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Student Loan Calculator
See your monthly payment, total interest, payoff date, and what the loan really costs over time.
What's my monthly student loan payment?
Start with balance, rate, term, and repayment plan.
Federal Direct Subsidized/Unsubsidized loans (disbursed Jul 1, 2025 – Jun 30, 2026): 6.39% undergrad, 7.94% grad.
Monthly Payment
$0
Can my first paycheck carry this loan?
Your first bill arrives after graduation.
Pay it faster — or refinance it smarter?
Enter a refinance offer to compare.
See full refinance calculator →What does an extra payment save?
Enter an extra amount to see the payoff change.
Term Comparison
| Term | Monthly Payment | Total Interest | Total Paid | vs. 10-Year |
|---|
Can my first paycheck carry this loan?
Numbers first: first bill after grace period, budget share, and leftover pay.
This assumes unpaid interest accrues during grace, then the balance is repaid on a standard fixed monthly schedule.
First monthly payment after grace period
$0
Enter your numbers to see the first bill and budget impact.
This stage answers the first-paycheck question with editable balance, rate, grace period, term, and take-home pay before the explanation starts.
Pay it faster — or refinance it smarter?
Numbers first: compare current payment, new payment, interest savings, and break-even.
Before: current loan
After: refinanced loan
Origination/prepayment fees are often $0–$500. Use your lender quote if you have it.
Monthly savings
$0
Enter your numbers to compare the refinance offer.
This stage keeps refinance math interactive: current loan terms, new offer, fees, and the savings verdict all move together.
What would income-driven repayment (IDR) look like?
This gives a planning estimate using your income, family size, and repayment-plan rules. Your servicer has the official number — this gets you close enough to plan your budget.
Estimated IDR Payment
$0/mo
Lowest estimated plan
This payment is approximately 0% of estimated monthly take-home.
Lower payments on IDR plans can mean more total interest over time. See the comparison table for the full-cost tradeoff.
IDR plan comparison
| Plan | Monthly Payment | vs. Standard | Years to Forgiveness | Est. Total Interest |
|---|
SAVE is currently subject to legal proceedings. This estimate uses the original rule. Confirm with your servicer before enrolling.
Federal repayment options change, so compare calculator results with Federal Student Aid’s official repayment plan guidance.
How to use this student loan calculator
Start with three numbers: your loan balance, interest rate, and repayment term. Your balance is what you still owe. Your rate is the fee for borrowing. Your term is how many years you plan to pay.
For example, a $30,000 loan at 6.39% for 10 years is about $338.97 per month. Over the full 10 years, you pay about $10,676 in interest. That means the loan costs about $40,676 if you follow that plan.
The payment is useful. The total cost is the real story. Use both before choosing a repayment plan.
What your monthly student loan payment really means
Your monthly payment is not the price of the loan. It is just the monthly bill. The real price is total paid. That includes the money borrowed plus interest.
Principal means the money you borrowed. Interest is the lender's fee. If a 10-year plan adds $10,676 in interest, that is the cost of time.
This calculator shows both numbers because one tells you if the bill fits now. The other tells you what the loan costs your future self. Both matter.
Example student loan payments by balance and term
These examples use standard student loan payment math.
| Loan balance | Rate | Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|---|---|
| $30,000 | 6.39% | 5 years | $585.44 | $5,126 | $35,126 |
| $30,000 | 6.39% | 10 years | $338.97 | $10,676 | $40,676 |
| $30,000 | 6.39% | 20 years | $221.73 | $23,216 | $53,216 |
| $50,000 | 7.94% | 10 years | $605.05 | $22,606 | $72,606 |
The 20-year payment looks kinder than the 10-year payment. It is $221.73 instead of $338.97. That helps cash flow. But it adds about $12,540 more interest than the 10-year plan.
Why a lower payment can cost more
A longer term spreads the loan across more months. That lowers the bill. It also gives interest more time to collect.
On a $30,000 loan at 6.39%, the 20-year plan saves about $117 per month compared with the 10-year plan. But total interest rises from about $10,676 to about $23,216.
That is the trade. You are choosing cash flow now versus cost later. If the 10-year payment breaks your budget, do not pretend it fits. Use the budget calculator to find a payment you can make without using credit cards to survive the plan.
How student loan amortization works
Amortization means each payment gets split into interest and principal. Interest is the lender's fee. Principal is your balance going down.
At the start, your balance is highest. So interest takes a bigger bite. On a $30,000 loan at 6.39%, the first month's interest is about $159.75. If your payment is $338.97, only about $179.22 lowers the balance.
