Student Loan Payment Calculator

Calculate your monthly student loan payment for standard 10-year repayment. See total interest paid and total amount repaid over the loan term.

$
%
years
Monthly Payment
$379.84
Fixed payment each month
Total Interest
$10,581.04
30.2% of principal
Total Repaid
$45,581.04
Over 10 years (120 months)
First Payment (Interest)
$160.42
Interest portion of month 1

Payment Breakdown

Principal (Month 1)$219.43
Interest (Month 1)$160.42
MonthPaymentPrincipalInterestBalance
1$379.84$219.43$160.42$34,780.57
2$379.84$220.43$159.41$34,560.14
3$379.84$221.44$158.40$34,338.70
4$379.84$222.46$157.39$34,116.25
5$379.84$223.48$156.37$33,892.77
6$379.84$224.50$155.34$33,668.27
7$379.84$225.53$154.31$33,442.74
8$379.84$226.56$153.28$33,216.18
9$379.84$227.60$152.24$32,988.58
10$379.84$228.64$151.20$32,759.93
11$379.84$229.69$150.15$32,530.24
12$379.84$230.75$149.10$32,299.50

💡 Repayment Tips

  • Making extra principal payments can reduce interest and shorten your loan by years
  • Early in the loan, most of your payment goes to interest. This shifts to principal over time
  • Refinancing at a lower rate can save thousands in interest
  • Check if you qualify for forgiveness programs based on income or career
Planning notes, formulas, and examples

About the Student Loan Payment Calculator

Understanding your monthly student loan payment is the first step in managing your education debt. This calculator uses the standard amortization formula to determine your monthly payment amount based on your loan balance, interest rate, and repayment term.

The standard federal student loan repayment plan is 10 years (120 payments), but you can adjust the term to see how different timeframes affect your monthly payment and total interest. Shorter terms mean higher monthly payments but less total interest, while longer terms reduce monthly costs but increase the total you repay.

Whether you're about to graduate and want to know what to expect, or you're already repaying and want to explore different scenarios, this calculator gives you the core numbers you need: monthly payment, total interest, and total amount repaid.

When This Page Helps

Many graduates are caught off guard by their first student loan bill. Knowing your monthly payment before graduation helps you budget for post-college life, evaluate job offers, and decide whether to pursue income-driven repayment options. This calculator also reveals how much interest you'll pay over the life of the loan, which can motivate strategies like extra payments or refinancing.

How to Use the Inputs

  1. Enter your total student loan balance.
  2. Enter the annual interest rate on your loan.
  3. Set the repayment term in years (standard is 10).
  4. View your monthly payment amount.
  5. Review total interest paid and total amount repaid.
  6. Try different terms to see the tradeoff between monthly payment and total cost.
Formula used
M = P × [r(1+r)^n] / [(1+r)^n − 1] where P = principal, r = monthly rate, n = total payments

Example Calculation

Result: $380/month

A $35,000 loan at 5.5% over 10 years (120 payments) results in a monthly payment of approximately $380. Total repaid is $45,580, meaning you'll pay $10,580 in interest over the life of the loan.

Tips & Best Practices

  • The standard 10-year plan results in the lowest total interest among federal repayment options.
  • Even small extra payments can significantly reduce total interest and shorten your repayment period.
  • Federal loans have a 6-month grace period after graduation before payments begin.
  • Consider income-driven repayment if your standard payment exceeds 10–15% of your take-home pay.
  • Interest on subsidized loans doesn't accrue during school; unsubsidized loans accrue from disbursement.
  • Making payments during the grace period reduces your principal and saves on future interest.

How Student Loan Amortization Works

Like a mortgage, student loans use an amortization schedule where early payments are mostly interest and later payments are mostly principal. Over time, a larger share of each payment chips away at the balance. Understanding this structure helps you see why extra payments early in repayment have an outsized impact on total interest.

Comparing Repayment Timelines

The standard 10-year plan minimizes total interest but creates higher monthly payments. Extended plans (up to 25 years) and income-driven plans reduce monthly costs but increase total interest substantially. A $35,000 loan at 5.5% costs $10,580 in interest over 10 years but could cost $20,000+ over 20 years.

Building a Student Loan Strategy

Start with the standard plan as your baseline. If the payment is manageable (under 10–15% of gross income), stick with it. If not, explore income-driven options. Consider refinancing if you have good credit and can secure a lower rate. And always make at least the minimum payment to protect your credit score.

Sources & Methodology

Last updated:

Frequently Asked Questions

  • The standard plan features fixed monthly payments over 10 years (120 payments). This is the default federal repayment plan and results in the lowest total interest cost. Payments are at least $50 per month.

More in this topic

Student Loan Total Cost Calculator

See the true total cost of your student loan including all interest. Compare total repayment amounts across different plans and term lengths.