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
| Field | What to enter |
|---|---|
| Loan amount | Amount in your currency |
| Interest rate (APR) | In % |
| Loan term | Units: 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 amount | Monthly payment |
|---|---|
| 17,500 | 197.73 |
| 26,250 | 296.6 |
| 35,000 | 395.46 |
| 43,750 | 494.33 |
| 52,500 | 593.19 |
| 70,000 | 790.92 |
Formula
Monthly payment = L × i ÷ (1 − (1 + i)^−n), i = APR ÷ 12, n = monthsTotal interest = payment × n − LWorked 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.
Frequently asked questions
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.