Student Loan Calculator

Calculate monthly payments, total interest, and payoff timeline for student loans. Includes grace period interest capitalization.

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Interest accrues during the grace period on unsubsidized loans. Subsidized loans do not accrue interest while in school or during the grace period.

Results

Monthly Payment$334.53
Total Payment$40,143.87
Total Interest$10,968.87
Interest During Grace Period$825.00
Annual Schedule10 years
YearPrincipalInterestBalance
1$2,378.37$1,636.01$28,446.63
2$2,512.53$1,501.86$25,934.10
3$2,654.26$1,360.13$23,279.84
4$2,803.98$1,210.41$20,475.86
5$2,962.15$1,052.24$17,513.71
6$3,129.23$885.15$14,384.48
7$3,305.75$708.64$11,078.73
8$3,492.22$522.17$7,586.51
9$3,689.21$325.18$3,897.31
10$3,897.31$117.08$0.00

How to Use the Student Loan Calculator

Enter your loan details to see your monthly payment and total repayment cost.

  • Loan Amount: the total you borrowed. For multiple loans, add them together or run the calculator separately for each.
  • Annual Interest Rate: find this on your loan servicer's website or your promissory note. Federal rates for 2024-2025 are 6.53% (undergrad) and 8.08% (graduate).
  • Loan Term: the standard repayment plan is 10 years. Income-driven plans extend to 20 or 25 years, lowering your payment but raising total interest.
  • Grace Period: most federal loans give you 6 months after graduation before payments begin. On unsubsidized loans, interest accrues during this period and is added to your balance.

The annual schedule shows how your payments reduce the principal each year. In the early years, most of your payment goes toward interest.

How Student Loan Payments Are Calculated

Standard repayment uses the same amortization formula as any installment loan:

M = P × [r(1+r)^n] / [(1+r)^n - 1]
  • M = monthly payment
  • P = principal (balance after grace period)
  • r = monthly interest rate (annual rate / 12)
  • n = number of monthly payments (years × 12)

Grace period interest: Interest During Grace = Principal × (Annual Rate / 12) × Grace Months. This amount capitalizes (is added to principal) when repayment begins on unsubsidized loans.

Example: $30,000 at 5.5% for 10 years with a 6-month grace period. Grace interest = $30,000 × (0.055/12) × 6 = $825. New principal = $30,825. Monthly payment = $324.62. Total interest paid = $8,979.

Frequently Asked Questions

The average monthly student loan payment for borrowers in repayment is about $393, though payments vary widely by balance and income. On the standard 10-year plan, a $30,000 balance at 5.5% costs $325/month. A $60,000 balance at 6.5% costs $681/month. Use this calculator to find your exact payment based on your actual loan terms.

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