This student loan calculator shows your monthly payment on a standard fixed repayment plan, and how much time and interest you save by paying extra each month.
How student loan payments are calculated
On a standard plan, your balance is repaid in equal monthly payments over a fixed term, often 10 years. The payment uses the standard loan formula; any extra you pay goes straight to principal, which reduces future interest.
Worked example
A $30,000 balance at 6.5% over 10 years costs about $340.64 a month and $10,877 in interest. Paying an extra $100 a month clears it in 7 years 2 months and saves about $3,347 in interest.
Frequently asked questions
Does this cover income-driven repayment or forgiveness?
No. Income-driven plans base payments on income and family size, and their rules change. For US federal loans, use the official tools on StudentAid.gov.
Should I pay off student loans early?
It depends on your rate, other debts and savings. Paying off higher-rate debt first, such as credit cards, usually saves more. The debt payoff calculator can help you decide the order.