Student loan calculator
Monthly student loan payments, total interest and the effect of paying extra.
About this calculator
This student loan calculator works out the monthly payment on a student loan for a standard repayment term. Enter the balance, the interest rate and the term.
Add an extra monthly payment to see how much sooner the loan ends and how much interest you save, and check how much income keeps the payment affordable.
How it works
Uses the standard level-payment formula for the term you choose. Extra monthly payments go straight to the balance, which shortens the loan and cuts the interest.
Last reviewed:
Worked example
- Loan balance: $35,000
- Interest rate: 6% a year
- Repayment term: 10 yr
Monthly payment: $388.57 (for 10 yr)
Common questions
How long does it take to pay off student loans?
The standard US federal plan is 10 years. Other plans run 20 to 25 years, which lowers the payment but usually adds interest.
Should I pay off student loans early?
If the rate is high and you have no costlier debt, extra payments save interest. Check that your loan has no prepayment fee, and keep an emergency fund.
How much of my income should go to student loans?
A common guideline is to keep student loan payments under about 10% of your gross income. The calculator shows the income that keeps your payment under that line.
Sources and further reading
The story behind it
Where the idea came from: The US National Defense Education Act of 1958 created the first large federal student loan programme.
After the Soviet Union launched Sputnik in 1957, the US wanted more students in science and engineering, and loans helped pay for college. Student loans have since grown into one of the largest kinds of household debt. A clear repayment plan is the best way to stay on top of them.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
Meet the founder