Student loans can be one of the biggest financial commitments. Our calculator shows your exact monthly payment, total interest over the life of the loan, and even accounts for grace period interest accrual. Compare different repayment terms to find what works for your budget.
Monthly Payment:
Total Interest:
Enter values and click Calculate to see chart
How to Use This Tool
Enter your total student loan balance.
Enter the annual interest rate.
Enter your repayment term in years.
Enter any grace period (typically 3-6 months after graduation).
Click Calculate to see monthly payment and total interest cost.
The Formula
Monthly payment = P x [r(1+r)^n] / [(1+r)^n - 1] where P is principal, r is monthly rate, and n is number of payments.
Why It Matters
You have $35,000 in student loans at 5.5% with a 10-year repayment term and 6-month grace period after graduation. Interest accrues during grace adding ~$770 to your balance. After graduation, your $382/month payment over 10 years totals $8,788 in interest. A 15-year term would lower payments but add $4,300 more interest.
Frequently Asked Questions
What is the difference between federal and private student loans?
Federal student loans are issued by the government with fixed interest rates set by Congress, income-driven repayment options, loan forgiveness programs, and deferred repayment during economic hardship. Private student loans come from banks and credit unions, often have variable rates, and lack flexible repayment protections. Federal loans should always be exhausted before taking private loans because of their borrower protections. Private loans may offer lower rates for borrowers with excellent credit and a cosigner.
How does income-driven repayment work?
Income-driven repayment (IDR) plans cap your monthly federal student loan payment at a percentage of your discretionary income (typically 10-20%) and extend the repayment term to 20-25 years. Any remaining balance is forgiven after the term ends, though forgiven amounts may be taxed as income. IDR plans include SAVE, PAYE, IBR, and ICR, each with slightly different income caps and eligibility. These plans are ideal for borrowers with low income relative to their debt, such as teachers, social workers, or public servants.
When should I refinance my student loans?
Refinancing makes sense when you can secure a significantly lower interest rate than your current loans, have stable income and good credit, and do not need federal loan protections like IDR or forgiveness. Refinancing combines multiple loans into one new private loan, simplifying payments and potentially saving thousands in interest. However, you permanently lose access to federal benefits, so borrowers pursuing Public Service Loan Forgiveness (PSLF) or who may need income-driven repayment should keep federal loans. Compare total cost savings carefully before refinancing.
What happens if I default on my student loans?
Federal student loans enter default after 270 days of non-payment (about 9 months). Default ruins your credit score, allows the government to garnish your wages and tax refunds, and makes you ineligible for further federal aid. Private lender default timelines vary but typically occur after 90-120 days of missed payments and can lead to lawsuits and wage garnishment. Before defaulting, contact your servicer to explore deferment, forbearance, or income-driven repayment options — these are free and can prevent default entirely.
How long does it typically take to pay off student loans?
The standard repayment term for federal loans is 10 years, but many borrowers opt for extended terms of 10-30 years to lower monthly payments. Income-driven repayment extends terms to 20-25 years. The actual payoff time depends on your balance, interest rate, monthly payment amount, and whether you make extra payments. Borrowers who refinance into shorter terms or make biweekly payments can significantly reduce their payoff timeline. The average borrower pays off student loans in about 21 years.