Enter your loan amount, interest rate, and repayment term to calculate your monthly payment, total interest paid, and total cost of your student loan. Add an extra monthly payment to see how much time and money you can save on your Student Loan Calculator.
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A good student loan interest rate depends on whether the loan is federal or private. Federal undergraduate loans for 2024–2025 carry a fixed rate of around 6.53%, while graduate loans are higher. Private student loan rates range from roughly 4% to 17% depending on your credit score and the lender. Generally, anything below 7% is considered competitive for student loans.
Your monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is your principal balance, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. This ensures the loan is fully paid off by the end of the term with equal monthly payments.
Yes — even a small extra payment each month can save thousands of dollars in interest and shorten your repayment timeline significantly. For example, adding $150/month to a $30,000 loan at 6.5% over 10 years can cut nearly 2–3 years off your term and save over $3,000 in interest. Every extra dollar goes directly toward reducing your principal balance.
Federal student loans are funded by the government and offer fixed interest rates, income-driven repayment plans, and forgiveness options. Private student loans come from banks or lenders and typically require a credit check, may have variable rates, and offer fewer protections. Federal loans are generally recommended first before turning to private options.
The standard federal repayment plan is 10 years, which balances monthly affordability with total interest cost. Choosing a longer term (15–25 years) lowers your monthly payment but increases the total interest paid over the life of the loan. A shorter term costs more per month but saves significantly on interest. Use this calculator to compare different term lengths side by side.
Federal student loans have no prepayment penalties, so you can pay them off early at any time. Most private lenders also do not charge prepayment penalties, but it is worth checking your loan agreement to be sure. Paying extra toward your principal each month is one of the most effective ways to reduce total interest and pay off your loan ahead of schedule.
For federal loans, you may qualify for income-driven repayment (IDR) plans that cap payments at a percentage of your discretionary income, or deferment and forbearance if you're facing hardship. Private loans offer fewer options, but some lenders provide hardship programs or refinancing opportunities. Contact your loan servicer as soon as possible if you're struggling to make payments.
Refinancing can make sense if you qualify for a lower interest rate than your current loan, reducing your monthly payment and total interest. However, refinancing federal loans into a private loan means losing access to income-driven repayment, forgiveness programs, and other federal protections. Carefully weigh the trade-offs before refinancing federal student debt.