Student Loan
Calculator
Calculate your student loan payments and see total interest costs. This free calculator shows how accelerated payments can save thousands in interest.
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How This Student Loan Works
Enter your loan balance, interest rate, and term length. The calculator determines monthly payments using standard amortization formulas and shows total interest over the loan life. It also calculates savings from paying 20% extra monthly.
When Should You Use This Tool
Use this calculator when evaluating loan options, creating repayment budgets, or deciding whether to pay extra toward loans. Compare different term lengths to see how they affect monthly payments versus total interest paid.
Is This Tool Accurate and Safe
This calculator assumes fixed interest rates and consistent payments. Federal loans may offer income-driven repayment plans with different calculations. Private loans vary by lender. Consider tax deductions for student loan interest when budgeting. All data stays private.
Frequently Asked Questions
Should I pay off student loans or save?
Generally, build a small emergency fund first, then focus on high-interest debt. For lower-rate student loans, balance paying extra with other financial goals like retirement saving, especially if you get employer matching.
What is the average student loan debt for women?
Women hold approximately two-thirds of all student loan debt in the US, averaging around $31,000. The gender pay gap means women often take longer to pay off similar loan amounts compared to men.
Are there student loan forgiveness programs?
Public Service Loan Forgiveness (PSLF) forgives remaining debt after 120 qualifying payments while working for qualifying employers. Income-driven plans may forgive remaining balances after 20-25 years of payments.
How much faster can I pay off loans by paying extra?
Even small extra payments make a significant difference. Paying 10-20% extra can cut years off your loan term and save thousands in interest. Apply extra payments to principal when possible.