Student Loan Calculator
Federal student loans come with more repayment options than most borrowers realize — standard, extended, and several income-driven plans, each with a genuinely different monthly payment and total cost. This calculator starts with the standard 10-year baseline so you have a real number to compare other plans against.
Enter your details to see your monthly payment.
How to use this calculator
- Enter your total student loan balance.
- Enter your interest rate and repayment term — 10 years is the federal standard plan default.
- Click "Calculate my payment" to see your monthly payment and total interest.
How the calculation works
This uses the same fixed-payment amortization formula as any standard installment loan: your balance is divided into equal monthly payments over your chosen term, at your entered interest rate, with each payment covering interest first and principal second. Federal student loan interest doesn't compound daily the way credit cards do, but over a 10+ year term the difference between a 5% and 7% rate still adds up to thousands of dollars.
A worked example
Say you owe $35,000 at 6% on the standard 10-year plan. That's a monthly payment of roughly $389, with total interest of about $11,660 over the decade — meaning you'll ultimately repay close to $46,660 total. Extend the same balance to a 20-year plan instead, and the monthly payment drops to around $251, but total interest more than doubles to roughly $25,140, since interest keeps accruing over twice as long.
Frequently asked questions
What is the standard federal repayment term?
10 years is the default standard repayment plan for most federal student loans, though extended and income-driven plans with different terms are available.
Does this apply to private student loans?
Yes, the underlying math is the same — just use your private loan's actual rate and term.
Should I refinance my student loans?
Refinancing can lower your rate, but federal loans lose access to income-driven repayment and forgiveness programs if refinanced with a private lender — weigh this carefully.
What are income-driven repayment plans?
These set your monthly payment as a percentage of your discretionary income rather than a fixed amortized amount — often lowering payments in the near term, though frequently extending the total repayment period and total interest paid.
Is student loan forgiveness modeled in this calculator?
No — this shows standard amortized payments only. Forgiveness programs (like Public Service Loan Forgiveness) depend on separate eligibility rules not reflected here.