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Student Loan Calculator

Student Loan Calculator 2026

Calculate your student loan payments, total interest, and payoff time. Compare repayment plans including standard, extended, and graduated options. Plan your student loan repayment strategy.

Last Updated: January 2026 | Reviewed by: VerCalc Finance Team

Loan Information

Federal loans: 3-7%, Private loans: 4-12%+

Optional: Pay extra to reduce interest and payoff time

Payment Summary

Monthly Payment

$318.20

120 payments over 10.0 years

Total Interest

$8,184

Total Cost

$38,184

Payoff Date:February 23, 2036
Calculator inputs stay on your device (local processing).

Disclaimer: All calculators on this website are provided for informational and illustrative purposes only. The results do not constitute professional advice (including legal, tax, financial, medical, or other advice). Despite careful programming, we assume no liability for the accuracy, completeness, or timeliness of the results. For matters requiring professional advice, we recommend consulting an appropriate specialist (e.g., a tax advisor, lawyer, accountant, or physician).

How Do I Calculate My Student Loan Payment?

The Formula

Payment = P × [r(1+r)^n] ÷ [(1+r)^n - 1]
  • P = Loan Balance (Principal)
  • r = Monthly Interest Rate (Annual Rate ÷ 12)
  • n = Total Number of Payments

Real World Example

For a $30,000 loan at 5% for 10 years:

Monthly Rate (r):0.05 ÷ 12 = 0.004167
Payments (n):10 × 12 = 120
Monthly Payment:$318.20

Don't want to do the math? Our student loan calculator below does this instantly for any scenario.

1

How the Student Loan Calculator Works

The **Student Loan Calculator** is designed to be simple and accurate. Here's how to use it: 1. **Enter Loan Details:** Input your current loan balance, interest rate, and remaining term. 2. **Choose a Plan:** Select from Standard, Extended, or Graduated repayment plans to see how they affect your monthly payments. 3. **Add Extra Payments:** (Optional) See how much time and interest you could save by paying a little extra each month. 4. **View Results:** Instantly see your estimated monthly payment, total interest cost, and payoff date. Our calculator handles the complex math (amortization, compound interest) for you, so you can focus on finding the best strategy for your budget.
2

Why Trust This Student Loan Calculator?

Our student loan calculator uses **standard amortization formulas** used by financial institutions and the U.S. Department of Education. The calculations account for compound interest, different repayment plans, and accelerated payoff scenarios. We base our estimates on current federal student loan rates and typical private loan terms.

Standard Amortization Formulas

Uses industry-standard loan amortization formulas validated by financial institutions. Calculations match those used by federal loan servicers and private lenders.

Federal Loan Rates

Based on current federal student loan interest rates set by Congress. Accounts for different loan types (Direct Subsidized, Unsubsidized, PLUS) with their respective rates.

Repayment Plan Options

Includes calculations for standard, graduated, extended, and income-driven repayment plans. Accounts for different payment structures and terms.

Accurate Interest Calculations

Properly calculates compound interest on remaining balance. Accounts for interest capitalization and how extra payments reduce total interest.

Student Loan Calculator: Calculate Payments and Payoff Time

Calculate your **student loan payments** and plan your repayment strategy with our free **student loan calculator**. Enter your loan balance, interest rate, and repayment term to estimate monthly payments, total interest paid, and payoff date. Compare different repayment plans including **standard repayment**, **income-driven repayment**, **graduated repayment**, and **extended repayment** to find the best option for your financial situation. Our calculator works for both **federal student loans** and **private student loans**.

Average US College Costs (2025-2026)

Understanding the average cost of attendance helps in planning how much to borrow. These figures include tuition, fees, room, and board.
Institution TypeTuition & FeesRoom & BoardTotal per Year
Public In-State (4-Year)$11,260$12,770$24,030
Public Out-of-State (4-Year)$29,150$12,770$41,920
Private Nonprofit (4-Year)$41,540$14,650$56,190
Community College (2-Year)$3,990$9,600 (est)$13,590

Key Student Loan Terms

Subsidized Loan: A federal loan where the government pays the interest while you are in school at least half-time, during the grace period, and during deferment periods.

Unsubsidized Loan: A federal loan where interest starts accruing from the moment the loan is disbursed. You are responsible for all interest.

