Student Loan Calculator
Compare student loan repayment plans including Standard, Extended, Graduated, and Income-Driven options. See monthly payments and total interest for each plan. See also Loan Calculator and Personal Loan Calculator.
How to Calculate Student Loan Payments
Student loan payments are calculated using the standard amortization formula for fixed-rate loans. The standard repayment plan spreads payments evenly over 10 years (120 months). Extended plans stretch to 25 years for lower monthly payments but more total interest. Graduated plans start with lower payments that increase every two years. Income-driven plans cap payments at a percentage of discretionary income and forgive remaining balances after 20-25 years.
Student Loan Payment Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
Where:
P = Loan balance
r = Monthly interest rate (annual rate / 12 / 100)
n = Number of monthly payments
Example
Loan: $35,000 at 5.5% for 10 years
r = 5.5 / 12 / 100 = 0.004583
n = 10 × 12 = 120 months
Monthly Payment = $379.86
Total Paid = $379.86 × 120 = $45,583.20
Total Interest = $45,583.20 − $35,000 = $10,583.20
Student Loan Repayment Comparison
| Loan Amount | Rate | 10-Year Payment | 10-Year Interest | 25-Year Payment | 25-Year Interest |
|---|---|---|---|---|---|
| $20,000 | 5% | $212.13 | $5,455.80 | $116.89 | $15,067.00 |
| $30,000 | 5.5% | $325.61 | $9,073.20 | $184.09 | $25,227.00 |
| $35,000 | 5.5% | $379.86 | $10,583.20 | $214.77 | $29,431.00 |
| $50,000 | 6% | $555.10 | $16,612.00 | $322.15 | $46,645.00 |
| $75,000 | 6.5% | $852.22 | $27,266.40 | $506.69 | $77,007.00 |
| $100,000 | 7% | $1,161.08 | $39,329.60 | $706.78 | $112,034.00 |
Frequently Asked Questions
What are the federal student loan repayment plans?
Federal student loans offer Standard (10-year fixed), Extended (25-year fixed), Graduated (payments increase every 2 years over 10 years), and several Income-Driven plans (SAVE, PAYE, IBR, ICR) that cap payments at 10-20% of discretionary income with forgiveness after 20-25 years.
Should I choose a longer repayment term?
A longer term lowers monthly payments but dramatically increases total interest. A $35,000 loan at 5.5% costs $10,583 in interest over 10 years but $29,431 over 25 years — nearly three times more. Choose the shortest term you can comfortably afford.
Can I refinance student loans?
Yes, private lenders offer refinancing that can lower your interest rate. However, refinancing federal loans into private loans means losing access to federal benefits like income-driven repayment, Public Service Loan Forgiveness, and deferment options.
What is the current federal student loan interest rate?
For the 2024-2025 academic year, federal Direct Subsidized and Unsubsidized loans for undergraduates have a fixed rate of 6.53%. Graduate Direct Unsubsidized loans are 8.08%, and PLUS loans are 9.08%. Rates are set annually by Congress.