Student Loan Calculator
Work out the monthly payment on a fixed-rate student loan, the interest it costs over the term, and the month it is paid off — then see what a small extra payment each month changes.
Set an extra monthly payment to see how much sooner the loan clears. This page models the standard fixed-rate plan — income-driven plans and forgiveness are not included.
Formula and calculation
Worked example
A $30,000 loan at 6.52% over 10 years has a scheduled payment of $340.95. Adding $50 a month clears the loan 20 months early and saves $1,992.46 of interest — the total interest falls to $8,921.46 and everything is paid by February 1, 2035.
What this calculator models — and what it leaves out
The numbers are the standard US fixed-rate arithmetic: a constant APR, equal monthly payments, interest accruing each month on the remaining balance. That matches a federal Direct Loan on the standard plan and most private loans before fees. Left out: income-driven repayment including the new Repayment Assistance Plan, Public Service Loan Forgiveness, deferment and forbearance, the 1.057% origination fee on new federal loans, and the interest benefits of subsidized loans while you are in school. Those rules were overhauled in 2026, and the alternatives can be worth far more than any rounding on this page — check studentaid.gov for what applies to your loans, and use this figure as the baseline to compare them against.
What the results mean
- Monthly payment
- The fixed monthly payment under the standard equal-payment plan — the same amount every month for the full term, covering that month's interest and principal.
- Interest saved
- How much interest the extra monthly payment removes. It is 0 when no extra payment is set; even $25 a month usually saves hundreds on a 10-year loan.
- Total interest
- Interest paid over the life of the loan as scheduled, including the extra payment if you set one. On a $30,000 loan at 6.52% over 10 years it lands near $10,900.
- Months saved
- How many months earlier the loan is paid off with the extra payment. Divide by 12 for years.
- Total paid
- Principal plus interest over the life of the loan — what the debt actually costs in loan payments before any forgiveness.
- Payoff date
- The month of the final scheduled payment, counted from the first payment month.
Frequently asked questions
What is the monthly payment on a $30,000 student loan?
On the standard 10-year plan at 6.52% — the federal undergraduate rate for loans first disbursed in 2026-27 — the payment is about $340.95 a month, and the interest over those 10 years comes to roughly $10,900. Enter your own amount, rate and term above for the exact figure.
What are income-driven repayment plans?
IDR plans cap the payment as a share of your income and forgive the remaining balance after a set number of years. The landscape changed in 2026: the SAVE plan wound down after a court order, older IBR and related plans remain for loans made before July 2026, and a new Repayment Assistance Plan opened July 1, 2026 for new borrowers — payments from $10, scaling at 1% to 10% of income, with forgiveness after 30 years. This calculator does not model any of them; studentaid.gov has the current rules.
What is PSLF and how do I qualify?
Public Service Loan Forgiveness erases the remaining federal balance, tax-free, after 120 qualifying monthly payments — ten years — made while working full-time for a qualifying employer such as a government agency or a 501(c)(3) nonprofit. Payments must be made under a qualifying plan, and you should certify your employment each year. It is a separate track from this calculator's standard-plan math.
Is it worth paying extra on a student loan?
Extra payments go straight to principal, so each dollar removes its own future interest — $50 a month on the sample 10-year loan saves about $1,990 and 20 months. But if you are pursuing IDR forgiveness, extra payments can reduce what would have been forgiven, so check your plan first. On private loans, compare the rate with what the same money earns elsewhere.