Student Loan Calculator
This tool shows what it takes to pay off a student loan on a standard schedule. It takes your balance, interest rate, and the number of years you have to repay, then calculates a fixed monthly payment that clears the debt on time. Slide the term and rate to see how they shape your payment and the total you repay.
How this math works
This uses standard amortization, the same method behind most fixed-rate loans. Each month a fixed payment covers the interest due on the remaining balance, and whatever is left chips away at the principal. Early payments are mostly interest, and later payments are mostly principal, which is why the balance falls slowly at first and faster near the end.
The repayment term has a large effect on total cost. A longer term lowers the monthly payment but stretches out the interest, so you pay more overall even though each payment feels easier. If you can handle a higher monthly amount or add extra to the principal, you shorten the timeline and cut the total interest.
Common questions
What repayment term should I choose?
The standard federal term is ten years, which balances an affordable payment against reasonable total interest. Longer terms lower the monthly payment but raise the lifetime cost, so pick the shortest term whose payment still fits your budget.
Does this account for income-driven repayment plans?
No. This calculator models a fixed standard payment, not income-driven plans where the amount changes with your earnings. If you are on an income-driven plan, your payment and payoff timeline will differ from this estimate.
Can paying extra each month help?
Yes. Any amount above the scheduled payment goes straight to principal, which reduces the balance interest is calculated on and shortens the loan. Even small extra payments early on can save a meaningful amount of interest over time.
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