Does this work for federal and private loans?

Both — the amortization math is identical. Federal loans add features (deferment, forbearance, income-driven plans) that this calculator does not model.

What if interest was capitalized during school?

Add the accrued interest to the loan amount before calculating. Capitalized interest becomes part of the principal once repayment begins.

Should I refinance my student loans?

Refinancing private loans (or refinancing federal loans privately) can lower the rate, but refinancing federal loans privately forfeits IDR plans and forgiveness eligibility.

What term should I choose?

The standard plan is 10 years. Extended plans up to 30 years lower the monthly payment but increase total interest significantly.

Student Loan Calculator

Estimate the monthly payment, total interest and total repayment on a federal or private student loan.

Inputs

Loan amount

USD

Interest rate (APR)

Repayment period

Currency

Result

Monthly Payment

$340.64

120 payments

Total Interest$10,877.27

Total Repayment$40,877.27

Loan Amount$30,000.00

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Formula

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate (APR ÷ 12 ÷ 100) and n is the repayment period in months.

How it works

A student loan calculator estimates the monthly payment, total interest and total repayment on a federal or private student loan under a standard amortizing plan.

Example

Example: A $30,000 student loan at 6.5% APR over 10 years produces a monthly payment of $340.64, total interest of about $10,876.16 and total repayment of about $40,876.16.

Frequently Asked Questions

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Disclaimer: Results are estimates for informational purposes only and should not be considered financial, medical, legal, or professional advice. Always consult a qualified professional before making decisions.