Student Loan Calculator
Calculate your monthly payment, total interest, and total paid for federal or private student loans — and see if your payment fits an affordable income guideline.
Student Loan Calculator
Estimate monthly payments, total interest, and payoff time
Your student loan payment is 8.1% of your gross monthly income, within the 10% affordability guideline.
Uses the standard amortization formula for federal and private loans. Interest on federal student loans is simple interest but is capitalized when unpaid; this calculator assumes standard monthly payments. Income-driven repayment plans (SAVE, IBR, PAYE) cap payments at 10-20% of discretionary income and forgive the balance after 20-25 years. The average federal undergraduate rate is around 6.5%, and refinancing to a fixed 15-year private loan can reduce your rate by 1-3 points if you have good credit.
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Frequently Asked Questions
How much is a student loan payment on $35,000?+
At 6.8% APR over 10 years, the payment is about $403/month, total interest $13,000, total paid $48,000. Over 20 years the payment drops to $267/month but total interest climbs to $29,000 — a half-extending term more than doubles the interest.
What are income-driven repayment plans?+
SAVE, IBR, and PAYE cap your payment at 10-20% of discretionary income above 150% of the federal poverty line, forgiving the remaining balance after 20-25 years. Remaining balance forgiveness was being litigated in 2026, so only amounts enrolled before July 2024 remain fully protected.
Should I refinance my student loans?+
Refinancing to a lower fixed rate saves interest but converts federal loans to private — losing income-driven plans, deferment, and forgiveness options. Only refinance federal loans you're confident you won't need flexible protections, or refinance only a portion.
How much is a student loan payment on $35,000?
At 6.8% APR over 10 years, the payment is about $403/month, total interest $13,000, total paid $48,000. Over 20 years the payment drops to $267/month but total interest climbs to $29,000 — a half-extending term more than doubles the interest.
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