Estimate your monthly student loan repayments instantly. Enter your loan amount, interest rate, and repayment term below. Student Loan Calculator.
Monthly Payment
$0
per month
Total Repaid
$0
over full term
Total Interest
$0
cost of borrowing
Payoff Date
—
estimated
💰 Loan Details
$
%
How to Use the Student Loan Calculator
Four simple steps to estimate your student loan repayments.
1
Enter Loan Amount
Type your total loan balance or use the slider to set it quickly.
2
Set Interest Rate
Enter your annual interest rate. Federal rates for 2025–26 range from 6.53% to 9.08%.
3
Choose Repayment Term
Select how many years you have to repay. Longer terms mean lower payments but more interest.
4
Calculate
Hit Calculate to see your monthly payment, total cost, and a full yearly repayment schedule.
Frequently Asked Questions
Everything you need to know about student loan repayments.
Your monthly payment is calculated using the standard amortisation formula: M = P[r(1+r)ⁿ] / [(1+r)ⁿ−1], where P is the principal, r is the monthly interest rate, and n is the total number of payments. This ensures each payment covers both interest and a portion of the principal.
With subsidised loans, the government pays your interest while you’re in school at least half-time, during the grace period, and during deferment. With unsubsidised loans, interest accrues from the moment the loan is disbursed — meaning your balance can grow while you’re still studying.
For the 2025–26 academic year, federal student loan rates are 6.53% for Direct Subsidised and Unsubsidised Loans (undergrad), 8.08% for Unsubsidised Loans (graduate), and 9.08% for Direct PLUS Loans. Private loan rates vary widely by lender and credit profile.
Yes — significantly. Any amount above your required monthly payment goes directly toward your principal, which reduces the balance on which interest is calculated. Even an extra $50–$100 per month can shorten your repayment term by years and save thousands in interest.
Federal loans offer several plans: Standard (fixed payments over 10 years), Graduated (low payments that increase every 2 years), Extended (up to 25 years), and income-driven plans like SAVE, PAYE, and IBR which cap payments at a percentage of your discretionary income and offer forgiveness after 20–25 years.
Yes — refinancing through a private lender can lower your interest rate if you have a strong credit score and income. However, refinancing federal loans into private loans means losing access to income-driven repayment plans, federal forgiveness programs, and deferment options. Weigh the trade-offs carefully before refinancing federal debt.