The Student Loan Calculator estimates the monthly payment or payoff time of a student loan, shows the effect of extra payments, and projects the balance and payment after graduation.
| Monthly payment | $345.24 |
| Total of 120 payments | $41,428.92 |
| Total interest | $11,428.92 |
Paid off in 6 years and 2 months, 3 years and 8 months sooner, saving $4,421.28.
| Original payoff time | 9 years and 10 months |
| Original total interest | $11,188.54 |
| New payoff time | 6 years and 2 months |
| New total interest | $6,767.26 |
| Interest saved | $4,421.28 |
| Balance after graduation and grace | $46,612.73 |
| Interest paid during school | $0.00 |
| Monthly payment | $536.42 |
| Total repayment | $64,370.50 |
| Total interest after school | $17,757.77 |
Student loans pay for tuition, housing and living costs while you study. In the U.S. most are federal Direct Loans with fixed rates set each year by Congress; private loans from banks fill the gap and may have fixed or variable rates. Repayment usually starts six months after you leave school (the grace period).
For subsidized federal loans the government pays the interest while you are in school and during grace. For unsubsidized and most private loans interest builds from day one and is added to the balance (capitalized) when repayment starts unless you pay it as you go. The projection tool shows how much paying interest during school lowers your later payment.
Standard repayment is a fixed monthly amount over 10 years: Payment = P × i ÷ (1 − (1 + i)^−n), with i the monthly rate and n the number of months. For $30,000 at 6.8% over 10 years that is about $345 a month and roughly $11,400 of interest.
Extra payments go straight to principal. Adding $150 a month to a $350 payment on $30,000 at 6.8% cuts several years and thousands of dollars of interest. Make sure your servicer applies extra money to principal rather than to future payments, and target the highest-rate loan first if you have several.
Federal borrowers can choose income-driven plans that cap payments at a share of discretionary income and forgive the remainder after 20–25 years, or Public Service Loan Forgiveness after 10 years of qualifying public-sector work. Refinancing with a private lender can lower the rate but gives up these protections.
Is student loan interest deductible? Up to $2,500 a year, subject to income limits.
Should I pay off student loans or invest? Compare the loan rate with expected returns and grab any 401(k) match first.
What happens if I miss payments? Late fees, credit damage and eventually default; contact your servicer about deferment or forbearance first.