About the Student Loan Calculator
This calculator estimates the payment and total interest on a student loan under standard fixed repayment, and shows how adding a little extra each month can help you finish sooner. It assumes a single fixed-rate loan.
How it’s calculated
The monthly payment uses the standard amortizing-loan formula on the balance at your rate over the term. Extra payments are applied to principal to estimate an earlier payoff.
Example calculation
A $30,000 balance at 5.5% over 10 years has a payment of about $326, with roughly $9,000 in total interest.
Frequently asked questions
Does this include income-driven plans?
No — it assumes standard fixed repayment. Income-driven plans lower monthly payments but usually increase total interest over time.
Should I pay extra?
If your budget allows and the rate is meaningful, extra payments reduce interest and shorten repayment. Confirm payments apply to principal, not future bills.
This calculator provides estimates for educational purposes and should not be considered financial, tax, or legal advice. Your actual figures may vary with lender terms, fees, and market conditions.