CalcQuick

Student Loan Calculator

Estimate monthly payments and total interest on federal or private student loans.

For educational purposes only. Not financial advice. Student loan rules, fees, and repayment options vary by lender and program.

$

Standard federal plan is 10 years

Monthly payment

$397.42

Total interest

$12,690.02

Total paid

$47,690.02

Payoff date: Jul 2036

How to use

  1. Enter your total student loan balance.
  2. Set the annual interest rate on your loan.
  3. Choose the repayment term — the standard federal plan is 10 years.
  4. Optionally add an extra monthly payment to see how much faster you'd be debt-free.

Formula

Monthly payment: M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the balance, r is the monthly rate, and n is the number of payments.

Extra payments go directly to principal, shortening the payoff time and reducing total interest.

Example

A $35,000 student loan at 6.5% on the standard 10-year plan:

Monthly payment ≈ $397; Total interest ≈ $12,700. Adding $100/month pays it off about 2.5 years sooner and saves roughly $3,500 in interest.

Frequently asked questions

What is the standard student loan repayment term?
The federal standard repayment plan is 10 years (120 payments). Consolidation and income-driven plans can extend to 20–30 years, which lowers the monthly payment but increases total interest.
Does this work for both federal and private loans?
Yes, for any fixed-rate loan. Income-driven repayment (IDR) plans base payments on your income instead, so this calculator shows the standard amortized payment.
Do extra payments on student loans really help?
Yes. Extra payments reduce the principal directly, so less interest accrues each month. Tell your servicer to apply extra amounts to principal, not to advance the due date.
What is the average student loan interest rate?
Federal undergraduate loan rates have recently ranged from about 4.5% to 6.5%, graduate and PLUS loans higher. Private loan rates vary widely with credit, roughly 4% to 15%.
Should I pay off student loans early or invest?
A common rule of thumb: prioritize extra payments when the loan rate is higher than your expected investment return, and always take any employer 401(k) match first. This is educational information, not financial advice.
What is the payment on a $50,000 student loan?
At 6.5% over 10 years, about $568 per month. Enter your exact balance, rate, and term above for a precise number.

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