Student Loan Payment Calculator
A student loan payment calculator shows the fixed monthly payment on a student loan under a standard, fully amortizing repayment plan. Most standard plans spread the balance evenly over the term, commonly ten years, so each monthly payment is the same and the loan reaches zero at the end. This calculator uses the standard amortization formula to find that payment, then reports the total of all payments and the total interest over the life of the loan. Enter a 30,000 dollar balance at 6 percent over 10 years and the tool returns a monthly payment of about 333.06 dollars. Student loans can run for many years, so even a modest interest rate adds up: the total interest output makes that long-run cost visible at a glance. Comparing terms shows how a longer plan lowers the monthly payment while raising total interest, and a shorter plan does the reverse. Because the amortization math is fixed and the inputs are yours, every figure is computed deterministically. The complete formula and a worked example that reconciles exactly to the calculator above appear in full below, so you can reproduce the payment by hand and sense-check any servicer statement or repayment estimate you receive.
A standard student loan payment uses amortization: payment = L x r / (1 - (1 + r)^-n), with r the monthly rate and n the number of months. A $30,000 balance at 6% over 10 years costs $333.06 per month.
Student loan amortization formula
payment = L x r / (1 - (1 + r)^-n)
L = loan balance, r = annual rate / 12 (as a decimal)
n = number of monthly payments = years x 12
The annual rate is divided by 12 for a monthly rate, then the amortization formula gives a level payment that clears the balance over the standard term. Each payment covers interest first, with the rest reducing principal.
Worked example
A 30,000 dollar student loan balance at a 6 percent annual rate over a 10 year standard term.
- Monthly rate r = 6% / 12 = 0.005
- Number of payments n = 10 x 12 = 120
- (1 + r)^-n = 1.005^-120 = 0.549633
- Payment = 30,000 x 0.005 / (1 - 0.549633) = 150.00 / 0.450367 = 333.06 dollars
These are the calculator's default inputs, so the result above matches the widget exactly.
Student Loan Payment Calculator: frequently asked questions
How is a standard student loan payment calculated?
It uses the amortization formula on the balance, rate and term: balance times the monthly rate, divided by one minus (one plus the monthly rate) to the power of minus the number of payments. The standard plan is commonly ten years.
How much total interest will I pay?
The total interest is the sum of all payments minus the balance. The calculator shows it directly. Over a long term even a moderate rate adds substantial interest, which is why many borrowers consider paying extra.
Can I pay off a student loan early?
Federal student loans generally have no prepayment penalty, so extra payments reduce principal and cut total interest. This calculator shows the scheduled payment under the standard plan; paying more shortens the payoff.
Does this cover income-driven repayment plans?
No. Income-driven plans set payments as a share of income rather than by amortization, so they work differently. This calculator covers the standard fixed-term plan. Check your servicer for income-driven estimates.
Where can I learn about borrowing wisely?
The US Securities and Exchange Commission's Investor.gov explains interest, debt and the importance of understanding total cost before borrowing. Use the total interest figure here as part of that picture when planning repayment.
Official sources
- Loans, interest and borrowing basics: US Securities and Exchange Commission, Investor.gov. As at 25 June 2026.
Reviewed by the CalculatorHub team, edited by James Graham, 25 June 2026. See our methodology. This is general information, not financial, tax, legal or investment advice.