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Student Loan Calculator

Estimate your monthly student loan payment and total interest over the life of the loan. Compare standard 10-year repayment to extended 25-year and accelerated payoff scenarios.

verified_user Reflects 2026 federal student loan rates and standard repayment formulas

A student loan calculator turns balance, APR, and term into a real monthly payment and total cost. With outstanding US student loan debt at $1.61 trillion in Q4 2025 (NY Fed Household Debt and Credit Report, released February 2026) and 43.6 million federal student loan borrowers per Department of Education data, the math matters. Federal Direct Subsidized and Unsubsidized loans for 2025–2026 academic year carry a 6.53% interest rate (set by the May 2025 Treasury auction); Direct PLUS loans for graduate and parent borrowers carry 9.08%. Private student loans range from 4–15% depending on credit and cosigner status. The calculator below estimates payments under any scenario and lets you compare standard vs accelerated repayment.

bolt Quick Answer

A student loan calculator computes monthly payment using the standard amortization formula M = P × r × (1+r)^N / ((1+r)^N−1), where P is loan balance, r is monthly rate (APR ÷ 12), and N is term months. On a $35,000 student loan at 6.53% APR over 10 years, the monthly payment is $397 and total interest is $12,640. Adding $100/month in extra principal cuts payoff to 7.5 years and total interest to $9,140 — saving $3,500.

tips_and_updates Key Takeaways

check_circle Federal Direct Subsidized & Unsubsidized rate for 2025–2026 academic year: 6.53% (set May 2025).
check_circle Standard repayment is 10 years; extended is 25 years (cuts monthly but doubles total interest).
check_circle Income-driven repayment plans cap payment at 5–20% of discretionary income (federal loans only).
check_circle Federal student loans interest is tax-deductible up to $2,500/year (above-the-line, no itemizing required).
check_circle Refinancing federal loans into private loses access to forgiveness, deferment, and income-driven plans — verify before consolidating.

Calculate Your Student Loan Payment

Enter your balance, APR, term, and any extra principal. The calculator computes monthly payment, total interest, and the impact of accelerated payoff.

Loan Balance $35,000

$1,000$300,000

Interest Rate (APR) 6.53%

1%15%

Term (years) 10 yr

530

Extra Principal/mo $100

$0$1K

Monthly Payment

Total Interest (Standard) $0

New Payoff (with extra) 0 mo

Total Interest (with extra) $0

Interest Saved $0

Loan Breakdown

Principal Interest

Compare Refinancing Rates

Soft credit check — no impact on your score.

Why Plan Your Student Loan Payoff

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Avoid the 25-Year Trap

Extended 25-year plans cut monthly payments but more than double total interest. Run the math before signing up — the cash-flow relief is rarely worth the lifetime cost.

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Tax Deduction

Up to $2,500 of student loan interest is deductible above-the-line — no itemizing required. Modeling helps you maximize the benefit each year.

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Calculate Privately

All math runs in your browser. Test scenarios — nothing transmitted, no soft pull, no hard pull.

How a Student Loan Calculator Works

The calculator above applies the standard amortization formula to a single student loan balance. Most federal student loans use simple-interest amortization with monthly payments — same math as a personal loan or mortgage. The formula M = P × r × (1+r)^N / ((1+r)^N−1) sets the monthly payment given balance P, monthly rate r, and total months N. The calculator then iterates the schedule to capture the impact of any extra principal you add each month — surfacing months saved and interest saved.

Federal student loans accrue interest daily but capitalize (add accrued interest to principal) only at specific events: end of grace period, end of deferment/forbearance, or change of repayment plan. Private student loans typically accrue and compound interest monthly throughout. The calculator above assumes monthly compounding for simplicity — close enough to real-world figures that the comparison between scenarios is accurate to within 1–2%.

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By the Numbers

US Department of Education May 2025 release: Direct Subsidized and Unsubsidized Loans for 2025–2026 academic year — 6.53% (undergraduate), 8.08% (graduate); Direct PLUS Loans 9.08%. Per the NY Fed's Q4 2025 Household Debt and Credit Report (Feb 2026 release), $1.61T total student debt, 7.7% of borrowers in serious delinquency, average federal balance $38,290 per borrower.

Federal Repayment Plans Compared

Federal student loans offer multiple repayment plans. Each trades different aspects of monthly payment, total interest, and forgiveness eligibility.

chevron_right Standard Repayment (10 years) — fixed payment, lowest total interest. Default plan unless you choose otherwise. Mathematically optimal for borrowers who can afford the payment.
chevron_right Graduated Repayment (10 years) — payment starts low, increases every 2 years. Useful for new graduates expecting income growth. Slightly more total interest than standard.
chevron_right Extended Repayment (25 years) — fixed or graduated payment over 25 years. Lower monthly but more than doubles total interest. Available for borrowers with $30K+ in federal loans.
chevron_right Income-Driven Repayment (IDR) — SAVE, IBR, ICR, PAYE plans. Payment capped at 5–20% of discretionary income. Remaining balance forgiven after 20–25 years (longer for graduate loans). Forgiveness may be taxable income depending on plan and tax-law year.
chevron_right Public Service Loan Forgiveness (PSLF) — full balance forgiveness after 120 qualifying payments while working full-time for an eligible public service employer. Tax-free forgiveness.

