Updated for 2026 · Federal rates verified via StudentAid.gov · Reviewed by finance experts

Student Loan Calculator 2026 – Calculate Monthly Payments & Interest Instantly

Use this student loan calculator to estimate your monthly payment, total interest, and full payoff timeline instantly. Calculate student loan payments for federal and private loans with this free, fast, and accurate tool — no account required.

Student Loan Calculator

Results update automatically

$
%
years
$

Your Results

Instant calculation

Monthly Payment

$402.78

Standard 10-year plan

Total Principal

$35,000.00

Total Interest (Standard)

$13,333.74

Total Amount Paid

$48,333.74

Interest as % of Loan

38.1%

IDR Payment (Est.)

$291.67

How Calculated

Monthly Interest Rate0.6%
Total Payments (Standard)$120.00
First Month Interest$198.33
First Month Principal$204.45
PSLF Eligibility$10.00
Tips
  • • Federal loans offer income-driven repayment plans that can lower monthly payments
  • • Paying extra each month significantly reduces total interest paid

Student Loan Monthly Payment Calculator

This student loan monthly payment calculator helps you estimate exactly how much you will pay each month based on your loan amount, interest rate, and repayment term. Simply enter your details above to calculate student loan payments instantly and compare different scenarios.

Related Calculators

Student Loan Payoff
Refinance Calculator
IDR Calculator
College Affordability

What is a Student Loan Calculator?

A student loan calculator helps you estimate your monthly payment, total interest, and repayment timeline based on your loan amount, interest rate, and loan term. It allows you to quickly understand how much your student loan will cost and plan your finances better.

How to Calculate Student Loan Payments (Step-by-Step)

You can calculate student loan payments manually using the standard amortization formula, or simply enter your numbers into the calculator above. Here is how the math works so you understand what is behind every result:

Student Loan Payment Formula

M = P × [r(1+r)^n] ÷ [(1+r)^n – 1]
  • M = Monthly payment
  • P = Principal loan amount
  • r = Monthly interest rate (annual rate ÷ 12)
  • n = Total number of payments (loan term × 12)

Worked Example: $35,000 Loan at 6.53% for 10 Years

  1. Monthly rate (r): 6.53% ÷ 12 = 0.5442% → 0.005442
  2. Total payments (n): 10 years × 12 = 120
  3. Calculate (1+r)^n: (1.005442)^120 = 1.9119
  4. Monthly payment (M): $35,000 × [0.005442 × 1.9119] ÷ [1.9119 – 1] = $397/month
  5. Total paid: $397 × 120 = $47,640 → total interest = $12,640

The calculator above runs this formula instantly for any combination you enter. You can also test different loan terms to see how extending from 10 to 20 years lowers your monthly payment but roughly doubles total interest.

Student Loan Monthly Payment Estimator: Common Scenarios

Use these estimated student loan payment figures as benchmarks. All examples use the 2026 undergraduate federal rate of 6.53% and a standard 10-year term unless noted.

10-Year Standard Repayment Estimates (6.53%)

$10,000 Loan$113/mo  |  $3,625 total interest
$20,000 Loan$227/mo  |  $7,240 total interest
$30,000 Loan$341/mo  |  $10,920 total interest
$50,000 Loan$568/mo  |  $18,160 total interest
$70,000 Loan$795/mo  |  $25,400 total interest
$100,000 Loan$1,136/mo  |  $36,320 total interest

* Estimates only. Actual payments may vary. Verify current rates at StudentAid.gov.

How Loan Term Affects Your Estimated Payment

$50,000 Loan at 6.53% — Term Comparison

10-Year Term$568/mo · $18,160 total interest
15-Year Term$439/mo · $29,020 total interest
20-Year Term$375/mo · $40,020 total interest (+$21,860)

Cutting your payment by $193/mo on a 20-year plan costs an extra $21,860 in interest over the life of the loan.

How to Calculate Student Loan Interest

Student loans accrue interest daily, not monthly. To calculate student loan interest for any given day, use this formula:

Daily Interest = (Outstanding Principal × Annual Rate) ÷ 365

Example: $40,000 balance at 6.53% → $40,000 × 0.0653 ÷ 365 = $7.15 per day in interest. Over a 30-day month that is ~$214 in interest accruing before you make a single payment.

