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Student Loan Calculator
Enter your student loan balance, interest rate and repayment term to get the monthly payment and your payoff date. Add an extra monthly amount to see how much sooner you finish and how much interest you avoid.
The required payment, before any extra.
- Payoff date
- Thu, Sep 18, 2036
- Time to pay off
- 10 years
- Total interest
- $10,877.27
- Total paid
- $40,877.27
- Interest saved by paying extra
- $0.00
- Paid off sooner by
- 0 months
- Amount borrowed
- $30,000.00
Payoff schedule
| Period | Principal | Interest | Balance |
|---|
Saved setups
Save a set of inputs you reuse — your usual rate, your loan, your room sizes — and load it back in one tap.
Your recent calculations
Results you calculate here are kept on this device so you can come back to them.
Formula
How to use it
- Enter what you owe and the interest rate; for several loans, use the total and a balance-weighted average rate, or run each loan separately.
- Choose the repayment term — 10 years is the classic federal standard plan.
- Enter your first payment date and any extra you can add each month.
- Read the payoff date and the interest saved; the schedule shows the balance falling.
Worked examples
$30,000 at 6.5% on a 10-year standard plan, first payment November 1, 2026
- Monthly payment
- $340.64
- Payoff date
- Wed, Oct 1, 2036
- Time to pay off
- 10 years
- Total interest
- $10,877.27
- Total paid
- $40,877.27
- Interest saved by paying extra
- $0.00
The same loan with $100 a month extra
- Monthly payment
- $340.64
- Payoff date
- Thu, Dec 1, 2033
- Time to pay off
- 7 years 2 months
- Total interest
- $7,530.29
- Total paid
- $37,530.29
- Interest saved by paying extra
- $3,346.98
- Paid off sooner by
- 2 years 10 months
$60,000 at 7% over 20 years, paying $200 extra from January 15, 2027
- Monthly payment
- $465.18
- Payoff date
- Tue, Sep 15, 2037
- Time to pay off
- 10 years 9 months
- Total interest
- $25,419.90
- Interest saved by paying extra
- $26,223.14
- Paid off sooner by
- 9 years 3 months
US federal and private loans
Federal Direct Loans have fixed rates set each year for new loans, and the classic Standard Repayment Plan spreads payments evenly over 10 years. Federal repayment options changed under 2025 legislation, and loans first disbursed from July 1, 2026 have a standard plan whose term depends on how much you borrowed, so check your plan on studentaid.gov. Private loans can have fixed or variable rates and terms set by the lender.
Income-driven plans base the payment on income instead of the balance, and forgiveness programs such as Public Service Loan Forgiveness change the math: if you expect forgiveness, paying extra may not help. This calculator models a fixed payment only.
Making extra payments count
Federal student loans have no prepayment penalty, and US law also bars them on private student loans. Ask your servicer to apply extra money to principal — ideally to the highest-rate loan — rather than advancing your next due date. Up to $2,500 a year of student loan interest may be deductible on a US federal return, subject to income limits. Results are estimates, not financial advice.
Questions people ask
What is the monthly payment on $30,000 in student loans?
At 6.5% on a 10-year plan, $340.64 a month, with $10,877.27 of interest. Stretching it to 20 years lowers the payment to $223.67 but raises the interest to $23,681.27.
How much does paying $100 extra a month save on student loans?
On $30,000 at 6.5% over 10 years, it clears the loan 2 years 10 months early and saves $3,346.98 in interest.
How long does it take to pay off $60,000 in student loans?
At 7%, 10 years at $696.65 a month or 20 years at $465.18 a month. Paying $200 extra on the 20-year plan finishes in 10 years 9 months and saves $26,223.14 of interest.