That is why a loan can feel stuck early on. The amortization schedule shows where each payment goes month by month.
What happens during the grace period
A grace period means payments may not be required yet. It does not always mean interest stopped.
For many unsubsidized and private student loans, interest can grow during the grace period. Unsubsidized means the government does not pay the interest for you while you are in school.
If you graduate with $30,000 at 6.39% and wait 6 months, about $958.50 of interest can build up. That makes the after-grace balance about $30,958.50. Your first 10-year payment would be about $349.80 instead of $338.97.
Should you pay extra on student loans?
Extra payments can help a lot if they go to principal. Paying principal lowers the balance that future interest can use.
On a $30,000 loan at 6.39% for 10 years, the standard payment is about $338.97. Add $100 per month, and you can cut about 34 months off repayment and save about $3,280 in interest.
Add $50 per month, and you can still save about $1,945 and finish about 20 months early. Tell your servicer to apply extra payments to principal, not just advance your next due date. Then use the loan payoff calculator to test the impact.
Federal vs. private student loans
This calculator works for both federal and private loans because payment math is still payment math. But the choices around the loan are not the same.
Federal loans may offer income-driven repayment, deferment, forbearance, and forgiveness programs like Public Service Loan Forgiveness. Income-driven repayment means your payment can be based on income instead of only loan size.
Private loans usually depend on your lender contract. They may have fewer safety nets. A lower refinance rate can help, but refinancing a federal loan into a private loan may remove federal protections. Check the benefits before you sign.
Frequently Asked Questions
How do I calculate my student loan monthly payment?
Enter your loan balance, interest rate, and repayment term. The calculator estimates your monthly payment, total interest, total paid, and payoff year.
How much is the monthly payment on $30,000 in student loans?
At 6.39% for 10 years, a $30,000 student loan payment is about $338.97 per month. Total interest is about $10,676, and total paid is about $40,676.
How much is the monthly payment on $50,000 in student loans?
At 7.94% for 10 years, a $50,000 student loan payment is about $605.05 per month. Total interest is about $22,606, and total paid is about $72,606.
What is a student loan amortization schedule?
An amortization schedule shows each payment over time. It breaks each payment into interest and principal. Principal is the part that lowers your balance.
Does this calculator work for federal and private student loans?
Yes. It works for standard payment math on federal and private loans. Federal repayment plans can have special rules, so use your servicer or StudentAid.gov for official plan enrollment.
Do student loans gain interest during the grace period?
Some do. Unsubsidized federal loans and many private loans can gain interest during the grace period. A $30,000 loan at 6.39% can add about $958.50 over 6 months.
Should I choose a 10-year or 20-year student loan term?
Choose the 10-year term if the payment fits and you want to pay less interest. Choose a longer term if you need monthly relief, but know the total interest usually rises.
Should I pay extra on my student loans?
If your budget is stable, extra payments can save interest. Adding $100 per month to a $30,000 loan at 6.39% can save about $3,280 and cut about 34 months off repayment.
What is income-driven repayment?
Income-driven repayment is a federal loan plan where your payment is based on income and family size. It can lower the monthly bill, but it can also extend repayment and increase total interest.
Can student loans be forgiven?
Some federal student loans may qualify for forgiveness programs, such as Public Service Loan Forgiveness. Private loans do not qualify for federal forgiveness. Always check official program rules before making a plan.
How soon after graduation are student loans due?
Most federal student loans have a 6-month grace period after you graduate, leave school, or drop below half-time. Your first bill arrives when the grace period ends.
Interest usually doesn't pause, though. On $30,000 at 6.39%, about $958.50 accrues during those six months — so the balance you start repaying is bigger than the one you graduated with. The Stage 2 panel above shows your first-bill date and what it does to your paycheck.
How much are student loan payments a month?
It depends on three numbers: balance, rate, and term. From the table above: $30,000 at 6.39% runs $585.44/mo on a 5-year term, $338.97/mo on 10 years, or $221.73/mo on 20 years. $50,000 at 7.94% on the standard 10-year plan is $605.05/mo.
Longer terms buy a smaller payment and a much bigger interest bill — the 20-year option costs about $12,540 more than the 10-year on the same loan. Enter your own numbers above for your actual payment.
How this calculator is reviewed
This student loan calculator is for planning and education. It estimates payments using standard loan math. Your loan servicer has the official bill, and federal plan rules can change. For the full approach behind CheckMyPayment tools, see our calculator methodology.
Last reviewed: . Results are estimates only and do not replace advice from a lender, tax professional, financial advisor, or other qualified professional.