Student Loan Calculator — Repayment Interest Total
Calculate monthly student loan payments and total interest with support for grace periods.
How to use this calculator
👉 Fill in the boxes below and your answer appears instantly — no maths needed, we do it all for you! 🎉
In plain English — what does this do?
🏠 You want to buy something big (like a house or car) but you don’t have all the money right now. A bank gives you the money today, and you pay it back little by little every month. This tool tells you ‘how much do I pay each month?’
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.
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 — Repayment Interest Total?
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 it
- 1️⃣ Enter the total loan amount.
- 2️⃣ Enter the annual interest rate on your loan.
- 3️⃣ Enter the repayment term in years.
- 4️⃣ Enter the grace period in months (typically 6 for federal loans, 0 if repayment starts immediately).
- 5️⃣ Monthly payment, total interest, and balance at repayment start appear instantly.
Formula
💡 See it in action — a real example
❓ Common 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.