See Exactly What Your Student Loan Will Cost
Enter your loan amount, interest rate, and term to get an instant breakdown of monthly payments, total interest, payoff date, and the full amortization schedule.
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Student Loan Calculator
Enter your loan details to see monthly payments, total interest, and the full amortization schedule.
Loan Details
This calculator is for educational purposes only. Consult a financial advisor for personalized advice.
Monthly Payment with Grace Period
Most federal loans include a 6-month grace period after graduation during which interest accrues but no payments are due. The calculator factors this capitalized interest into your base payment so the number you see reflects your real first bill.
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Extra Payments Shrink Your Timeline
Adding even a small extra payment each month reduces your principal faster, cuts total interest paid, and can shave years off your loan. The calculator shows exactly how many months and dollars you save with any extra amount.
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Full Amortization Schedule
The month-by-month amortization table shows exactly how each payment is split between principal and interest, and what your remaining balance will be. Use it to identify the break-even point where you start paying more principal than interest.
Try It NowCalculate your loan in three steps
Enter your loan details
Input the loan principal, annual interest rate, repayment term in years, grace period in months, and any extra monthly payment you plan to make.
Click Calculate Loan
The calculator runs the standard amortization formula to compute your base monthly payment, then applies the grace period capitalization and any extra payment to produce the full schedule.
Review your results and strategies
Check the Loan Projection tab for a principal-vs-interest breakdown and payoff date, and the Repayment Strategies tab for tips on paying off faster.
Deep Dive
How the Calculator Works
The calculator applies the standard amortization formula and models grace period interest capitalization to produce accurate real-world estimates.
What the Calculator Covers
Grace Period Support
Models the 6-month federal grace period so your payment estimate reflects reality.
Extra Payment Impact
Shows exactly how many months and dollars you save by paying more each month.
Full Amortization Table
Month-by-month breakdown of payment, principal, interest, and remaining balance.
Repayment Strategies
Built-in guide to avalanche, snowball, refinancing, and income-driven plans.
Who Uses It
Who Uses This Calculator
Anyone trying to understand, plan, or reduce the cost of a student loan.
Frequently Asked Questions
What inputs does the calculator need?
You need four required values: loan principal (the amount borrowed), annual interest rate as a percentage, repayment term in years, and grace period in months. The extra monthly payment field is optional and defaults to zero.
How does the grace period affect my payment?
During the grace period, interest accrues on your principal but no payments are made. When repayment begins, that accumulated interest is added to the principal (capitalized), which raises the base on which your monthly payment is calculated. This is why a 10-year loan with a 6-month grace period has a slightly higher monthly payment than the same loan without one.
What is a typical student loan interest rate?
Federal student loan rates are set annually by Congress and typically range from around 3.5% to 7.5% depending on loan type and academic year. Private student loans can range from under 4% to over 13% depending on creditworthiness and the lender.
Can I calculate payments for multiple loans?
The calculator handles one loan at a time. For multiple loans, you can either run each separately or enter the combined principal with a weighted-average interest rate computed as the sum of each balance times its rate, divided by the total balance.
Does the calculator account for origination fees?
The basic calculation does not include origination fees. To account for them, add the fee amount to your loan principal before entering it. Federal direct loans currently carry a 1.057% origination fee, so a $30,000 loan effectively disburses about $29,683 after the fee.
How does the extra payment calculation work?
Each month, the extra amount is applied directly to the remaining principal after the regular payment is processed. Because a lower balance accrues less interest in subsequent months, more of every future regular payment also goes toward principal. This compounding effect means early extra payments have a disproportionately large impact on total cost and time to payoff.
What is the difference between the Avalanche and Snowball methods?
Avalanche directs extra payments to the loan with the highest interest rate first, minimizing total interest paid. Snowball directs extra payments to the smallest balance first regardless of rate, which eliminates individual loans faster and provides a psychological sense of progress. Avalanche is mathematically optimal; snowball can be more motivating if you have several loans.
Ready to Map Out Your Repayment?
Enter your loan details and get your monthly payment, total cost, and full amortization schedule in seconds.