What is the difference between principal and interest?

The principal is the original amount you borrow. Interest is the cost you pay to borrow that money, calculated as a percentage of the principal.

How does the repayment term affect my monthly payment?

A longer repayment term lowers your monthly payment but increases the total interest you’ll pay over the life of the loan. A shorter term means higher monthly payments but less total interest.

Can I pay off my student loan early?

Yes, most student loans allow you to pay off your balance early without penalty. Making extra payments reduces your total interest costs.

What information do I need to use this calculator?

You’ll need your loan amount, interest rate, and the number of years you plan to repay the loan.

Can I see how my payments change if I adjust the term or rate?

Yes, simply change the loan amount, interest rate, or repayment term, then click Calculate to see updated results.

How do I download my payment schedule?

After calculating, use the Download Full Schedule link to get your complete payment breakdown in PDF or Excel format. This helps you track payments or share details with others.

Student Loan Calculator

Estimate student loan payments and total costs.

Calculator Inputs

Loan amount and terms

Loan Balance ($)

APR (%, 0–100)

Term (years, 1–50)

Results

Payment and totals

Monthly Payment

$326

Total Interest

$9,069

Total Paid

$39,069

Principal vs Interest by Year

All 10 years

Balance Over Time

Remaining balance by year

Payment Schedule

First 15 months. Download full schedule for all 120 months.

Month	Payment	Principal	Interest	Balance
1	$326	$188	$138	$29,812
2	$326	$189	$137	$29,623
3	$326	$190	$136	$29,433
4	$326	$191	$135	$29,242
5	$326	$192	$134	$29,051
6	$326	$192	$133	$28,859
7	$326	$193	$132	$28,665
8	$326	$194	$131	$28,471
9	$326	$195	$130	$28,276
10	$326	$196	$130	$28,080
11	$326	$197	$129	$27,883
12	$326	$198	$128	$27,685
13	$326	$199	$127	$27,487
14	$326	$200	$126	$27,287
15	$326	$201	$125	$27,086

For educational and estimation purposes only; not financial or legal advice. U.S. context. Standard repayment; federal and income-driven plans may differ. Minimum payments and APRs may change; consult your lenders.

How It Works

Using this student loan calculator is simple and intuitive:

1: Enter Your Loan Details

Loan Amount ($): Input the total amount you’ve borrowed or plan to borrow.
Interest Rate (%): Enter your annual interest rate as a percentage (e.g., 5.5 for 5.5%).
Repayment Term (years): Specify the number of years you plan to take to repay the loan (commonly 10 years for federal loans).

2: Calculate or Reset

Click Calculate to see your results based on the inputs.
Use Reset to clear the form and start over.

3: Review Your Results

Monthly Payment: Shows what you’ll owe each month.
Total Interest: Calculates all interest paid over the life of the loan.
Total Paid: Adds up principal and interest for your full repayment cost.

4: Explore Charts

Principal vs Interest by Year: Visualizes how your payments shift from mostly interest to mostly principal over time.
Balance Over Time: Shows how your loan balance decreases each year.

5: View Your Payment Schedule

The first 12 months display your monthly payment, how much goes toward principal and interest, and your remaining balance after each payment.
Download the full payment schedule for a detailed year-by-year breakdown.

6: Export & Share

Copy: Easily copy your results for your records or to share.
Export PDF and Export Excel: Download your results and payment schedule in PDF or Excel format for detailed review or sharing with financial advisors or family.

Note: This calculator uses a standard repayment model. Federal income-driven repayment plans and private loan terms may differ.

Understanding Student Loans

Student loans help millions of people pay for college and other higher education expenses.

They can make education possible when savings and scholarships aren't enough, but they also create a long-term financial responsibility.

Understanding how student loans work and what your repayment will look like can help you plan your finances, set realistic expectations, and avoid surprises. Student loans are borrowed money that must be repaid with interest. The loan amount (principal), the interest rate, and the repayment term all affect how much you'll pay each month and over the life of the loan.

For example, a $30,000 loan repaid over 10 years will cost more in total interest than the same amount repaid over a shorter period, but the monthly payments will be lower.

Many people struggle to estimate their monthly payments, the interest they'll pay, or how quickly the loan balance will decrease. This calculator is designed to make those numbers clear, so you can plan ahead and make informed decisions about your student loan repayment.

How This Calculator Helps

This calculator provides a straightforward way to estimate your student loan payments and total repayment costs. By entering your loan amount, interest rate, and repayment term, you’ll see:

Monthly Payment: The amount you’ll pay each month under a standard repayment plan.
Total Interest: The total amount you’ll pay in interest over the life of the loan.
Total Paid: The sum of all payments (principal plus interest) by the time your loan is fully repaid.
Principal vs Interest by Year: A chart showing how much of your payment goes toward principal versus interest each year.
Balance Over Time: A chart tracking how your remaining loan balance decreases year by year.
Payment Schedule: A month-by-month breakdown for the first year, showing how each payment is applied to principal and interest, along with your remaining balance.

These features help you see the long-term impact of your loan, compare different repayment scenarios, and plan for your financial future with confidence.