Student Loan Calculator

Plan your student loan repayment. See monthly payment, total interest, and payoff timeline — and the impact of extra monthly payments.

💰 Financial Disclaimer: This calculator is for educational purposes only. Consult a qualified financial professional.

How It Works

Applies standard loan amortization to calculate monthly payment and total interest for any term, with optional extra payment impact.

Monthly Payment = P × r(1+r)ⁿ / ((1+r)ⁿ−1)
P=principal, r=monthly rate, n=total payments.

$30,000 loan, 5.5% rate, 10 years:
Monthly: $324.61. Total interest: $8,953.

Use when choosing between standard vs extended repayment, or evaluating aggressive payoff vs income-driven repayment options.

Choosing longest term just for lower payments — extended terms multiply total interest paid.
Forgetting capitalized interest — deferred interest adds to principal when repayment begins.
Not refinancing when eligible — private refinancing can significantly lower rates.

Average student loan payment?

Approximately $350–$400/month for 10-year repayment on $30,000 of debt.

Should I pay extra toward principal?

Yes — extra principal payments reduce the balance interest accrues on.

What is income-driven repayment?

IDR caps payments at 5–20% of discretionary income with possible forgiveness after 20–25 years.

Is student loan interest deductible?

Up to $2,500 annually for those below income thresholds. Consult a tax professional.

Last Updated: July 4, 2026