Sample Repayment Comparisons at 6.53% APR ($35K Balance)

The table below compares total cost across four common scenarios on a $35,000 federal undergraduate loan at the 2025–2026 rate.

Plan	Monthly Payment	Total Months	Total Interest
Standard 10-year	$397	120 mo	$12,640
Graduated 10-year	Starts $230, ends $700	120 mo	$15,940
Extended 25-year	$237	300 mo	$36,140
Standard + $100/mo extra	$497	90 mo	$ 9,140
Standard + $200/mo extra	$597	75 mo	$ 7,180

Calculations on $35,000 starting balance at 6.53% APR (federal Direct Loan rate for 2025–2026 academic year). Standard amortization with monthly compounding. Extended 25-year plan available for borrowers with $30K+ in federal loans.

Should You Refinance Federal Student Loans?

Private refinancing of federal student loans is mathematically tempting when private rates beat federal rates by 1+ point — but it's almost always a bad idea due to lost benefits.

What you give up by refinancing federal to private:

chevron_right Income-driven repayment plans — SAVE, IBR, PAYE all gone. Private lenders rarely offer flexible payment based on income.
chevron_right PSLF eligibility — refinanced loans are no longer federal Direct Loans, so no public-service forgiveness path.
chevron_right Federal deferment and forbearance protections — federal loans pause during unemployment, military service, economic hardship. Private loans usually don't.
chevron_right Death and disability discharge — federal loans are forgiven on death or total/permanent disability; private loans usually pass to estate or cosigner.
chevron_right Future legislative relief — federal loans are subject to congressional action (forgiveness, COVID-19 pauses, etc.). Private loans aren't.

The narrow case where federal-to-private refi makes sense: high-income borrower with stable employment in private sector, no PSLF interest, ineligible for IDR benefits, and the rate savings exceed the lost-benefits insurance value. For most borrowers, keep federal loans federal — even if a slightly lower private rate looks attractive on paper.

Student Loan Calculator FAQs

What's the current interest rate on federal student loans? expand_more

Per the US Department of Education May 2025 release, federal Direct Subsidized and Unsubsidized Loans for the 2025–2026 academic year carry 6.53% for undergraduate and 8.08% for graduate borrowers. Direct PLUS Loans (graduate and parent) carry 9.08%. Rates are reset annually based on the May 10-year Treasury auction. Loans disbursed before May 2025 retain the rate set when they were originated; new disbursements use the new rate.

Should I pay extra on student loans or invest the money? expand_more

Compare your loan APR to your expected after-tax investment return. At the current 6.53% federal undergraduate rate, paying down loans produces a guaranteed 6.53% return on extra principal — competitive with after-tax stock market returns. For higher-rate Direct PLUS loans (9.08%) or private loans (often 8–12%), payoff almost always wins. Always max retirement match (immediate 50–100% return) and pay off higher-rate debt (credit cards 18%+) before extra student loan principal.

Is student loan interest tax-deductible? expand_more

Yes, up to $2,500 per year of qualified student loan interest is deductible on your federal tax return (Form 1040 Schedule 1, Line 21). The deduction is above-the-line, meaning you don't need to itemize. Phase-out thresholds for 2025: starts at $80K MAGI single/$165K MFJ, fully phased out at $95K/$195K. Most lenders send Form 1098-E showing total interest paid for the year — keep it for your records.

Should I refinance my federal student loans into a private loan? expand_more

Generally no. Refinancing federal to private permanently sacrifices income-driven repayment, Public Service Loan Forgiveness, deferment/forbearance protections, death/disability discharge, and any future congressional relief. The interest savings rarely outweigh the lost benefits unless you're a high-income, private-sector borrower with stable employment and no interest in any federal protections. If you do refinance, do it after you're confident in long-term career stability.

What's the difference between subsidized and unsubsidized student loans? expand_more

Federal Direct Subsidized loans don't accrue interest while you're in school at least half-time, during the 6-month grace period after graduation, or during deferment. Direct Unsubsidized loans accrue interest throughout — including during school and grace period — and the accrued interest is capitalized onto principal at first repayment. On a $20K subsidized loan, you owe $20K at graduation; on a $20K unsubsidized at 6.53% APR taken freshman year, you owe approximately $26,800 four years later due to accrued interest.

Can I pay off student loans early without penalty? expand_more

Yes — federal student loans have no prepayment penalty (federal Truth in Lending Act and Higher Education Act provisions explicitly allow penalty-free prepayment). Most major private lenders also have no prepayment penalty, but verify in your loan agreement. To accelerate payoff, specify "apply to principal only" via your servicer's online portal — most servicers default extra payments to next month's bill instead of principal otherwise. Verify on the next statement that the extra was applied as principal.

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