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Student Loan Calculator

Work out your monthly student loan payment and total interest. Understand what you'll actually pay before you borrow.

Updated April 2026

Monthly payment

$340.64

Total paid

$40,877.27

Total interest

$10,877.27

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What it does

A student loan calculator that estimates monthly payments on a standard 10-year amortized repayment plan. Federal Stafford and Grad PLUS loans use this structure by default; refinanced private loans do too. The numbers here assume a fixed APR, which is the norm for federal loans.

A $30,000 balance at 6.5% for 10 years costs $340/month and $10,897 in interest — roughly a third of the principal. Income-driven repayment plans can lower that monthly but extend the timeline and change the math considerably. Federal loans also have different rules than private; check with your servicer before committing.

Example input & output

Input

Balance: $30,000
APR: 6.5%
Term: 10 years

Output

Monthly: $340.82
Total paid: $40,897
Total interest: $10,897

Stretching to 20 years lowers monthly to $223 but raises total interest to $23,711 — more than doubles it.

How to use it

  1. Enter your total loan balance (sum of all loans, or model one at a time).
  2. Enter the APR — check your Master Promissory Note or servicer dashboard.
  3. 10 years is standard; use 15 or 20 for extended/income-driven plans.
  4. Read monthly payment; total interest is the real cost number.

When to use this tool

  • Federal or private student loans with a fixed APR and standard amortization.
  • Refinance scenarios.

When not to use it

  • Income-driven repayment with forgiveness — the math is different; use the federal Loan Simulator.
  • Public Service Loan Forgiveness tracks — also different math.

Common use cases

  • Estimating post-graduation payment on a current balance.
  • Comparing standard repayment vs an extended plan.
  • Deciding whether to refinance to a lower private APR (only if you don’t need federal protections).

Frequently asked questions

Should I refinance my federal loans?
Only if you don’t need federal protections (income-driven repayment, deferment, PSLF). Refinancing to private loses those permanently.
Are student loan interest payments tax-deductible?
Up to $2,500 of student loan interest per year is deductible from taxable income, subject to income limits. Check current IRS rules for your filing year.