Student Loan Calculator
Calculate your student loan payments, total interest, and repayment timeline. Compare different repayment options for federal and private student loans.
1. Simple Student Loan Calculator
$
years
%
Monthly Payment: $345.24
2. Student Loan Repayment Calculator
$
$/month
%
3. Student Loan Projection Calculator
years
$/year
$
years
months
%
Simple Loan Results
| Monthly Payment | $345.24 |
|---|---|
| Total Payments | $41,428.57 |
| Total Interest | $11,428.57 |
| Payoff Date | May 2033 |
About Student Loan Calculator
This student loan calculator helps you estimate your monthly payments, total interest costs, and repayment timeline for federal and private student loans. Use it to compare different repayment strategies and understand the long-term costs of your education financing.
How Student Loan Payments Are Calculated
Student loan payments are typically calculated using an amortization formula that accounts for:
- Loan Principal: The amount you originally borrowed
- Interest Rate: The annual cost of borrowing expressed as a percentage
- Loan Term: The length of time you have to repay the loan
- Repayment Plan: Standard, graduated, income-driven, or other options
Types of Student Loan Calculators
This tool includes three specialized calculators:
- Simple Student Loan Calculator: Estimates monthly payments based on loan amount, term, and interest rate
- Repayment Calculator: Shows how extra payments can reduce your loan term and total interest
- Projection Calculator: Forecasts total borrowing and payments for current and future student loans
Student Loan Repayment Strategies
Consider these approaches to manage your student debt:
- Standard Repayment: Fixed payments over 10 years (federal loans)
- Graduated Repayment: Payments start low and increase over time
- Income-Driven Plans: Payments based on your income (10-20% of discretionary income)
- Aggressive Repayment: Paying more than the minimum to save on interest
- Refinancing: Combining loans at a lower interest rate (private loans only)