Student Loan Calculator
- Updated
- Formula shown
- Free, no sign-up
Results
Monthly payment of $351.71 over 10 years; $12,206 of interest in total
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $4,220.58 | $1,946.42 | $2,274.16 | $28,700.84 |
| 2 | $4,220.58 | $1,794.11 | $2,426.47 | $26,274.37 |
| 3 | $4,220.58 | $1,631.61 | $2,588.97 | $23,685.40 |
| 4 | $4,220.58 | $1,458.22 | $2,762.36 | $20,923.04 |
| 5 | $4,220.58 | $1,273.22 | $2,947.36 | $17,975.68 |
| 6 | $4,220.58 | $1,075.83 | $3,144.75 | $14,830.93 |
| 7 | $4,220.58 | $865.22 | $3,355.36 | $11,475.57 |
| 8 | $4,220.58 | $640.50 | $3,580.07 | $7,895.50 |
| 9 | $4,220.58 | $400.74 | $3,819.84 | $4,075.66 |
| 10 | $4,220.58 | $144.92 | $4,075.66 | $0.00 |
Federal Direct Loans no longer capitalize interest when you first enter repayment, but the unpaid interest is still owed. Capitalizing it here gives a slightly higher, cautious estimate; many private lenders do capitalize it.
How to use the student loan calculator
- Enter your loan balance and interest rate. With several loans on the same plan, add the balances and use a balance-weighted average rate.
- Choose a repayment term: the 10-year standard plan, the tiered standard plan for new federal loans, or your own term (for example a private loan).
- If you are still in school or in your grace period, enter the months until repayment and how the interest is handled.
- Optionally add an extra monthly payment to see how much sooner you finish.
Student loan formulas
Monthly payment = B × r ÷ (1 − (1 + r)−n)
Federal student loans charge simple interest: it accrues on the principal only, not on earlier interest. The first formula estimates what builds up before your first payment (servicers count it daily, so expect small differences). B is the balance when repayment starts: the original balance, plus that interest if it is capitalized. r is the rate ÷ 12 and n the number of monthly payments (120 for 10 years).
Which term applies to you
Under Public Law 119-21 (July 2025), a borrower with a federal Direct Loan made on or after July 1, 2026 can choose a tiered standard plan, whose fixed term depends on the total Direct Loan principal owed when repayment starts, or the income-based Repayment Assistance Plan. Loans made before that date keep the 10-year standard plan if the borrower has no newer loans. Rules checked in October 2026; confirm your options with your servicer or on studentaid.gov.
| Total Direct Loan principal | Tiered standard term |
|---|---|
| Less than $25,000 | 10 years |
| $25,000 to $49,999 | 15 years |
| $50,000 to $99,999 | 20 years |
| $100,000 or more | 25 years |
Worked example
You owe $30,000 at 6.5% and repayment starts in 6 months. Interest of 30,000 × 0.065 × 6 ÷ 12 = $975 accrues first. If it is added to the balance, you repay $30,975 over 10 years at $351.71 a month, and the loan costs $12,206 in interest. If you pay the interest as it accrues (about $162.50 a month), the payment is $340.64 and the interest totals $11,852.
Adding $100 a month to the capitalized loan pays it off in 7 years 2 months and saves $3,380.
10-year versus tiered standard payments at 6.5%
| Balance | 10-year payment | 10-year interest | Tiered term | Tiered payment | Tiered interest |
|---|---|---|---|---|---|
| $10,000 | $113.55 | $3,626 | 10 years | $113.55 | $3,626 |
| $20,000 | $227.10 | $7,252 | 10 years | $227.10 | $7,252 |
| $30,000 | $340.64 | $10,877 | 15 years | $261.33 | $17,040 |
| $50,000 | $567.74 | $18,129 | 20 years | $372.79 | $39,469 |
| $80,000 | $908.38 | $29,006 | 20 years | $596.46 | $63,150 |
| $120,000 | $1,362.58 | $43,509 | 25 years | $810.25 | $123,075 |
A longer term lowers the payment but can more than double the interest. You can always pay more than the required amount without penalty on federal loans.
Tips
- Pay interest while in school if you can. Even small payments stop the balance from growing, and on private loans they prevent capitalization.
- Target the highest rate first. If you pay extra, direct it at the loan with the highest rate; the debt payoff calculator shows the savings.
- Income-based plans work differently. Payments on the Repayment Assistance Plan or other income-driven plans depend on income and family size, which this calculator does not model.
- Refinancing federal loans into a private loan gives up federal protections such as income-driven repayment, so weigh it carefully.
Frequently asked questions
What is the monthly payment on $30,000 of student loans?
At 6.5% on a 10-year standard plan it is $340.64 a month, with $10,877 of interest. On the tiered standard plan, where $30,000 falls in the 15-year band, it is $261.33 a month but the interest rises to $17,040.
What is the tiered standard repayment plan?
A fixed-payment plan created by Public Law 119-21 for borrowers with a federal Direct Loan made on or after July 1, 2026. The term depends on the total Direct Loan principal when repayment starts: 10 years under $25,000, 15 years from $25,000, 20 years from $50,000 and 25 years from $100,000.
How much interest builds up during the grace period?
On an unsubsidized loan, roughly balance × rate × months ÷ 12. For $30,000 at 6.5% over a 6-month grace period that is about $975. Subsidized federal loans do not charge interest during the grace period.
What does capitalized interest mean?
Unpaid interest is added to the principal, so you then pay interest on it. Capitalizing $975 on a $30,000 loan at 6.5% raises the 10-year payment from $340.64 to $351.71. Federal Direct Loans stopped capitalizing interest when you first enter repayment in July 2023, but private lenders may still do so.
How much does paying an extra $100 a month save?
On $30,975 at 6.5% over 10 years, an extra $100 a month pays the loan off in 7 years 2 months instead of 10 years and saves about $3,380 of interest. Federal loans can be prepaid without penalty.