Student loan calculator
See your monthly payment, total interest, and how extra payments shorten the loan.
Federal loans commonly use a 10-year standard plan. Check your loan servicer for your exact rate.
How the payment is calculated
Most student loans use a fixed monthly payment. The payment is set so that the balance reaches exactly zero at the end of the term. Early payments are mostly interest, and later ones are mostly principal, because interest is charged on whatever balance remains.
The power of extra payments
Any extra money sent to your servicer goes straight to principal, which lowers the balance that interest is charged on. Even a small amount each month can cut years off a loan and save hundreds or thousands of dollars. Confirm with your servicer that extra payments are applied to principal.
What this does not include
This is an estimate for a fixed-rate loan with a constant payment. It does not include interest that builds up while you are in school, deferment or forbearance, income-driven plans, or forgiveness programs. Check your loan servicer’s own tools for exact figures.