Student loan calculator
A student loan calculator estimates your monthly payment and total interest by balance, interest rate and repayment term. Add an extra monthly payment to see how much faster — and cheaper — you can be debt-free. Works for federal and private student loans on the standard repayment plan.
Monthly payment
$340.64
How this estimate is calculated
We apply the standard amortization formula at your rate over your repayment term to find the fixed monthly payment, then total the interest across the schedule. Any extra payment goes straight to principal, shortening the payoff. The default rate reflects the U.S. Department of Education's current federal undergraduate Direct Loan rate; private and refinanced loans vary by credit.
See our full methodology for assumptions, limits and the 2026 data used.
Sources
- U.S. Department of Education — Federal student aid interest rates (as of 2026-02-28)
- Written by
- Colson — Founder & consumer-finance researcher, ColsonSuperApps LLC
- Verified
- Every figure checked against its cited primary source
- Last updated
- June 14, 2026
- Standards
- Editorial policy
These results are educational estimates based on the figures you enter and standard financial math, not financial advice or an offer of credit. Your actual rate, payment and terms depend on your credit, lender and other factors. Verify any number with the lender before you act.
Frequently asked questions
How is my student loan payment calculated?
On the standard plan, it's the fixed amount that pays off your balance over the term (usually 10 years) at your interest rate. Income-driven plans work differently, but the standard plan is the baseline this calculator estimates.
Should I refinance my student loans?
Refinancing to a lower rate can cut your interest, but refinancing federal loans into a private loan gives up federal protections like income-driven repayment and forgiveness. Weigh the interest saved against those benefits before refinancing.
How can I pay off student loans faster?
Pay more than the minimum — the extra goes straight to principal — and target the highest-rate loan first if you have several. Even a small extra payment each month can save years and thousands in interest.