Student Loan Calculator
Payment, payoff date and savings from paying extra.
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This student loan calculator shows your monthly payment, total interest and payoff date for a student loan, and how much you save by paying extra each month. Enter your balance, interest rate and repayment term. It works for federal standard repayment and for private loans.
What is a Student Loan Calculator?
A student loan is repaid in monthly installments that cover interest and principal. Federal loans have a 10-year standard plan by default, with other plans available; private loans have terms set by the lender. The interest rate and term determine your payment and how much interest you pay overall.
Paying even a little extra each month goes straight to principal, which reduces interest and shortens the loan. A student loan calculator shows exactly how much time and money that saves.
How does the Student Loan Calculator work?
The calculator works out the standard monthly payment with the amortization formula, then simulates the loan month by month with your extra payment added to principal, and compares total interest.
How to use the Student Loan Calculator step by step
- Enter your loan balance.
- Enter the interest rate.
- Choose the repayment term.
- Add an extra monthly payment if you plan one.
- Read the payment, total interest and payoff time.
- Compare with and without extra payments.
Student Loan Calculator example with real numbers
You graduate with $32,000 in loans at 6.5% on a 10-year plan and want to see what an extra $100 a month would do.
| Example input | Value |
|---|---|
| Loan balance | $32,000 |
| Interest rate | 6.5% |
| Repayment term | 10 years |
| Extra payment each month | $100 |
| Example output | Value |
|---|---|
| Monthly payment | $363.35 |
| Total interest (standard) | $11,602 |
| Total interest with extra payments | $8,189 |
| Interest saved | $3,414 |
| Payoff time | 7 years 3 months |
| Time saved | 2 years 9 months |
The standard payment is $363.35. Adding $100 a month saves $3,414 in interest and pays the loan off in 7 years 3 months, about 2 years 9 months sooner.
Key features of this Student Loan Calculator
- Standard payment and total interest
- Extra payment savings
- Payoff time and time saved
- Works for federal and private loans
- Principal vs interest bar
Who should use the Student Loan Calculator?
Who is this Student Loan Calculator for?
- Recent graduates
- Borrowers with private loans
- Parents with Parent PLUS loans
- Anyone planning to pay off debt faster
Practical use cases
- Seeing your payment on a new loan
- Checking what $100 extra a month saves
- Comparing 10- and 20-year terms
- Planning a debt-free date
Key benefits
- Motivating: see the finish line move closer.
- Clear savings: interest saved in dollars.
- Simple: four inputs.
- Private: no login needed.
Tips for better results
- Tell your servicer to apply extra payments to principal on the highest-rate loan.
- Pay off higher-rate loans first (avalanche) to save the most interest.
- Before paying extra on federal loans, check if you qualify for forgiveness programs.
- Autopay often gives a small rate discount.
Common mistakes to avoid
- Paying extra on loans you expect to be forgiven.
- Letting extra payments be applied to future interest instead of principal.
- Ignoring high-rate private loans.
- Refinancing federal loans without considering lost protections.
Limitations of this Student Loan Calculator
- It models one loan at a time.
- Income-driven plans and forgiveness aren’t modeled.
- It assumes a fixed rate.
Student Loan Calculator vs other ways to calculate
| Strategy | Pays first | Benefit |
|---|---|---|
| Avalanche | Highest interest rate | Least total interest |
| Snowball | Smallest balance | Quick wins, motivation |
| Refinance | N/A | Lower rate, but federal benefits lost |
| Income-driven plan | N/A | Payment tied to income |
Federal borrowers should use the official Loan Simulator at studentaid.gov to compare repayment plans. For credit card balances, check the credit utilization calculator.
Privacy and data handling
This Student Loan Calculator runs entirely in your browser. The numbers you type are not sent to Qorico or stored on any server, and nothing is saved after you close the page. The Copy and Download buttons create the result on your own device. If the page has analytics turned on, it may count that a calculation happened, but it does not record the values you entered.
Student Loan Calculator FAQs
How long will it take to pay off my loans?
On a standard plan, the term you choose (10 years for federal standard). Extra payments shorten it.
What is income-driven repayment?
Federal plans that set payments based on income and family size. Recent legislation is changing the plans available, so check studentaid.gov for current options.
Should I refinance student loans?
Refinancing can lower your rate but turns federal loans into private ones, losing protections like income-driven plans and forgiveness.
Avalanche or snowball: which is better?
Avalanche saves more interest; snowball gives faster wins. Both work if you stick with them.
Is student loan interest tax-deductible?
Up to $2,500 a year of student loan interest may be deductible, subject to income limits.
Do extra payments go to principal?
Ask your servicer to apply them to principal; otherwise they may be applied to future payments.
Related tools
Sources and references
We checked the method and the current figures used in this Student Loan Calculator against these official and primary sources:
- Federal Student Aid
- Federal Student Aid: Loan Simulator
- Consumer Financial Protection Bureau
- IRS: Internal Revenue Service
Written and reviewed by the Qorico Team