This daily accrual model is why making interest-only payments while still in school on unsubsidized loans can save thousands. On a $30,000 unsubsidized loan at 6.53%, skipping payments for a 4-year program adds roughly $8,400 in capitalized interest — effectively raising your principal to $38,400 before you ever start regular repayment.

Federal vs. Private Student Loan Interest Rates for 2026

The interest rate you enter into this student loan interest rate calculator depends on your loan type. Federal rates are fixed by Congress each July; private rates depend on your credit profile.

2026 Federal Student Loan Interest Rates (Source: StudentAid.gov)

Direct Subsidized (Undergraduate)6.53%
Direct Unsubsidized (Undergraduate)6.53%
Direct Unsubsidized (Graduate)8.08%
Direct PLUS (Parent & Graduate)9.08%
Private Student Loans4.50%–14.50% (variable)

Federal rates apply to loans first disbursed on or after July 1, 2026. Always confirm current rates at StudentAid.gov.

Federal vs. Private Student Loan Calculator: Which Rate Should You Use?

When using this as a private student loans calculator, enter the APR quoted by your lender. When estimating federal loans, use the rates in the table above. The key differences that affect your calculation:

Federal Loans
  • ✔ Fixed interest rate — predictable monthly payment
  • ✔ Income-driven repayment options available
  • ✔ Public Service Loan Forgiveness eligible
  • ✔ Deferment / forbearance protections
  • ✗ Borrowing limits per year and in total
Private Loans
  • ✔ No federal borrowing caps
  • ✔ Potentially lower rate with excellent credit
  • ✗ Variable rates can rise over time
  • ✗ No IDR or PSLF programs
  • ✗ Limited hardship protections

Federal Student Loan Repayment Options

The Standard 10-year plan is the default, but federal borrowers have several alternatives that change the monthly payment this calculator estimates:

  • Standard Repayment (10 years): Fixed monthly payment. Highest monthly cost, lowest total interest.
  • Graduated Repayment (10 years): Payments start ~30% lower and increase every two years. Good if you expect income growth.
  • Extended Repayment (up to 25 years): Requires $30,000+ in federal debt. Significantly reduces monthly payment, but increases total interest.
  • Income-Driven Repayment (IDR): Payments capped at 5–20% of discretionary income depending on plan. Use our IDR Calculator to compare SAVE, PAYE, IBR, and ICR side-by-side.

Student Loan Calculator vs Bankrate – What’s Different?

Many users compare tools like the Bankrate student loan calculator, but this calculator is designed for speed, simplicity, and accuracy. You can instantly calculate your monthly payment, interest, and total repayment without sign-ups or distractions.

  • ✔ Faster results with real-time calculations
  • ✔ Simple interface with no login required
  • ✔ Supports both federal and private loan estimates
  • ✔ Clear breakdown of monthly payments and total cost

How Extra Payments Reduce Your Total Cost

There is no prepayment penalty on federal or most private student loans. Even a modest extra amount each month dramatically cuts total interest. Use our Student Loan Payoff Calculator to model custom payoff scenarios:

Extra Payment Impact — $30,000 Loan at 6.53%

Standard only ($341/mo)10 years · $10,920 interest
+$50/mo extra ($391/mo)8.5 years · $8,880 interest
+$100/mo extra ($441/mo)7.5 years · $7,560 interest
+$200/mo extra ($541/mo)6 years · $5,720 interest (save $5,200)

💡 Pro Tip: Pay Interest While in School

If you have unsubsidized federal or private loans, interest accrues during your enrollment. On $30,000 at 6.53%, making interest-only payments of ~$163/month during a 4-year program prevents $7,800 in interest from capitalizing into your principal — meaning you start repayment on $30,000 instead of $37,800.

Should You Consider Student Loan Refinancing?

Refinancing replaces one or more existing loans with a new private loan — ideally at a lower rate. Use our Student Loan Refinance Calculator to see exact dollar savings. The main trade-off: refinancing federal loans into a private loan permanently removes access to IDR plans, deferment, and Public Service Loan Forgiveness. Generally refinancing makes sense when you have strong credit, stable income, private loans, and no plans to pursue PSLF or IDR.

Managing Your Student Loans Alongside Other Financial Goals

Student loan payments are only one piece of your monthly budget. To figure out how your payments fit into your overall take-home pay, use our Paycheck Calculator to see your net income after taxes, then plug those numbers into our Gross to Net Calculator to understand exactly how much of your salary is available for loan repayment each month.

