Student Loan Calculator

Calculate student loan monthly payments and total interest, see the impact of extra payments.

What is a Student Loan Calculator?

Calculate monthly student loan payments and total interest. Compare standard vs extra payment plans.

How to Use

Using the student loan calculator is simple:

Enter your values in the input fields
Click the calculate button
View the result instantly

Tips

Double-check your inputs for accurate results
This tool is for estimation - consult a professional for important decisions
Save your results for future reference

Frequently Asked Questions

What is the difference between federal and private student loans?+

Federal loans offer income-driven repayment, Public Service Loan Forgiveness, and flexible deferment options. Private loans typically lack these protections but may offer lower rates for borrowers with good credit.

What is income-driven repayment (IDR)?+

IDR plans cap monthly payments at 10-20% of discretionary income depending on the plan. Remaining balances are forgiven after 20-25 years. There are four types: SAVE, PAYE, IBR, and ICR.

Should I refinance my student loans?+

Refinancing private loans with good credit can save on interest, but you lose protections like IDR and PSLF. If you have a stable income and do not seek forgiveness, refinancing may be worthwhile.

How is student loan interest calculated?+

Daily simple interest: daily interest = (outstanding balance × interest rate) ÷ 365. It is then capitalized (added to the principal). Federal loans do not accrue interest during school and grace periods.