Capitalization: The addition of unpaid interest to the principal balance of your loan. This increases your total outstanding balance and the amount of interest you will pay in the future.

Grace Period: A set period of time (typically 6 months) after you graduate, leave school, or drop below half-time enrollment before you must begin repayment.

FAFSA: The Free Application for Federal Student Aid. The form you must fill out to be eligible for federal grants, loans, and work-study.

Loan Servicer: The company that handles the billing and other services on your federal student loan. This is who you contact for repayment plans and consolidation.

Principal: The original amount of money you borrowed, or the remaining amount excluding accrued interest.

Understanding Student Loans: Types, Rates, and Terms

Understanding different student loan types is the first step to smart borrowing. Federal loans offers unique protections, while private loans can fill funding gaps.

Federal Student Loans

Key Features

  • Fixed Interest Rates (Set by Congress)
  • Income-Driven Plans available
  • Forgiveness Programs (PSLF, IDR)
  • No credit check (for most loans)

Current Rates (2025-26)

Direct Subsidized
~5.50%
Direct Unsubsidized
~5.50-7.05%

Private Student Loans

Key Features

  • Variable or Fixed Rates
  • Higher borrowing limits (up to COA)
  • Requires good credit (or cosigner)
  • No federal forgiveness options

Typical Rates

Range4.00% - 12.00%+
Student TypeAnnual Limit (Max Subsidized)Total Aggregate Limit
Dependent Undergrad$5,500 - $7,500$31,000
Independent Undergrad$9,500 - $12,500$57,500
Graduate Student$20,500 (Unsubsidized only)$138,500

Student Loan Repayment Plans: Choosing the Right Option

Choosing the right repayment plan is crucial. Most borrowers start on the Standard Plan, but Income-Driven plans offer flexibility for those with lower incomes.

10

Standard Plan

Fixed payments for 10 years

  • Fastest payoff
  • Lowest total interest
  • Highest monthly payment
BEST FOR:

Stable income, want to save money

Most Flexible

Income-Driven (IDR)

Based on income (10-20%)

  • Lower monthly payments
  • Forgiveness after 20-25 yrs
  • Includes SAVE, PAYE, IBR
BEST FOR:

Low income, high debt ratio

Extended / Graduated

Longer terms or rising payments

  • Extended: 25 year term
  • Graduated: Payments rise
  • More total interest paid
BEST FOR:

High balance, income growth

Example: $50,000 Loan at 5%

Standard
$530/mo
Paid in 10y
Extended
$292/mo
Paid in 25y
IDR (Example)
~$208/mo
Forgiveness potential

Student Loan Strategies: Paying Off Debt Faster and Saving Money

Want to be debt-free faster? Using a strategic approach can save you thousands in interest. Here are the top proven strategies.

Make Extra Payments

Impact: Paying just $50 extra per month on a $30,000 loan can save over $1,500 in interest and shave a year off your term.

Refinance High Rates

Impact: Lowering your rate by 1.5% through refinancing can save you ~$50/month and thousands over the life of the loan.

Bi-Weekly Payments

Impact: Paying half your monthly amount every 2 weeks results in one full extra payment per year automatically.

Avoid Capitalization

Impact: Pay interest while in school or deferment to prevent it from being added to your principal balance.

Debt Payoff Methods: Avalanche vs. Snowball

🏔 Debt Avalanche

Target loans with the highest interest rate first.

  • • Mathematically optimal
  • • Saves the most money total
  • • Best for: Analytical optimization
❄️ Debt Snowball

Target loans with the smallest balance first.

  • • Psychologically rewarding
  • • Builds momentum with quick wins
  • • Best for: Motivation boosting

Student Loan Refinancing and Consolidation: When and How

Refinancing or consolidating can simplify your payments and potentially save money, but it's important to understand the trade-offs.

Federal Consolidation

Combine multiple federal loans into one Direct Consolidation Loan.

✓Keeps Federal Benefits: PSLF, IDR plans
✓One Payment: Simplifies management
!Rate: Weighted average (doesn't lower rate)

Private Refinancing

Replace existing loans with a new private loan at a lower rate.

