Student Loan Calculator
This shows how long a student loan takes to pay off at the payment you choose, and how much interest that costs. It also shows the payment for a standard ten-year plan, so you can compare.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
The monthly interest is the balance times the yearly rate, divided by twelve. Each payment covers that interest first, and the rest lowers the balance. The months to payoff come from the loan formula solved for the number of months.
The total paid is the monthly payment times the months to payoff. The interest is that total minus the amount borrowed. Your loan servicer's figures may differ slightly.
Worked example
A balance of $35,000.00 at 5.5%, paid at $350.00 a month, is paid off in about 11.3 years. The total interest comes to $12,250.00. The ten-year standard payment would be $379.84 a month.
Questions
What if my payment is less than the monthly interest?
The balance will not go down, so the loan never pays off. Raise the payment until it is above the monthly interest.
Does this include income-based repayment?
No. Income-based plans change the payment each year. This tool uses one fixed payment.
Where do I find my real balance and rate?
Your loan servicer's statement shows both. Use those numbers here to test different payments.
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