Compute the monthly payment on a student loan.
Please do not make financial decisions based on these results.
What is the Student Loan Payment Calculator?
Compute the monthly payment on a student loan. To use the Student Loan Payment Calculator, enter balance, rate, term; it returns monthly payment, total interest, and shows them instantly as you type.
Choosing the right loan
Compare the total cost, not only the payment. The debt consolidation calculator tests whether one new loan beats several old ones, and the student loan calculator and personal loan calculator cover those specific products.
How loans are priced
Every installment loan is defined by an amount, a rate and a term. The loan calculator and the payment calculator turn those into a payment and a schedule. Fees raise the real cost, which the APR calculator makes visible.
How to use the Student Loan Payment Calculator
- Enter your numbers. The inputs are Balance ($), Rate (%), Term (years). Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Monthly payment, and the cards below show Total interest. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Student Loan Payment Calculator using the default values shown in the calculator above:
Inputs
| Balance ($) | 35,000 |
|---|---|
| Rate (%) | 6.5 |
| Term (years) | 10 |
Results
| Monthly payment | $397.42 |
|---|---|
| Total interest | $12,690.15 |
With these inputs the calculator returns Monthly payment: $397.42. Change any value in the calculator to see how the result moves.
What if you change one input?
Sensitivity check: raising Balance ($) from 35,000 to 42,000 (about 20% higher) and leaving everything else as in the example above changes the results like this:
| Result | Example | After the change | Change |
|---|---|---|---|
| Monthly payment | $397.42 | $476.90 | +20% |
| Total interest | $12,690.15 | $15,228.18 | +20% |
The input that moves the result most is the one to check twice. Change it in the calculator above to test your own case.
What the results tell you
The results panel of the Student Loan Payment Calculator reports Monthly payment and total interest. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
What is the standard federal repayment term?
Ten years under the standard plan.
Can I enter the term in years and months?
Yes. Enter years and months together, for example 6 years and 2 months.
How can I pay off a loan faster?
Pay more than the required amount, add extra yearly or one-time payments, or switch to biweekly payments. Make sure extra payments go to principal.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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