See the true total cost of your student loan including all interest. Compare total repayment amounts across different plans and term lengths.
The amount you borrow for student loans is just the beginning. The true cost includes all the interest that accrues over the repayment period, which can add thousands or even tens of thousands to your total obligation. This calculator reveals the complete cost of your student loan.
By comparing total costs across different repayment terms, you can see the dramatic impact of extending your loan. A 10-year plan costs far less in total than a 20 or 25-year income-driven plan, even though the monthly payments are higher. This tradeoff is one of the most important financial decisions for borrowers.
Use this tool to understand the full financial commitment of your education debt and make informed decisions about repayment strategies, extra payments, and refinancing options.
Students, parents, and educators all gain valuable perspective from precise student loan total cost 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.
Monthly payment amounts are deceptive. A low monthly payment on a 20-year plan feels affordable, but you might end up paying more in interest than the original loan amount. This calculator strips away the illusion and shows the real bottom line. Seeing the total cost motivates many borrowers to pay more aggressively or seek refinancing.
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1] Total Repaid = Monthly Payment × n Total Interest = Total Repaid − Principal
Result: 10yr: $53,289 total | 20yr: $68,718 total
A $40,000 loan at 6%: the 10-year plan costs $444/month and $53,289 total ($13,289 interest). The 20-year plan costs $287/month but $68,718 total ($28,718 interest). Extending the term saves $157/month but costs $15,429 more overall.
Extending your repayment from 10 to 20 years can seem attractive because of lower monthly payments. But the total cost tells a different story. On a $40,000 loan at 6%, the extra 10 years of payments add nearly $15,000 in interest. That's money that could go toward retirement savings, a home down payment, or other financial goals.
On some income-driven plans, your monthly payment may not cover all the accruing interest. The unpaid interest adds to your balance, causing it to grow even as you make payments. This negative amortization can result in owing more than you originally borrowed. The SAVE plan addresses this by providing an interest subsidy for borrowers in this situation.
Pay at least the standard 10-year amount if possible. Make extra payments toward the highest-rate loan first (avalanche method). Consider refinancing if you qualify for a lower rate and don't need federal protections. And if pursuing forgiveness, ensure you're making qualifying payments on the right plan.
Total interest depends on your balance, rate, and term. A $30,000 loan at 5% over 10 years accrues about $8,184 in interest. The same loan over 20 years accrues about $17,514. Higher rates and longer terms dramatically increase total interest.
With a longer term, you pay down the principal more slowly, so interest continues to accrue on a larger balance for more years. Each month, a bigger fraction of your payment goes to interest rather than principal, increasing the cumulative cost.
Usually yes. Extra payments reduce principal faster, cutting total interest. On a $35,000 loan at 5.5%, adding $100/month extra saves about $3,500 in interest and pays off the loan 3 years early. However, weigh this against investing if your rate is very low.
Minimum payments on the standard plan won't hurt you. But on income-driven plans, if your payments don't cover interest, your balance grows through negative amortization, and the total cost increases significantly unless forgiveness applies.
Capitalization adds unpaid interest to your principal balance. This happens at certain events like leaving deferment or switching plans. Once capitalized, you pay interest on interest, permanently increasing your total cost.
The standard 10-year plan is typically cheapest in total cost. For even lower total cost, make extra payments to pay off faster. PSLF recipients may pay less overall if they qualify for forgiveness after 120 qualifying payments.