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The default monthly payment is the standard 10-year repayment amount.

Student Loan Calculator

Updated January 2026

A student loan calculator helps you understand how much you'll pay each month and over the life of your loan. Compare repayment timelines, see how extra payments save interest, and plan your debt payoff strategy.

How to Use This Calculator

Enter your total student loan balance, the average interest rate, and the loan term. The default monthly payment is the standard 10-year repayment amount. Adjust the monthly payment up or down to see how it affects your payoff timeline and total interest — higher payments clear debt faster and save on interest.

How It's Calculated

The standard monthly payment uses the amortization formula:

M = P × [ i(1+i)^N ] / [ (1+i)^N − 1 ]

Where P is the loan balance, i is the monthly interest rate, and N is the total number of payments. For a 10-year standard plan, N = 120. If you enter a different monthly payment, the calculator simulates how many months it takes to pay off the loan and the total interest paid.

Frequently Asked Questions

Federal student loans use simple daily interest. Your daily interest is calculated as (current principal balance × interest rate) / 365.25. This accrued interest is capitalized (added to your principal) at certain events — like when you enter repayment after deferment or when you change repayment plans. Private loans may use different methods, so check your loan documents. Understanding how interest accumulates is key to minimizing what you pay over the life of your loan.
Subsidized loans are need-based and the government pays the interest while you're in school at least half-time, during the six-month grace period, and during deferment. Unsubsidized loans are available regardless of financial need, and interest accrues from the day the loan is disbursed — even while you're in school. This means unsubsidized loans typically cost more over their lifetime because interest builds up before you ever start making payments.
The most effective strategies include making extra payments toward the principal (even small amounts help), paying biweekly instead of monthly (one extra payment per year), applying windfalls like tax refunds or bonuses directly to the loan, enrolling in automatic payments (many lenders offer a 0.25% rate reduction), and refinancing to a lower rate if you have strong credit and stable income.

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