How to Calculate Student Loan
What is Student Loan?
A student loan calculator determines your monthly payment, total interest paid, and payoff timeline based on loan amount, interest rate, and repayment term. Federal and private student loans differ significantly in interest rates, repayment options, and forgiveness eligibility.
Step-by-Step Guide
- 1Identify loan amount, annual interest rate, and repayment term (years)
- 2Calculate monthly interest: annual rate ÷ 12
- 3For unsubsidized loans, interest accrues during grace period (usually 6 months)
- 4Monthly payment formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1)
- 5Total interest = (monthly payment × months) − total loan amount
Worked Examples
Input
$30,000 at 6.5%, 10-year term
Result
$340/month, $10,836 interest
Standard 10-year federal repayment
Input
$50,000 at 7.0%, 20-year term
Result
$388/month, $43,191 interest
Longer term = lower payment but much more interest
Ready to calculate? Try the free Student Loan Calculator
Try it yourself →