave years off your repayment. Prioritize higher-interest loans first for maximum savings using the avalanche method.
Refinancing considerations
Refinancing federal loans with a private lender can lower your rate but means giving up federal protections like income-driven repayment, forgiveness programs, and forbearance options. The tradeoff deserves careful thought.
FAQ
Frequently asked questions
Quick answers to the questions people ask most about this calculator.
Should I refinance my student loans?
Refinancing can make sense if you have good credit and a stable income, but you lose federal loan protections. Compare rates and consider whether you might need income-driven repayment or forgiveness before refinancing federal loans.
How do extra payments help?
Extra payments go directly to principal, reducing the balance that accrues interest each month. This saves money over time and shortens your repayment period, often significantly if you start early.
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