How the Student Loan Calculator works
Estimate student loan payments and interest. Adjust the inputs above, then use the calculate button to generate a fresh estimate based on the numbers you entered.
The result is designed to give you a quick planning number, plus a short breakdown of the major figures behind it. You can reset the form at any time and try a different scenario.
When to use this calculator
Use this student loan calculator to estimate payments after school or during repayment planning. It is helpful for testing repayment terms, interest rates and how much your student debt may cost over time.
Formula
Student loan payment = balance x monthly rate / (1 - (1 + monthly rate)^(-months))
- Balance is the student loan amount to repay.
- Monthly rate is the annual interest rate divided by 12.
- Months is the repayment term in years multiplied by 12.
Worked example
For a $28,000 student loan at 6.5% over 10 years, the calculator estimates the monthly payment, total repayment and interest.
Common mistakes
- Assuming the posted payment includes every loan you owe.
- Ignoring interest that may accrue before repayment begins.
- Choosing a longer repayment term without checking total interest.
FAQs
Can I use this for government and private loans?
Yes for a rough payment estimate, but specific programs may have different rates, assistance options or repayment rules.
What happens if I pay extra?
Extra payments can reduce principal faster and may lower total interest, depending on loan rules.
Does this include grants or forgiveness?
No. It only estimates repayment from the balance, rate and term entered.