Using the Student Loan Calculator
How this student loan payment estimate works
Enter one student loan’s balance when repayment begins, its annual fixed interest rate, and a repayment term. The calculator estimates an equal monthly payment using a standard amortization formula. You can also enter an extra monthly amount to model a faster payoff under the same rate.
What the estimate includes—and excludes
This tool models one fixed-rate loan with monthly payments. It does not model interest that accrues while you are in school or during a grace period, capitalization, fees, variable rates, deferment, forbearance, income-driven repayment, or forgiveness. If unpaid interest has already been added to your principal, enter the current balance shown by your servicer.
Federal repayment plans need an official estimate
Federal repayment options and eligibility depend on loan type, dates, and borrower details, and program rules can change. Use the Federal Student Aid Repayment Calculator and your StudentAid.gov or servicer records for current plan comparisons. For more context, read our student loan repayment guide. This site’s calculator is a fixed-payment planning estimate, not an eligibility or forgiveness tool.
Compare borrowing before you choose a loan
Before borrowing, compare the total cost of attendance, grants and scholarships, federal aid, and any private loan terms. Federal and private loans can have different protections and repayment features. Review current official information and your loan disclosures before making a decision.
Frequently asked questions
Does this calculator show my federal income-driven payment?
No. It estimates a fixed monthly payment for one loan. Use Federal Student Aid’s official Repayment Calculator for current federal plan estimates.
Should I include interest that built up while I was in school?
Enter the current principal balance you expect to repay, including any unpaid interest already capitalized into the balance. This calculator does not forecast future in-school or grace-period interest.
Can I estimate paying extra each month?
Yes. Enter an extra monthly amount. The estimate applies it toward the loan balance each month and shows an estimated shorter payoff time and lower interest under its fixed-rate assumptions.
What if I have several student loans?
Estimate each loan separately using its own balance, rate, and term. Your actual required payments and repayment options depend on your servicer and loan program.
Related tools: browse all free money calculators, or see how My Clear Money builds and explains its estimates.