✓Lower Rate: Save money if credit is good
✓Pay Off Faster: Choose shorter terms
✕Lose Federal Benefits: No PSLF or IDR

The Refinancing Process

1
Check Credit
Need 650+ score & stable income
2
Compare Rates
Get pre-qualified with multiple lenders
3
Apply & Save
Finalize loan and pay off old debt

Avoiding Default and Getting Help

Consequences of Default (Don't Ignore This!)

Defaulting on federal loans (270 days past due) has serious long-term impacts.

📉
Credit Score Crash
💸
Wage Garnishment (15%)
🚫
Tax Refund Seizure
🏛
Loss of Benefits (IDR/Deferment)

How to Get Out of Default

1. Rehabilitation

9 on-time monthly payments based on income.

Removes checkmark from credit history

2. Consolidation

Combine defaulted loan into new Direct Loan.

Fastest method (Immediate)

3. Repayment

Pay off the full balance.

Restores all benefits

Resources & Help

  • StudentLoans.gov: Official federal loan management.
  • NSLDS: See all your federal loan records.
  • National Foundation for Credit Counseling: Free/Low-cost help.
  • Warning: Avoid "debt relief" companies charging fees for things you can do for free.

Frequently Asked Questions

Q:How do I calculate my student loan payment?

To calculate your **student loan payment**: Use the formula: **Monthly Payment = P × [r(1+r)^n] ÷ [(1+r)^n - 1]**, where P = loan balance, r = monthly interest rate (annual rate ÷ 12), n = number of payments. For a **$30,000 loan at 5% for 10 years**: Monthly rate = 0.05/12 = 0.004167, Payments = 120, Monthly payment = **$318.20**. Our calculator does this automatically - just enter your loan balance, interest rate, and term.

Q:What is the average student loan payment?

The **average student loan payment** is **$200-$300 per month**, but varies widely. **Federal loans** (standard 10-year plan): $200-$400/month for typical balances. **Private loans**: $150-$500+/month depending on balance and rate. **Factors affecting payment**: Loan balance (average $30,000-$40,000), interest rate (3-7% federal, 4-12%+ private), repayment term (10-25 years), repayment plan (income-driven may be lower). **Income-driven plans** can reduce payments to 10-20% of discretionary income, sometimes as low as $0.

Q:How long does it take to pay off student loans?

**Student loan payoff time** depends on balance, rate, and repayment plan. **Standard federal loans**: 10 years (120 payments). **Extended repayment**: 25 years (300 payments). **Income-driven plans**: 20-25 years, then potential forgiveness. **Private loans**: 5-20 years (varies by lender). **With extra payments**: Can pay off in 5-7 years instead of 10. **Average payoff time**: 10-20 years for most borrowers. **Factors**: Making minimum payments only = longer payoff, extra payments = faster payoff, income-driven plans = longer term but lower payments.

Q:What is the best student loan repayment plan?

The **best repayment plan** depends on your income and goals. **Standard Plan** (10 years): Lowest total interest, fastest payoff, but highest monthly payments. **Income-Driven Plans** (IDR): Lower monthly payments (10-20% of discretionary income), 20-25 year term, potential forgiveness, but more total interest. **Graduated Plan**: Payments start low and increase, good for expected income growth. **Extended Plan**: Lower monthly payments, 25-year term, but more total interest. **Best for low income**: Income-driven plans. **Best for high income**: Standard plan (pay off faster). **Best for flexibility**: Income-driven with option to pay extra.

Q:How much interest will I pay on my student loans?

**Total interest paid** depends on loan balance, rate, and repayment term. **Example**: $30,000 at 5% for 10 years = **$8,184 total interest** (27% of principal). **$50,000 at 6% for 10 years** = **$16,607 total interest** (33% of principal). **$100,000 at 7% for 20 years** = **$77,000 total interest** (77% of principal). **Ways to reduce interest**: Make extra payments (reduces principal faster), choose shorter term (if affordable), refinance to lower rate (if eligible), pay during grace period (prevents capitalization).

Q:Should I pay off student loans early?

**Paying off student loans early** can save thousands in interest, but consider: **Pros**: Save on interest, reduce debt burden, improve cash flow, peace of mind. **Cons**: Miss investment opportunities (if rate is low), reduce emergency fund, may have better uses for money. **When to pay early**: Interest rate is high (5%+), have emergency fund, no higher-priority debt, want to reduce stress. **When not to pay early**: Rate is very low (<4%), need emergency fund, have higher-interest debt, can invest at higher returns. **Strategy**: Pay minimums if rate <4%, pay extra if rate >5%, balance with other financial goals.

