Student Loan Calculator
Calculate student loan payments, total interest, and how much extra monthly payments save.
Student loan payments
Federal student loans default to the Standard Repayment Plan: fixed payments over 10 years. The payment uses the same amortization formula as any installment loan.
$35,000 at 6.5% over 10 years costs $397 a month and about $12,700 in interest. Adding $100 a month clears the loan about two and a half years sooner and saves roughly $3,500 in interest.
Federal repayment options
- Standard: fixed payments, 10 years, lowest total interest of the federal plans.
- Graduated and extended: lower payments early or over up to 25 years, but more interest.
- Income-driven plans: payments based on income and family size, with forgiveness of any balance after 20–25 years. Rules for these plans have changed several times recently, so confirm current options at StudentAid.gov.
- Public Service Loan Forgiveness: forgiveness after 120 qualifying payments while working full-time for government or qualifying non-profits.
Paying off faster
Extra payments go to principal once interest is covered; ask your servicer to apply them to the highest-rate loan. Refinancing with a private lender can lower your rate, but you permanently lose federal protections such as income-driven plans, deferment and forgiveness.
Frequently asked questions
What is the monthly payment on a $30,000 student loan?
At 6.5% over 10 years it is about $341 a month. Use the calculator for your exact rate and term.
Should I pay off student loans early?
If the rate is high and you already have an emergency fund and employer retirement match, extra payments are a guaranteed return equal to the interest rate.
Is refinancing student loans a good idea?
It can save money on high-rate private loans. For federal loans, weigh the savings against losing income-driven repayment and forgiveness options.
Last reviewed Oct 20, 2026. Results are estimates; check important decisions with a qualified professional.