Student Loan Calculator
Enter your loan balance, interest rate, and repayment term to see your monthly payment, total interest, and true cost of your degree.
On a $35,000 loan at 6.5%, you'll pay over $12,000 in interest alone — nearly 35% more than you borrowed.
$37,650
average US student loan debt at graduation
43M
Americans carrying student loan debt
10 yrs
standard federal repayment term
What every borrower should know
The interest trap
On a $35,000 loan at 6.5% over 10 years, you'll pay over $12,000 in pure interest — about 35% more than you borrowed. The longer the term, the worse it gets.
Income-driven repayment
Federal IDR plans cap payments at 10–20% of discretionary income. After 20–25 years, remaining balances may be forgiven — but forgiven amounts are currently taxable.
Refinancing pros & cons
Refinancing to a lower private rate can save thousands, but you lose federal protections like IDR and PSLF. Only refinance if your income is stable and the rate drop is significant.
How student loan interest works
Monthly payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1], where P is principal, r is monthly interest rate, and n is number of payments. This is the standard amortisation formula.
Most of your early payments go toward interest. As the balance drops, more goes to principal. Paying extra targets the principal directly and collapses the amortisation schedule.