Student Loan Calculator
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What Your Result Means
- Monthly Payment: The fixed amount due each month during the repayment term. This is based on standard amortization — equal payments that gradually shift from mostly interest to mostly principal.
- Total Paid: The sum of all monthly payments over the life of the loan. The difference between this and your original loan amount is pure interest cost.
- Total Interest: How much extra you pay beyond the borrowed principal. On a typical 10-year student loan at 5–7%, interest often adds 30–45% to the original amount.
- Payoff Date: The projected month you make your final payment, accounting for any grace period. The grace period delays the start of repayment but does not add to the loan balance in this model.
How This Calculator Works
You enter the loan amount, annual interest rate, repayment term in years, and an optional grace period in months. The tool applies the standard amortization formula to compute a fixed monthly payment, then multiplies by the number of months for total paid and subtracts the principal for total interest. The grace period shifts the payoff date forward without capitalizing interest. It assumes a fixed rate with no income-driven adjustments.
Quick Questions
What interest rate should I enter?
Use the rate on your loan agreement or servicer statement. Federal Direct Loans for 2024–2025 are fixed at 6.53% (undergraduate) and 8.08% (graduate). Private loan rates vary by lender and credit profile.
Does this include income-driven repayment plans?
No. IDR plans (SAVE, PAYE, IBR, ICR) cap payments at a percentage of discretionary income and may forgive remaining balances after 20–25 years. This calculator models standard fixed repayment only. Check studentaid.gov for IDR estimates.
What about Public Service Loan Forgiveness (PSLF)?
PSLF forgives remaining federal loan balances after 120 qualifying payments while working for a qualifying employer. This tool does not model forgiveness — it assumes the loan is paid in full over the stated term.
Should I pay extra each month?
Extra payments reduce total interest and shorten your payoff date. Even an additional $50–100 per month can save thousands over the life of a 10-year loan. Direct extra payments to principal, not future payments.
Does the grace period add interest to my balance?
In this calculator, the grace period simply delays the payoff date. In reality, unsubsidized federal and private loans accrue interest during grace, which may capitalize (add to principal) when repayment begins. Subsidized loans do not accrue grace-period interest.
Sources
- Federal Student Aid — Interest Rates (current federal loan rates)
- Federal Student Aid — Repayment Plans (standard, IDR, and other plan details)
- CFPB — Subsidized vs. Unsubsidized Loans (grace period interest rules)
Method & review
Estimate only. Results reflect your inputs and standard formulas — they are not financial, tax, legal, health, or investment advice. Verify important decisions with a qualified professional.