Student Loan Payment Calculator
How much will my loans cost per month?
Estimate monthly payments and total interest over the life of your student loan.
Use This Calculator in Minutes
Model repayment cost across loan amounts, terms, and rates before committing.
Common calculations
- Compare 10 vs 20 year repayment terms
- Estimate lifetime interest cost
- Check affordability from monthly payment
You get
- Estimated monthly payment
- Total interest paid
- Total amount repaid
Quick Result
Estimated monthly payment
$325.58
Total interest: $9,069
Based on
- • Loan amount: $30,000
- • Interest rate: 5.5%
- • Repayment term: 10 years
Estimated Monthly Payment
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The True Cost of Borrowing
Key Insights & Concepts
Student loans allow you to invest in your future, but they also saddle your future self with a monthly bill. Understanding the math now can save you decades of debt.
Interest: The Silent Killer
A small difference in interest rates makes a huge difference over 10 or 20 years.
Scenario: $30,000 Loan (10 Years)
- At 4%: You pay $6,400 in interest.
- At 7%: You pay $11,800 in interest.
That 3% difference costs you $5,400—enough to buy a used car.
Federal vs. Private Loans
- Federal Loans: Fixed rates, flexible repayment plans (Income-Driven Repayment), and forgiveness options (PSLF). Always max these out first.
- Private Loans: Variable or fixed rates based on credit score. No forgiveness. Often require a cosigner (parents). Use only as a last resort.
The "Standard" 10-Year Plan
This calculator assumes the Standard Repayment Plan (10 years). This is the default. If you switch to an extended plan (20-25 years), your monthly payment goes down, but your total interest cost skyrockets.
Frequently Asked Questions
This tool is for illustrative purposes only and does not constitute professional financial, tax, or legal advice. Calculations are estimates and may not reflect real-world variables or local regulations. Always consult with a qualified professional before making financial decisions.
Methodology and Trust
Formulas
Monthly payment
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Total repayment
Total Paid = Monthly Payment × Number of Payments
Total interest
Interest = Total Paid - Principal