How the Student Loan Calculator Works
This calculator uses the standard loan amortization formula to compute your monthly payment from the balance, interest rate, and repayment term. It then shows the total interest you will pay over the life of the loan.
A $35,000 student loan at 5.5% over 10 years costs about $380 per month and $10,500 in total interest. Extending to 20 years drops the payment to $240 but nearly doubles the total interest to $22,700.
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Frequently Asked Questions
What is the average student loan interest rate?
US federal student loan rates for 2025-26 are around 5-7% for undergrad and 6-8% for grad. Private loans vary widely.
Should I pay off student loans early?
If your rate is above 5-6%, paying extra each month saves significant interest. If below, investing the difference may yield more.
What is income-driven repayment?
IDR plans cap your payment at a percentage of discretionary income and forgive the remaining balance after 20-25 years. Monthly payments are lower but total cost may be higher.