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About this student loan calculator
This calculator estimates the cost of a student loan on a standard fixed-payment plan — the plan most federal loans start on. Enter the amount you expect to borrow, the annual interest rate and the repayment term, and it returns the monthly payment, the total interest you will pay, and the total cost of the loan.
The federal standard plan uses a 10-year term; extended and income-driven plans stretch to 20–25 years with lower payments but more total interest. The results are estimates: subsidized loans stop interest from accruing while you study, and fees or capitalized interest will raise the real balance.
How the payment is calculated
Student loans use standard amortization: every month you pay interest on the remaining balance plus a slice of the principal, so the payment stays the same for the whole term.
The formula is: monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. Longer terms shrink the monthly payment but grow the total interest dramatically.
What the term does to a $10,000 loan at 6.5% APR
| Term | Monthly payment | Total interest |
|---|---|---|
| 10 years | $113.55 | $3,626 |
| 15 years | $87.11 | $5,680 |
| 20 years | $74.56 | $7,894 |
| 25 years | $67.52 | $10,256 |
Fixed-rate amortization, no fees or capitalized interest.
How to estimate your student loan payments
- Enter the loan amount: Use the total you expect to borrow — all years of school combined.
- Set rate and term: Federal undergraduate rates are set each year by Congress; the standard term is 10 years, extended plans run 20–25.
- Compare terms before you borrow: Try 10, 20 and 25 years and see how much extra interest each costs. Shorter terms are almost always cheaper overall.
FAQ
What is the standard repayment term for federal student loans?
Ten years for most federal loans. Extended and graduated plans can stretch to 25–30 years, and income-driven plans (SAVE/IBR and similar) cap payments as a share of income and forgive the remaining balance after 20–25 years.
Does a longer term save me money?
No — it lowers the monthly payment but raises the total interest. A $20,000 loan at 6.5% costs about $7,250 in interest over 10 years but about $18,000 over 25 years.
Does interest accrue while I'm in school?
On subsidized federal loans, the government pays the interest while you study at least half-time. On unsubsidized and private loans, interest accrues immediately and is added to the balance (capitalized) after you graduate.
How much should I borrow?
A common rule of thumb: keep total student debt below your expected first-year salary. The calculator helps — if the monthly payment would exceed roughly 10% of your expected take-home pay, borrow less or look at cheaper schools.