# Student Loan Calculator

URL: https://speedycalculator.com/calculators/finance/student-loan/
Last updated: 2026-10-25

> The student loan calculator works out the monthly payment, total interest and total cost of a student loan on the standard repayment plan from the loan amount, interest rate and term.

## Inputs

- Loan amount
- Interest rate (APR) (%)
- Loan term (years, months)

## Results

- Monthly payment
- Total interest
- Total of all payments

## Formula

```
Monthly payment = L × i ÷ (1 − (1 + i)^−n), i = APR ÷ 12, n = months
Total interest = payment × n − L
```

## Explanation

Federal student loans for undergraduates disbursed from July 2025 to June 2026 carry a fixed 6.39% rate (7.94% for graduate loans). The standard plan repays in 10 years; income-driven plans can lower payments but usually increase total interest.

### How to use the Student Loan Calculator

- **Loan amount**
- **Interest rate (APR)**
- **Loan term**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the loan amount, interest rate and term.

### Tips

- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.

### Common mistakes to avoid

- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.

### Inputs explained

FieldWhat to enterLoan amountAmount in your currencyInterest rate (APR)In %Loan termUnits: years, months

### What each result means

- **Monthly payment** = pmt([Interest rate (APR)]÷1200, [Loan term], [Loan amount])
- **Total interest** = [Monthly payment]×[Loan term] - [Loan amount]
- **Total of all payments** = [Monthly payment]×[Loan term]

### Example values

How the main result changes when **Loan amount** changes and everything else stays at the example values above:

Loan amountMonthly payment17,500197.7326,250296.635,000395.4643,750494.3352,500593.1970,000790.92

## Worked example

Inputs — Loan amount: $35,000; Interest rate (APR): 6.39 %; Loan term: 10 years.

Results — **Monthly payment = $395.46**; Total interest = $12,455.42; Total of all payments = $47,455.42.

## FAQ

**What is the standard repayment plan?**
Fixed payments over 10 years.

**What is the current federal student loan rate?**
6.39% for undergraduate Direct Loans disbursed 2025–26.

**Can I pay off student loans early?**
Yes – there are no prepayment penalties on federal or most private loans.

**What formula does the Student Loan Calculator use?**
Monthly payment = L × i ÷ (1 − (1 + i)^−n), i = APR ÷ 12, n = months.


## Sources

- [Federal Student Aid – Interest rates](https://studentaid.gov/understand-aid/types/loans/interest-rates)