Student Loan Repayment Calculator
Use our free online Student Loan Calculator to perform fast, accurate calculations with instant formulas, step-by-step arithmetic, and verified reference benchmarks.
Student Loan Calculator
Instant Live Computation • Zero Waiting
Adjust inputs on the left for instantaneous live computation.
How to Calculate: The Student Loan Calculator Formula
Calculates standard fixed monthly payment where P is total student debt balance, r is monthly interest rate, and n is total monthly installments.
Step-by-Step Calculation Guide
- Input your combined student loan balance.
- Enter the weighted average interest rate across your federal and private loans.
- Select loan term (standard is 10 years / 120 payments).
- Review your monthly obligation and total interest incurred over the repayment cycle.
Practical Student Loan Calculator Examples
$37,000 undergraduate debt at 5.5% interest across 10 years (120 months).
$37,000 at 5.5% paid over 5 years (60 months).
Federal Student Loan Interest Rates (2024–2026
Official reference values and benchmark classifications based on standard institutional guidelines.
| Loan Type | Borrower Type | Fixed Interest Rate | Origination Fee |
|---|---|---|---|
| Direct Subsidized | Undergraduate | 6.53% | 1.057% |
| Direct Unsubsidized | Undergraduate | 6.53% | 1.057% |
| Direct Unsubsidized | Graduate / Professional | 8.08% | 1.057% |
| Direct PLUS | Parents & Grad Students | 9.08% | 4.228% |
Frequently Asked Questions about Student Loan Calculator
What is the Standard Repayment Plan?
The default federal repayment schedule features fixed monthly payments across a 10-year (120-month) window.
How do Income-Driven Repayment (IDR) plans work?
IDR plans set monthly payments as a percentage of discretionary income (typically 5% to 10%) and forgive remaining balances after 20 or 25 years.
Can student loan interest be deducted on taxes?
Yes. Eligible taxpayers can deduct up to $2,500 of student loan interest per year as an above-the-line deduction subject to MAGI phaseouts.
What is the difference between subsidized and unsubsidized loans?
The US Department of Education pays the interest on subsidized loans while you are enrolled in school; unsubsidized loans accrue interest immediately.