Student Loan Calculator
Federal Direct loans have fixed rates set each year by law. The sample below uses the 2026–27 undergraduate rate. Private student loans are priced on the borrower’s and cosigner’s credit, so use your own quote for those.
Student Loan calculator
Move the sliders or type your own numbers. Sample amounts and rates are placeholders — enter the figures from your lender’s Loan Estimate or offer.
📊 Principal and interest by year
Early payments are mostly interest; the principal share grows every year. Hover or tap a bar for details.
📅 Amortization schedule
Year-by-year summary — tap “+” to see every month. Download the full monthly schedule as a spreadsheet.
⚡ Extra payments — how much can you save?
Test a one-time extra payment, a fixed extra amount each month, or a yearly lump sum. Extra principal payments cut the balance that interest is charged on, so earlier ones save the most.
🔄 Refinance break-even
Enter a new rate, term and closing costs to see the new payment and how many months it takes to recover the costs.
⚖️ Compare loan offers side by side
Enter up to three offers. The best deal has the lowest total cost (interest plus fees), not necessarily the lowest rate or payment.
🏡 Affordability — how much can you borrow?
Lenders compare your monthly debt payments to your gross monthly income (debt-to-income, or DTI). This shows the payment your income supports at the DTI you choose.
ℹ️ About student loan payments
Federal Direct loans have fixed rates set each year by law. The sample below uses the 2026–27 undergraduate rate. Private student loans are priced on the borrower’s and cosigner’s credit, so use your own quote for those.
| Topic | Details |
|---|---|
| Federal Direct Undergraduate | 6.52% fixed — loans first disbursed 1 Jul 2026 to 30 Jun 2027 (studentaid.gov) |
| Federal Direct Graduate/Professional | 8.07% fixed — same period |
| Federal PLUS (parent / grad PLUS) | 9.07% fixed — same period |
| Standard repayment | 10 years of fixed payments on federal loans |
| Before borrowing | Fill out the FAFSA and use federal options before private loans |
Rates and limits shown are from Freddie Mac (PMMS, week of 24 September 2026), the Federal Housing Finance Agency and studentaid.gov. Your rate depends on your credit, down payment and lender.
Tips to lower your student loan cost
- Borrow only what you need; total cost grows with the amount and the time it takes to repay.
- Pay interest during school or grace periods if you can, especially on unsubsidized loans.
- Check current federal repayment options at studentaid.gov before choosing a plan.
- Compare private lenders’ rates and protections to federal loans; federal loans include repayment options private loans may not.
📝 Documents you need and how to apply for a student loan
- Federal loans: complete the FAFSA and meet federal aid eligibility rules
- Undergraduate Direct loans generally do not require a credit check
- Private loans: credit review of the student and often a cosigner
- Enrollment at a participating school
- FSA ID and Social Security number (for the FAFSA)
- Tax and income information the FAFSA asks for
- Records of assets and school choices the form asks for
- For federal Direct loans: a promissory note and entrance counseling
- For private loans: ID, proof of income and a cosigner’s information
How to apply, step by step
- Create your studentaid.gov account and complete the FAFSA.
- Review the aid offer from each school and accept grants and scholarships first.
- Accept only the federal loan amount you need.
- Complete the promissory note and entrance counseling.
- Compare private loans only for any remaining gap.
- Set up your repayment plan and autopay before repayment begins.
Start early each year; deadlines vary by school and state. Every lender sets its own requirements, so confirm the list with the lender before you apply.
🧮 How a loan payment is calculated
Worked example
| Step | Value |
|---|---|
| Loan amount (P) | $30,000 |
| Monthly rate (r) | 6.52% ÷ 12 = 0.005433 |
| Payments (n) | 10 × 12 = 120 |
| (1 + r)n | 1.9160 |
| Monthly payment (principal & interest) | $340.95 |
| Total interest | $10,914 |
| Total of payments | $40,914 |
How the term changes the payment ($30,000 at 6.52%)
| Term | Payment | Total interest | Interest vs loan |
|---|---|---|---|
| 5 years | $587.27 | $5,236 | 17% |
| 7 years | $445.77 | $7,445 | 25% |
| 10 years | $340.95 | $10,914 | 36% |
| 15 years | $261.66 | $17,099 | 57% |
| 20 years | $224.03 | $23,766 | 79% |
| 25 years | $202.94 | $30,881 | 103% |
How the rate changes the payment ($30,000 for 10 years)
| Rate | Payment | Total interest |
|---|---|---|
| 5.52% | $325.88 | $9,105 |
| 6.02% | $333.36 | $10,004 |
| 6.52% | $340.95 | $10,914 |
| 7.02% | $348.63 | $11,836 |
| 7.52% | $356.42 | $12,770 |
Loan calculator FAQs
Are federal student loan rates fixed?
Yes. The rate is fixed for the life of each loan, but new loans get a new rate each academic year.
Should I refinance federal loans into a private loan?
Refinancing federal loans into a private loan can lower the rate but you lose federal repayment options. Consider that carefully.
What is amortization?
Amortization is paying off a loan with fixed payments over time. Each payment covers that month’s interest and reduces the principal; over time a larger share goes to principal.
Is the result exactly what my lender will charge?
It is a close estimate. Lenders may calculate interest daily, use a different first-payment date or round differently. Your loan documents and repayment schedule are final.
What is APR?
The annual percentage rate expresses the yearly cost of a loan, including interest and certain fees. Lenders must show it in their Truth in Lending disclosures.
Should I make extra payments?
Extra payments toward principal reduce total interest and can shorten the loan. Check that there is no prepayment penalty and that extra money is applied to principal.
What happens if I miss a payment?
You may owe a late fee, and lenders can report late payments to the credit bureaus, which can lower your credit score. Contact your lender early if you expect trouble paying.
Results are illustrations based on the numbers you enter, not a loan offer, pre-approval or financial advice. Loan terms, rates and fees vary by lender and borrower.