Student Loan Calculator

A standard student loan uses the same amortization formula as any fixed-rate loan: your payment is based on the balance, the interest rate, and the repayment term. Each payment covers that month's interest plus a portion of principal, with interest making up more of the early payments.

The standard federal repayment term is 10 years, but terms can range from 10 to 25 years depending on the plan and balance. A longer term lowers the monthly payment but increases total interest. Enter your term above to see the trade-off.

Extra payments go entirely to principal, so they reduce both the payoff time and the interest charged on the remaining balance. Even $50–$100 extra a month can save thousands and shave years off the loan — try adding an extra payment above.

It depends on your interest rate and other goals. Paying off high-rate private loans early usually beats investing the same money. For low-rate federal loans, you might prioritize an emergency fund, employer retirement match, or higher-rate debt first.

On subsidized federal loans, the government pays the interest while you're in school and during deferment. On unsubsidized loans, interest accrues the whole time and can capitalize (get added to your balance), increasing what you owe. This calculator models repayment, not in-school accrual.