Student Loan Calculator
Calculate student loan payments, total interest, and payoff timeline
About This Calculator
The Student Loan Calculator helps you estimate monthly payments, total interest, and total cost for student loans. Use this tool to plan your student loan repayment strategy.
How It Works
- 1
Enter your total student loan amount.
- 2
Input the annual interest rate on your loan.
- 3
Select your repayment term (typically 5-25 years).
- 4
The calculator computes monthly payment, total interest, and total repayment amount.
Formula Explanation
M = P × [r(1+r)^n] / [(1+r)^n - 1]Where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12).
Tips
Consider income-driven repayment plans if monthly payments are too high.
Making extra payments can reduce total interest and shorten repayment time.
Federal student loans may offer deferment or forbearance options.
Compare different repayment plans to find the best fit for your situation.