Student Loan Calculator
Enter your loan balance, rate and term — see your monthly payment, and how much faster you'd be debt-free with an extra payment each month.
How to use — Student Loan Calculator
- Enter your total student loan balance and interest rate.
- Enter the repayment term — the US standard plan is 10 years.
- Optionally, enter an extra amount you could pay each month.
- Click Calculate — see your monthly payment, and how much time and interest the extra payment saves.
FAQ
How is the monthly payment calculated?
It uses the standard amortization formula — the same one used for federal student loans on the 10-year Standard Repayment Plan. Fixed payment, fixed term.
How much does an extra payment actually help?
A lot more than most people expect. On a $30,000 loan at 6% over 10 years, an extra $100/month clears the loan roughly 3 years sooner and saves thousands in interest. Enter your numbers to see your exact savings.
Should I pay extra on my student loan or invest?
A common rule of thumb: if your loan rate is higher than what you'd conservatively earn investing (~6-7%), paying the loan down is a guaranteed return. Below that, it's a personal choice — this tool at least shows you the exact interest saved.
Does this work for income-driven repayment (IDR) plans?
No — IDR payments depend on your income and family size, not a fixed formula. This calculator models standard fixed-payment repayment, which is also how private student loans typically work.