Student Loan Calculator
Adjust the inputs below. Results update as you type.
How it works
Standard repayment: 10-year fixed for federal loans. Income-driven plans (SAVE, IBR, PAYE) cap payments at 5–10% of discretionary income with forgiveness after 20–25 years. Public Service Loan Forgiveness (PSLF) forgives remaining balance after 120 qualifying payments in public service. Interest capitalization at repayment start adds accrued interest to principal—a significant cost. Refinancing loses federal protections.
Input guidance
- Use realistic rates from lender or provider quotes instead of headline averages.
- Model conservative, baseline, and optimistic scenarios before deciding.
- Include recurring real-world costs (fees, taxes, insurance, maintenance) where relevant.
The formula
Student loans amortize like other fixed loans: M = P · r · (1+r)^n / ((1+r)^n − 1). Interest may accrue during school on unsubsidized loans, increasing the balance before repayment begins.
Worked example
A $30,000 student loan at 5% over the standard 10-year term costs about $318/month and roughly $8,200 in total interest.
More examples to test
- Conservative case: use a higher interest rate and lower growth assumptions to stress-test affordability.
- Optimistic case: use a lower rate with stable income assumptions to compare upside potential.
How to interpret results
Treat this as a planning model, not a final approval tool. Compare at least two scenarios and focus on total-cost and cash-flow trade-offs.
When this can be inaccurate
Results can diverge due to fees, changing rates, tax rules, lender policies, and behavior changes that simplified models cannot fully capture.
Change history
- July 2026: Quality-reviewed for publication with formula checks and explanatory copy updates.
Site-wide corrections also appear on the corrections log.
Refinance student loans at a lower rate
Check rates from multiple lenders at once.
Frequently asked questions
What is the standard repayment term?+
Federal student loans default to a 10-year standard plan, though income-driven and extended plans can lower payments by stretching the term.
Do subsidized and unsubsidized loans differ?+
Subsidized loans do not accrue interest while you are in school; unsubsidized loans do, so the balance can grow before repayment starts.
Should I pay extra?+
Extra payments reduce principal and total interest. Confirm payments are applied to principal, not just advanced to the next due date.
How should I use this result?+
Treat it as a planning estimate. Compare at least two realistic scenarios, then confirm with statements, quotes, or a qualified professional before acting.
How often should I refresh assumptions?+
Refresh whenever rates, income, costs, or policy limits change materially, and before making irreversible commitments.