Student Loan Payment Calculator
See what your student loan balance could mean as a monthly payment.
Not sure? CollegeClearly uses 6% over 20 years as a planning baseline.
Still deciding where to go?
A student loan payment starts with a college decision. See what attending a specific school could mean before you borrow.
Explore college costs→How student loan payments are calculated
A fixed-rate student loan has three main variables: how much you borrowed (the principal), the interest rate, and how long you have to pay it back (the repayment term). The monthly payment is calculated so that the same amount, paid every month for the length of the term, will exactly pay off the balance plus all the interest that accrues along the way.
The calculator above uses the standard fixed-payment amortization formula. Enter the amount, the rate, and the term, and it shows what that monthly payment would be, what you would pay in total, and how much of that total is interest.
How interest rate affects your student loan payment
A higher interest rate raises both the monthly payment and the total interest paid over the life of the loan. On a $25,000 loan over 20 years, moving from 5% to 7% adds about $28 to the monthly payment and roughly $6,700 to the total interest paid across the full term.
Federal undergraduate loan rates are set by Congress each year and apply to all borrowers regardless of credit. Private loan rates are set by the lender and depend on the borrower or cosigner's credit profile, so private loans tend to vary more.
How repayment term affects your student loan payment
Extending the repayment term lowers the monthly payment but increases the total interest paid, because the balance is outstanding for more years and accruing interest for longer.
On a $25,000 loan at 6%, a 10-year term costs about $278 per month and about $8,300 in total interest. A 20-year term drops the monthly payment to about $179 but nearly doubles the total interest to about $18,000. Same loan, same rate, different amount of interest paid over time.
Example student loan payments
Sample monthly payments at CollegeClearly's 6% over 20 years planning baseline, calculated with the standard fixed-payment amortization formula:
| Loan Amount | Monthly Payment | Total Repaid | Total Interest |
|---|---|---|---|
| $10,000 | $72 | $17,194 | $7,194 |
| $25,000 | $179 | $42,986 | $17,986 |
| $50,000 | $358 | $85,972 | $35,972 |
| $75,000 | $537 | $128,958 | $53,958 |
| $100,000 | $716 | $171,943 | $71,943 |
All figures rounded to the nearest dollar. Use the calculator above to try your own rate and term.
Frequently asked questions
What is a student loan payment calculator?
A student loan payment calculator estimates the monthly payment for a fixed-rate student loan based on how much is borrowed, the interest rate, and the repayment term. It uses the standard fixed-payment amortization formula, so the payment stays the same each month until the loan is paid off.
How accurate is this student loan payment estimate?
The calculator uses the standard fixed-payment amortization formula, so the math is accurate for the values entered. The estimate itself is only as accurate as the inputs. Actual payments will depend on the specific loan or loans, the interest rate at disbursement, any fees, and the repayment plan chosen. Federal income-driven repayment plans and other variable arrangements will produce different results.
What interest rate should I use?
If you already have a loan or an offer, use the actual interest rate from the documentation. If you are estimating before borrowing, CollegeClearly uses 6% as a planning baseline. Federal student loan interest rates are set annually, and private loan rates vary by lender and borrower.
What repayment term should I use?
The standard federal repayment term is 10 years, but other repayment options may extend repayment over a longer period. A longer term generally lowers the monthly payment but increases the total interest paid. CollegeClearly uses 20 years as a planning baseline, but you can select 10, 15, 20, or 25 years in the calculator to see how the term changes the estimate.
Is this the same as a federal student loan repayment calculator?
No. This is a general fixed-payment calculator for any student loan or debt where you know the balance, interest rate, and term. The federal Loan Simulator at studentaid.gov also models income-driven repayment plans, potential loan forgiveness, and eligibility across specific federal programs. Use the federal Loan Simulator if you need to compare federal income-driven repayment plans or estimate forgiveness.
Can I use this calculator before I take out a student loan?
Yes. Enter an estimated loan amount and see what the monthly payment might look like at different rates and terms. If you are still deciding where to go to college, the main CollegeClearly experience starts one step earlier and estimates what different schools might mean for your family before any borrowing decision is final.
Results are estimates. Actual student loan payments will depend on the specific loan terms, the interest rate at disbursement, and the repayment plan chosen. Interest rates and repayment options vary between lenders and between federal and private loans.
This calculator is for informational purposes only. It is not financial advice and it does not predict an official federal, private, or future loan payment.