Student Loan Calculator

Calculate student loan payments and repayment timelines.

How to Do It Manually

Student loan payments depend on loan type (federal vs. private), interest rate, principal, and repayment plan. Use amortization to calculate monthly payment.

Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
  1. List total loan principal (all loans combined).
  2. Use the weighted average interest rate.
  3. Choose repayment plan: Standard (10 years), Income-based, or Graduated.
  4. Calculate monthly payment using the formula.

Frequently Asked Questions

What's the difference between federal and private loans?

Federal: fixed rates, income-based repayment, forgiveness options. Private: variable rates, stricter terms, no forgiveness.

Should I consolidate loans?

Consolidation simplifies payments but may increase total interest. Consider only if you qualify for a lower rate.