How to use this student loan calculator
- Enter your loan balance. If you have several loans with similar rates, you can add them up; otherwise run each loan separately.
- Enter the interest rate from your servicer or lender. For several federal loans, a balance-weighted average rate is a good estimate.
- Pick a repayment term. Ten years is a common standard term; longer terms lower the payment but add interest.
- Add an extra monthly payment to see your new payoff date and how much interest you save.
Student loan payment formula
A fixed-rate student loan with level monthly payments uses the same amortization formula as a mortgage or car loan:
M = P × r(1 + r)^n / ((1 + r)^n − 1)
- M
- monthly payment
- P
- loan balance when repayment starts
- r
- monthly interest rate = annual rate ÷ 12
- n
- number of monthly payments = years × 12
Worked example
Borrow P = $30,000 at 6.52%: the monthly rate is r = 0.005433, and a 10-year term has n = 120 payments. Then (1 + r)n = 1.916, so M = $30,000 × 0.005433 × 1.916 ÷ (1.916 − 1) = $340.95. Over 120 payments you repay $40,914, of which $10,914 is interest. In the first month, $163.00 of the payment is interest and $177.95 reduces the balance.
Servicers can calculate interest and apply payments slightly differently (for example, by counting days), so your statement may differ by a few dollars.
Federal student loan interest rates for 2026–27
Federal Direct Loans have fixed rates set once a year: the high yield of the last 10-year Treasury note auction before June 1 plus a fixed add-on, subject to a legal cap. For loans first disbursed from July 1, 2026 through June 30, 2027, Federal Student Aid announced these rates on June 4, 2026:
| Loan type | Fixed rate | Treasury yield + add-on | Cap |
|---|---|---|---|
| Direct Subsidized and Unsubsidized Loans (undergraduate) | 6.52% | 4.468% + 2.05 points | 8.25% |
| Direct Unsubsidized Loans (graduate or professional) | 8.07% | 4.468% + 3.60 points | 9.50% |
| Direct PLUS Loans (parents and graduate or professional students) | 9.07% | 4.468% + 4.60 points | 10.50% |
Older federal loans keep the rate from the year they were disbursed. Private student loans are priced by the lender based on credit and may be fixed or variable, so enter the rate shown on your statement.
Student loan payments by balance and rate
Monthly payment on a 10-year repayment term:
| Balance | 4% | 5% | 6% | 7% | 8% | 9% |
|---|---|---|---|---|---|---|
| $10,000 | $101.25 | $106.07 | $111.02 | $116.11 | $121.33 | $126.68 |
| $20,000 | $202.49 | $212.13 | $222.04 | $232.22 | $242.66 | $253.35 |
| $30,000 | $303.74 | $318.20 | $333.06 | $348.33 | $363.98 | $380.03 |
| $40,000 | $404.98 | $424.26 | $444.08 | $464.43 | $485.31 | $506.70 |
| $50,000 | $506.23 | $530.33 | $555.10 | $580.54 | $606.64 | $633.38 |
| $75,000 | $759.34 | $795.49 | $832.65 | $870.81 | $909.96 | $950.07 |
| $100,000 | $1,012.45 | $1,060.66 | $1,110.21 | $1,161.08 | $1,213.28 | $1,266.76 |
10-year vs. longer repayment terms
A longer term makes the monthly bill smaller but keeps you paying interest for more years. For the $30,000 loan at 6.52%:
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 10 years | $340.95 | $10,914 | $40,914 |
| 15 years | $261.66 | $17,099 | $47,099 |
| 20 years | $224.03 | $23,766 | $53,766 |
| 25 years | $202.94 | $30,881 | $60,881 |
Going from 10 to 25 years cuts the payment by $138.01 a month but raises the total interest from $10,914 to $30,881. If you pick a longer term for breathing room, you can still pay extra whenever you can afford it.
How much extra payments save
Adding a fixed amount to every payment on the $30,000, 6.52%, 10-year example:
| Extra per month | Total monthly payment | Paid off in | Total interest | Interest saved |
|---|---|---|---|---|
| $50 | $390.95 | 8 years 4 months | $8,921 | $1,992 |
| $100 | $440.95 | 7 years 2 months | $7,555 | $3,359 |
| $200 | $540.95 | 5 years 7 months | $5,796 | $5,118 |
Income-driven repayment and the new federal plans
This calculator covers fixed-payment repayment. Federal borrowers can also choose income-driven repayment, where the payment depends on income and family size rather than on a fixed term. The rules changed in 2026: the servicer MOHELA reports that the new Repayment Assistance Plan (RAP) and Tiered Standard Plan became available on July 1, 2026, and that a court order ended the SAVE Plan on March 10, 2026. Because these plans depend on your income, loan types and history, use Federal Student Aid’s repayment calculator (formerly the Loan Simulator) to compare them.
Ways to pay off student loans faster
- Enroll in autopay. Federal loan servicers lower your rate while you pay automatically. MOHELA states that for Direct Loans disbursed on or after July 1, 2012, the reduction goes from 0.25 to 1 percentage point starting July 1, 2026 for borrowers who enroll by September 30, 2026, as a temporary benefit through June 30, 2028. On the example loan, 0.25 point saves $457 and 1 point saves $1,809 over 10 years.
- Target the highest rate first. With several loans, putting extra money toward the highest-rate loan saves the most interest. The CFPB suggests asking your servicer for a standing instruction so extra payments go there and don’t just push back your next due date.
- Use windfalls. A tax refund or bonus applied to principal reduces every future month’s interest.
- Think carefully before refinancing federal loans. A private refinance can lower your rate, but it turns federal loans into a private loan, so you give up federal options such as income-driven plans and Public Service Loan Forgiveness.
- Compare with other debts. Our credit card payoff calculator and loan calculator help you decide where extra money does the most good.
Frequently asked questions
What is the monthly payment on a $30,000 student loan?
At 6.52% interest, $30,000 costs $340.95 a month over 10 years, for $10,914 of interest in total. Stretching it to 25 years lowers the payment to $202.94 but raises the total interest to $30,881. Use the calculator to try your own balance, rate and term.
What are federal student loan interest rates for 2026–27?
For Direct Loans first disbursed from July 1, 2026 through June 30, 2027, the fixed rates are 6.52% for undergraduate loans, 8.07% for graduate and professional unsubsidized loans and 9.07% for PLUS loans, according to Federal Student Aid. Each rate is fixed for the life of the loan.
Is it better to pay off student loans early?
Paying early always saves interest: on the $30,000 example, an extra $100 a month saves $3,359 and ends the loan 2 years 10 months sooner. Whether it is the best use of your money depends on your other goals, such as an emergency fund, an employer 401(k) match or higher-rate debt, and on whether you expect loan forgiveness.
Do extra student loan payments go to principal?
Not always automatically. The CFPB says you can generally prepay a student loan at any time without penalty, but some servicers credit extra money toward future bills instead, which is called “paid ahead status” and is most common with federal loans. Ask your servicer to apply the extra amount to your balance, ideally to the highest-rate loan, and check your next statement.
Does this calculator work for income-driven repayment?
No. Income-driven plans base the payment on your income and family size rather than on the balance and term, and the rules differ by plan. For those plans, including the new Repayment Assistance Plan, use Federal Student Aid’s official repayment calculator on StudentAid.gov.
How much does autopay save on a student loan?
Federal loan servicers reduce your rate while you are enrolled in automatic payments. On a $30,000, 10-year loan at 6.52%, a 0.25-point reduction saves $457 in interest, and a 1-point reduction saves $1,809. Private lenders set their own terms, so check whether yours offers a discount.