Student Loan Calculator
Estimate the monthly payment and total cost of a student loan.
Your details
- Total interest
- $9,967.38
- Total cost
- $39,967.38
Principal vs interest
- Principal
- $30,000.0075%
- Interest
- $9,967.3825%
Formula
Amortized payment M = P·r(1+r)^n / ((1+r)^n − 1).
How it works
The calculator spreads your balance into equal monthly payments over the term, each covering interest first and then principal. A longer term lowers the monthly payment but raises the total interest you pay over the life of the loan.
Frequently asked questions
What's the difference between federal and private student loans?⌄
Federal loans offer fixed rates, income-driven repayment, and forgiveness options; private loans are set by lenders and typically lack those protections. Refinancing federal loans to private forfeits them.
Should I pay off student loans faster?⌄
Paying extra cuts total interest, but weigh it against federal benefits you would give up and against any higher-rate debt (like credit cards) that may be worth clearing first.
How does the standard repayment term work?⌄
Federal loans default to a 10-year standard plan. Longer terms or income-driven plans lower the monthly payment but increase the total interest paid.
Sources & methodology
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