Student Loan Calculator

It uses the standard amortization formula: M = P x r x (1+r)^n / ((1+r)^n - 1), where P is the balance, r is the monthly rate (annual ÷ 12), and n is the number of months. A $30,000 loan at 6% over 10 years is about $333/month.

A lot, because extra money goes straight to principal and stops future interest. Enter an extra monthly amount and the calculator shows how many years earlier you finish and how much interest you avoid. Even $50/month can cut months off a 10-year loan.

Federal Standard Repayment is 10 years (120 payments). Extended and income-driven plans can run 20–25 years, which lowers the monthly payment but greatly increases total interest. Try both terms to compare.

If your loan rate is higher than what you could reliably earn by investing, paying extra usually wins. Federal loans have flexible protections, so weigh those benefits — but for high-rate private loans, extra payments are almost always worthwhile.

This calculator models the repayment period on a fixed starting balance. If interest accrued and capitalized during school or a grace period, enter the higher post-capitalization balance for an accurate estimate.