Student Loan Calculator
Estimate payments under standard, graduated, and income-driven repayment plans.
Before you calculate
Models standard repayment only. Federal repayment programs, forgiveness and servicer daily-interest calculations can produce different results.
Student Loan Repayment Formula
Federal student loans use the standard amortization formula. Your fixed monthly payment covers accrued interest first; the remainder reduces principal.
PMT = P × r(1+r)^n / ((1+r)^n - 1)Example Scenarios
Scenario 1: Standard vs Extended Repayment
A $30,000 loan at 6.54% APR: the standard 10-year plan costs $338/mo with $10,548 in interest. Extending to 20 years drops payments to $225/mo but total interest balloons to $23,916.
Scenario 2: Extra Payments
Adding $50/month to the standard payment on a $30,000 loan at 6.54% can shorten repayment by over 1.5 years and save more than $1,400 in total interest.
Methodology & Assumptions
Calculates level-payment amortization only. Income-driven plans, forgiveness, deferment, subsidies and daily interest rules are not modeled. Use your servicer statement for your actual repayment terms.
Sources & calculation notes
Maintained by MoneyCalc. Results are estimates based on the inputs and assumptions shown, not personalized financial advice or a lender quote. Default rates are examples unless a specific tax year or official table is identified.
References explain the underlying concepts or rules. They do not endorse or independently certify this implementation.
Calculations run in your browser. Some tools retain settings on this device. Displayed rounding can produce small differences from a statement or contract.