Q:What is income-driven repayment (IDR)?

**Income-Driven Repayment (IDR)** plans cap payments at 10-20% of discretionary income. **Types**: REPAYE (10% of discretionary income), PAYE (10%, capped at standard payment), IBR (10-15%, for older loans), ICR (20% or income-based formula). **Benefits**: Lower monthly payments, payment caps, potential forgiveness after 20-25 years. **Disadvantages**: Longer repayment term, more total interest, may not cover interest (balance can grow), tax on forgiven amount. **Eligibility**: Must have federal loans, demonstrate financial need, recertify income annually. **Best for**: Low income, high debt-to-income ratio, pursuing Public Service Loan Forgiveness.

Q:Can I refinance my student loans?

**Yes, you can refinance student loans**, but consider carefully. **Refinancing** replaces existing loans with new private loan. **Benefits**: Lower interest rate (if credit improved), single monthly payment, shorter term option. **Drawbacks**: Lose federal benefits (income-driven plans, forgiveness, deferment), need good credit (typically 650+), may need cosigner, variable rates can increase. **When to refinance**: Have good credit, stable income, high interest rate, don't need federal benefits, want to pay off faster. **When not to refinance**: Need income-driven plans, pursuing forgiveness, have variable income, want federal protections. **Rates**: 2-7% typically (2026), depends on credit and market rates.

Q:What happens if I can't pay my student loans?

**If you can't pay student loans**, you have options: **Federal loans**: Switch to income-driven plan (payments can be $0 if income is low), request deferment (temporary pause), request forbearance (temporary reduction/pause), explore loan forgiveness programs. **Private loans**: Contact lender immediately, may offer temporary relief, consider refinancing, last resort: default (damages credit, collections, wage garnishment). **Default consequences**: Damaged credit (7+ years), collections, wage garnishment (up to 15% of disposable income), tax refund offset, loss of federal benefits. **Prevention**: Contact servicer before missing payments, explore all options, consider income-driven plan, seek help from student loan counselor.

Q:What is student loan forgiveness?

**Student loan forgiveness** cancels remaining loan balance after meeting requirements. **Public Service Loan Forgiveness (PSLF)**: Forgiven after 10 years of qualifying payments while working for government/nonprofit. **Teacher Loan Forgiveness**: Up to $17,500 forgiven for teachers in low-income schools (5 years). **Income-Driven Forgiveness**: Remaining balance forgiven after 20-25 years of IDR payments (taxable). **Closed School Discharge**: If school closes while enrolled. **Total and Permanent Disability Discharge**: If permanently disabled. **Requirements vary**: Each program has specific eligibility criteria. **Tax implications**: Forgiven amount may be taxable income (except PSLF). **Best known**: PSLF is most popular, but only 2-3% of applicants qualify (strict requirements).

Q:How do I consolidate my student loans?

**Student loan consolidation** combines multiple loans into one. **Federal Direct Consolidation**: Combines federal loans into single loan, weighted average interest rate (rounded up), extends term to 30 years, maintains federal benefits, no credit check. **Private consolidation/refinancing**: Combines federal and/or private loans into new private loan, may get lower rate, but lose federal benefits. **When to consolidate federal**: Want single payment, simplify management, extend term (lower payments), access certain repayment plans. **When not to consolidate**: Already have low rate, close to forgiveness, would lose benefits. **Process**: Apply through StudentLoans.gov (federal) or private lender, takes 30-60 days, continue paying old loans until consolidation completes.

How Do I Calculate My Student Loan Payment?

The Formula

Payment = P × [r(1+r)^n] ÷ [(1+r)^n - 1]
  • P = Loan Balance (Principal)
  • r = Monthly Interest Rate (Annual Rate ÷ 12)
  • n = Total Number of Payments

Real World Example

For a $30,000 loan at 5% for 10 years:

Monthly Rate (r):0.05 ÷ 12 = 0.004167
Payments (n):10 × 12 = 120
Monthly Payment:$318.20

Don't want to do the math? Our student loan calculator below does this instantly for any scenario.