A common rule of thumb: keep total student loan payments below 10% of your monthly gross income. On a $55,000 salary (~$4,583/mo gross), that means targeting a monthly payment under $458. If your estimated payment from the calculator above exceeds that threshold, income-driven repayment or a longer term may be worth exploring.

📚 Planning Ahead? Use the College Affordability Calculator

Before you borrow, see how much college will actually cost you with our College Affordability Calculator. Enter your expected financial aid and family contribution to see how much you'll need to borrow — so you can set a realistic repayment target before taking out a single loan.

Frequently Asked Questions About Student Loan Payments

Your monthly payment is calculated using an amortization formula: M = P × [r(1+r)^n] ÷ [(1+r)^n – 1], where P is your principal, r is the monthly interest rate (annual rate ÷ 12), and n is total number of payments. Each payment covers accrued interest first, then reduces principal — that's why early payments go mostly to interest and later payments build equity faster.
Student loan interest accrues daily. The formula is: Daily Interest = (Outstanding Principal × Annual Interest Rate) ÷ 365. Multiply by 30 (or the number of days in the month) to get the monthly interest charge. For example, $30,000 at 6.53% accrues about $5.37 per day, or ~$161 per month in interest charges before any principal reduction.
Financial experts generally recommend keeping total student loan payments at or below 10% of your monthly gross income. On a $50,000 annual salary (~$4,167/mo gross), that is a target of under $417/month. If your calculated payment exceeds this, consider income-driven repayment plans or a longer standard term.
Subsidized loans don't accrue interest while you're enrolled at least half-time, during the 6-month grace period, or during authorized deferment periods — the government pays that interest for you. Unsubsidized loans accrue interest from the day of disbursement. If you don't pay it, the accumulated interest capitalizes (is added to principal) at repayment start, increasing your balance and all future payments.
Interest rate has a compounding effect over the life of the loan. On a $30,000 loan at 4.5% (10 years), total interest is ~$7,034. At 6.53%, it rises to ~$10,920. At 9.08% (PLUS rate), you'd pay ~$15,720 in total interest — 2.2× more than the lower-rate loan. Even a 1% rate difference on a $50,000 balance adds roughly $3,000 to your total repayment over 10 years.
Yes. Federal student loans and most private student loans have no prepayment penalties. You can make extra payments at any time. When you do, instruct your loan servicer to apply the extra amount to principal — not to advance your next due date — to maximize interest savings.
Most federal student loans have a 6-month grace period after you graduate, leave school, or drop below half-time enrollment. During this window your loans are not yet due, but unsubsidized loans and PLUS loans continue to accrue interest. Private loan grace periods vary by lender — check your promissory note for your exact start date.
At the 2026 undergraduate federal rate of 6.53% on a 10-year standard plan, a $70,000 loan results in an estimated monthly payment of approximately $795 and total interest of about $25,400. Use the calculator at the top of this page to enter your exact balance and rate for a precise figure.
This estimator uses your entered rate, balance, and term to produce the most accurate standard payment figure possible. Actual servicer statements may differ slightly due to daily interest accrual timing, fee structures on some private loans, or if your servicer uses a slightly different rounding convention. For official figures, always check your account at your loan servicer's portal.
Contact your federal loan servicer immediately. You may qualify for income-driven repayment (payments as low as $0 based on income), deferment (payments paused, interest may be covered on subsidized loans), or forbearance (payments paused, interest accrues on all loans). Private lenders vary — some offer hardship programs or modified payment plans. Ignoring payments leads to delinquency after 90 days and default after 270 days, which damages your credit and can trigger wage garnishment.
Income-driven repayment (IDR) plans cap payments at 5–20% of your discretionary income rather than using the standard amortization formula. Under the SAVE plan (the most generous), payments on undergraduate loans are set at just 5% of discretionary income. If your income is low enough, payments can be $0. After 20–25 years of qualifying payments, remaining balances may be forgiven. Use our IDR Calculator to compare your actual payment under each plan.
Yes — the payment formula is the same for both loan types. For federal loans, use the published rates from StudentAid.gov. For private loans, use the APR quoted in your loan documents. If you have multiple loans at different rates, calculate each separately and add the monthly payments together for your total monthly obligation.