Student Loan Calculator
Work out the monthly payment, total interest and total cost of a student loan.
How to use the Student Loan Calculator
- Enter your total student loan balance.
- Enter the interest rate on the loan.
- Enter the repayment term in years.
- See the monthly payment, total interest and total repaid.
Payment = P × r × (1+r)^n / ((1+r)^n − 1), r monthly rate, n months
About the Student Loan Calculator
A student loan is repaid like any other amortising loan — a fixed monthly payment that covers interest first and chips away at the balance over time. This calculator applies the standard amortisation formula to your balance, rate and term, then shows the monthly payment, the total interest, and the full amount you will repay. Seeing the total interest next to the amount borrowed is sobering, and it is the single best argument for overpaying when you can.
Term length is the lever most graduates control. Stretching repayment over more years lowers the monthly payment but raises the total interest, sometimes dramatically; a shorter term costs more each month but far less overall. Running a couple of terms side by side turns an abstract choice into concrete numbers.
This models a standard fixed-rate plan. It does not reproduce grace periods, deferment, or income-driven repayment schemes where payments track your earnings and any remainder may be forgiven — those follow their own rules and vary by country and lender. For a general loan use the loan calculator, and to see the effect of extra payments the loan prepayment calculator.
Frequently asked questions
Should I choose a longer or shorter term?
A longer term lowers the monthly payment but increases total interest, sometimes substantially. A shorter term costs more each month but far less overall. Compare a few terms to find the balance you can afford.
Does this include income-driven repayment?
No. It models a standard fixed-rate, fixed-term plan. Income-driven schemes set payments as a share of your earnings and follow different rules, so their figures will differ from this estimate.
How can I pay less interest?
Pay more than the minimum when possible, or choose a shorter term. Extra payments go straight to the principal, which shrinks the balance interest is charged on and shortens the loan.