Student Loan Calculator
What is a Student Loan Calculator?
Student loans are repaid with monthly payments over a fixed term, and the interest can add thousands to what you originally borrowed. A student loan calculator shows your monthly payment, the total interest you will pay, and - if you add extra payments - how much time and money you can save.
Enter your total loan balance, interest rate, term and any extra you plan to pay each month. The calculator compares the standard payment with the faster payoff, showing your payoff date and interest savings. Use it to plan refinancing decisions and budget for life after graduation.
Frequently Asked Questions
How is student loan interest calculated?
Most student loans use simple daily interest: the annual rate divided by 365, multiplied by your balance each day. During repayment, your fixed monthly payment is applied to interest first, then principal, so early payments go mostly toward interest.
Should I make extra payments on my student loans?
Usually yes if your rate is higher than what you could earn by investing, and if you have an emergency fund. Extra payments go straight to principal, shortening your term and saving interest. The calculator shows exactly how much you save.
What are the options if I cannot afford payments?
Federal loans offer income-driven repayment plans, deferment and forbearance, and public service loan forgiveness for qualifying jobs. Contact your servicer before missing payments - these options are not available for private loans.