🎓Student Loan Calculator
Enter your student loan balance, interest rate and repayment term to see your monthly payment and the total interest you will pay.
Last updated: · Reviewed by The CalcWise Team
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How to use this calculator
- Enter your total student loan balance.
- Add the interest rate and your repayment term in years.
- Calculate to see your monthly payment and total interest.
How it works
Student loans are amortized like other installment loans: a fixed monthly payment covers interest first, with the rest reducing the balance. The standard repayment term is often 10 years, but longer terms lower the payment while increasing total interest.
Paying extra toward the principal — especially early — shortens the loan and cuts interest. If you have multiple loans, targeting the highest-rate one first usually saves the most money.
Example: A $30,000 balance at 6.5% over 10 years costs about $341/month and roughly $10,900 in total interest.
Frequently asked questions
Should I choose a longer repayment term?
A longer term lowers the monthly payment but raises total interest. Pick the shortest term whose payment you can comfortably afford.
Does paying extra help with student loans?
Yes, as long as the extra is applied to principal and there is no prepayment penalty (federal and most private loans have none).