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Student Loan Calculator

Calculate monthly payments and total cost of student loans.

Last updated: June 13, 2026

Calculator

Loan Amount

Interest Rate

Repayment Term

Results

Monthly Payment$379.84

Total Interest$10,581

Total Repaid$45,581

Interest-to-Loan Ratio30.2%

How to Use This Calculator

1Enter the total loan amount.
2Enter the interest rate.
3Select the repayment term.
4View monthly payment, total interest, and total cost.

Formula Explanation

Student loans use standard amortization. Monthly payments are fixed, with early payments going mostly to interest and later payments to principal.

Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]

Variables:

PPrincipal loan amount

rMonthly interest rate

nTotal number of monthly payments

Worked Examples

$35,000 loan, 5.5%, 10-year repayment

1. Monthly rate: 5.5%/12 = 0.458%
2. Payments: 120
3. Monthly payment: $379.78
4. Total paid: $45,574
5. Total interest: $10,574

Result: $379.78/month, $10,574 total interest over 10 years

Why Use This Calculator

Plan your post-graduation budget.
Compare repayment terms.
See true cost including interest.
Helps decide between standard and extended repayment.

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Tips & Best Practices

The standard 10-year plan minimizes total interest paid.
Income-driven repayment plans cap payments at 10-20% of discretionary income.
Extra payments above the minimum reduce total interest significantly.
Federal loans offer forgiveness programs (PSLF) after 120 qualifying payments.

Common Mistakes to Avoid

❌ Extending the repayment term without understanding the interest cost.

✅ A 25-year term lowers monthly payments but can nearly double the total interest paid compared to 10 years.

❌ Only making minimum payments on high-interest loans.

✅ Any extra payment goes directly to principal, reducing future interest. Even $50/month extra can save thousands.

Frequently Asked Questions

What is the current federal student loan rate?

Federal student loan rates change annually. For 2024-25, undergraduate Direct Loans are around 5.5%. Check studentaid.gov for current rates.

Should I refinance my student loans?

Refinancing can lower your interest rate but converts federal loans to private, losing access to income-driven repayment and forgiveness programs. Only refinance if you won't need those benefits.

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Embed This Calculator

Add the Student Loan Calculator to your website for free. Copy the code below and paste it into your HTML.

Width

Height

<iframe src="https://redicalc.com/embed/education/student-loan-calculator" width="100%" height="600" style="border:none;border-radius:12px;box-shadow:0 1px 3px rgba(0,0,0,0.1);" title="Student Loan Calculator — RediCalc.com" loading="lazy" allowtransparency="true"></iframe>

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Disclaimer: This calculator is provided for informational and educational purposes only. Results are estimates and should not be used as a substitute for professional advice. RediCalc.com makes no guarantees regarding the accuracy, completeness, or suitability of any calculations. Always consult a qualified professional before making financial, health, construction, or other important decisions.

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