Student Loan Calculator
Standard 10-year repayment plan estimate
How to Use This Calculator
Enter your loan amount, interest rate, and repayment term to see your estimated monthly payment under the Standard Repayment Plan - the default 10-year plan most federal loans start on. Total paid and total interest are calculated from the same numbers.
The Formula Behind Loan Payments
Student loans (and most installment loans) use standard amortization - each monthly payment includes both interest and principal, with the interest portion shrinking and the principal portion growing over the life of the loan.
P = loan amount, r = monthly interest rate (annual ÷ 12), n = total number of payments
Current Federal Student Loan Rates
Federal Direct Loan rates are set annually and apply to loans first disbursed in that academic year. For 2026-27, the fixed rate for undergraduate Direct Loans is 6.52%. Rates are fixed for the life of the loan once disbursed - they don't change year to year like a variable-rate loan.
A Worked Example
Total paid over 10 years: ~$13,638
Total interest paid: ~$3,638
On a $30,000 loan at the same rate and term, the monthly payment scales to roughly $340, since the formula is linear in loan amount.
Standard vs. Income-Driven Repayment
This calculator estimates the Standard Repayment Plan - a fixed monthly payment over a set term, usually 10 years. Income-driven repayment plans work differently: payments are based on a percentage of discretionary income rather than a fixed amortization schedule, which can mean lower monthly payments but more total interest paid over a longer term. Which plan makes sense depends on income stability and long-term goals - worth researching directly through your loan servicer.
Common Questions
- Does extra payment help? Yes - any amount paid above the required monthly payment goes directly to principal, shortening the loan and reducing total interest.
- Do rates differ for graduate loans? Yes - graduate and PLUS loans typically carry higher rates than undergraduate loans.
- Is this the same as a private loan calculation? The amortization math is the same, but private loan rates and terms vary by lender and credit profile.