Calculate your monthly student loan payment for standard 10-year repayment. See total interest paid and total amount repaid over the loan term.
Understanding your monthly student loan payment is the first step in managing your education debt. This calculator uses the standard amortization formula to determine your monthly payment amount based on your loan balance, interest rate, and repayment term.
The standard federal student loan repayment plan is 10 years (120 payments), but you can adjust the term to see how different timeframes affect your monthly payment and total interest. Shorter terms mean higher monthly payments but less total interest, while longer terms reduce monthly costs but increase the total you repay.
Whether you're about to graduate and want to know what to expect, or you're already repaying and want to explore different scenarios, this calculator gives you the core numbers you need: monthly payment, total interest, and total amount repaid.
Students, parents, and educators all gain valuable perspective from precise student loan payment data when planning academic paths, managing workloads, or setting realistic performance goals. Return to this calculator each semester or grading period to stay on top of evolving academic targets.
Many graduates are caught off guard by their first student loan bill. Knowing your monthly payment before graduation helps you budget for post-college life, evaluate job offers, and decide whether to pursue income-driven repayment options. This calculator also reveals how much interest you'll pay over the life of the loan, which can motivate strategies like extra payments or refinancing.
M = P × [r(1+r)^n] / [(1+r)^n − 1] where P = principal, r = monthly rate, n = total payments
Result: $380/month
A $35,000 loan at 5.5% over 10 years (120 payments) results in a monthly payment of approximately $380. Total repaid is $45,580, meaning you'll pay $10,580 in interest over the life of the loan.
Like a mortgage, student loans use an amortization schedule where early payments are mostly interest and later payments are mostly principal. Over time, a larger share of each payment chips away at the balance. Understanding this structure helps you see why extra payments early in repayment have an outsized impact on total interest.
The standard 10-year plan minimizes total interest but creates higher monthly payments. Extended plans (up to 25 years) and income-driven plans reduce monthly costs but increase total interest substantially. A $35,000 loan at 5.5% costs $10,580 in interest over 10 years but could cost $20,000+ over 20 years.
Start with the standard plan as your baseline. If the payment is manageable (under 10–15% of gross income), stick with it. If not, explore income-driven options. Consider refinancing if you have good credit and can secure a lower rate. And always make at least the minimum payment to protect your credit score.
The standard plan features fixed monthly payments over 10 years (120 payments). This is the default federal repayment plan and results in the lowest total interest cost. Payments are at least $50 per month.
Interest accrues daily on federal student loans using simple interest: daily interest = balance × (annual rate / 365.25). Each month, your payment first covers accrued interest, then the remainder reduces the principal balance.
After 270 days of missed payments, federal loans enter default, which damages your credit score, can trigger wage garnishment, and may result in tax refund seizure. Contact your servicer immediately if you're struggling to make payments.
If you can afford it, yes. Extra payments reduce your principal faster, saving on interest. Specify that extra payments should apply to principal, not advance your due date. Even an extra $50–$100/month can save thousands over the loan term.
Yes, federal borrowers can switch repayment plans at any time by contacting their servicer. Options include standard, graduated, extended, and various income-driven plans. Switching to a longer plan lowers monthly payments but increases total interest.
The average federal student loan debt for a bachelor's degree is approximately $30,000–$35,000. However, this varies widely by institution type, with private university graduates and graduate students often owing significantly more.