Student Loan Calculator
Calculate monthly student loan payments and total interest with support for grace periods.
Monthly Payment
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Balance at Start
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Total Interest
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Total Paid
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What is Student Loan Calculator?
A student loan calculator helps you estimate monthly payments and total interest for federal or private student loans. It accounts for a grace period (typically 6 months after graduation during which interest may accrue before repayment begins), showing how your balance grows before the first payment is due.
How to use
- 1 Enter the total loan amount.
- 2 Enter the annual interest rate on your loan.
- 3 Enter the repayment term in years.
- 4 Enter the grace period in months (typically 6 for federal loans, 0 if repayment starts immediately).
- 5 Monthly payment, total interest, and balance at repayment start appear instantly.
Formula
Example calculation
A $30,000 loan at 5.5% for 10 years with a 6-month grace period: balance grows to $30,834 during grace. Monthly payment ≈ $334. Total paid ≈ $40,080. Total interest ≈ $10,080.
Frequently asked questions
What is a student loan grace period?
A grace period is a window after graduation (typically 6 months for federal Direct loans) during which you don't make payments. However, interest continues to accrue on unsubsidized loans during this period.
What is the difference between subsidized and unsubsidized loans?
For subsidized loans, the government pays the interest during school and the grace period. For unsubsidized loans, interest accrues from the day the loan is disbursed, adding to your balance.
What are the standard federal repayment plans?
The Standard Plan is 10 years. Graduated plans start lower and increase. Income-driven plans (IBR, PAYE, SAVE) cap payments at a percentage of discretionary income.
Can I pay off student loans early?
Yes. Federal student loans have no prepayment penalty. Extra payments reduce principal, saving interest. Even an extra $50/month on a $30,000 loan can save thousands over the life of the loan.
Should I refinance my student loans?
Refinancing federal loans into private loans gives up income-driven repayment and forgiveness options. It may be worthwhile if you have stable income, good credit, and high-interest private loans.