Student Loan Calculator
Calculate your monthly student loan payment, total interest, and the impact of a grace period before repayment begins.
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How to use this calculator
M = monthly payment, P = balance after grace period (including accrued interest), r = monthly rate, n = total repayment months.
- 1
Enter the total amount borrowed for your education.
- 2
Enter the annual interest rate on your student loan.
- 3
Enter the repayment term in years (standard is 10 years for federal loans).
- 4
Enter any grace period — the months after graduation before payments are required.
Frequently asked questions
Does interest accrue during the grace period?
For unsubsidized federal loans and most private loans, yes — interest accrues from the disbursement date. For subsidized federal loans, the government covers interest during school and the grace period. This calculator models the unsubsidized (common) case.
What is a typical student loan grace period?
Most federal student loans have a 6-month grace period after graduation, leaving school, or dropping below half-time enrollment. Private lenders vary — some offer 6 months, others require immediate repayment.
How much does extending the term save per month?
On a $30,000 loan at 5.5%: a 10-year term gives a ~$325/month payment with ~$9,000 total interest. Extending to 20 years drops the payment to ~$206/month but raises total interest to ~$19,400. You save monthly but pay far more overall.
Should I make payments during the grace period?
If you can afford it, paying even the accruing interest during the grace period prevents it from capitalizing (being added to the principal), which reduces your long-term cost. Any extra principal payment during grace directly reduces the balance that generates future interest.
Managing your student loan repayment
Federal vs private student loans
Federal student loans offer income-driven repayment plans, deferment options, and potential forgiveness programs. Private loans often carry higher rates and fewer protections but may offer competitive rates for borrowers with strong credit. Always exhaust federal options before turning to private lenders.
Income-driven repayment plans
US federal borrowers can cap monthly payments at 5–10% of discretionary income through plans like SAVE, IBR, or PAYE. After 10–25 years of qualifying payments (10 years for Public Service Loan Forgiveness), remaining balances may be forgiven. These plans are not reflected in this calculator — use the official Federal Student Aid Loan Simulator for plan-specific projections.
Refinancing vs consolidation
Refinancing replaces one or more loans with a new private loan at a (hopefully) lower rate. Consolidation combines multiple federal loans into one federal loan at a weighted average rate. Refinancing can save money if you qualify for a significantly lower rate, but you lose federal protections. Consolidation simplifies payments without losing benefits.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →