EduLoan

Student Loan Calculator

See your monthly payment, total interest, and when you'll be debt-free.

Loan amount

Interest rate (APR)

Loan term: 5 years

What you entered

Loan amount: $25,000Interest rate: 7.5% APRTerm: 5 years

1
Convert the annual rate to a monthly rate
r = 7.5% ÷ 12= 0.6250%
2
Total number of monthly payments
n = 5 years × 12= 60 payments
3
Apply the amortizing-loan formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]= $500.95/mo
4
Total paid over the full term
$500.95 × 60 payments= $30,056.92
5
Total interest paid
$30,056.92 − $25,000.00 principal= $5,056.92

Result

Monthly payment: $500.95

Over 5 years you'll pay $5,057 in interest on top of the $25,000 you borrowed — $30,057 total.

Student loan monthly payment at 6.5%

Each row runs the balance through the standard amortising formula at 6.5%. The last column is the total interest paid over the 20-year term.

Loan balance	10-year payment	15-year payment	20-year payment	25-year payment	Total interest over 20 years
$10,000	$113.55	$87.11	$74.56	$67.52	$7,894
$20,000	$227.10	$174.22	$149.11	$135.04	$15,788
$30,000	$340.64	$261.33	$223.67	$202.56	$23,681
$50,000	$567.74	$435.55	$372.79	$337.60	$39,469
$75,000	$851.61	$653.33	$559.18	$506.41	$59,203
$100,000	$1,135.48	$871.11	$745.57	$675.21	$78,938

The ten-year column is the US federal standard repayment plan and the one that minimises interest. Stretching $50,000 from 10 to 25 years drops the payment by $230 a month and roughly doubles the interest. This is straight amortisation and deliberately does not model the features that make student debt different: income-driven plans that cap payments as a share of discretionary income and may forgive a balance after 20 to 25 years, the interest subsidy on subsidised federal loans while you are in school, grace periods, and capitalisation of unpaid interest at the end of deferment. Federal and private loans behave very differently - check which you have before choosing a term on payment size alone.

Federal vs private student loans

Federal student loans (Direct Subsidized/Unsubsidized) have fixed rates set by Congress, income-driven repayment options, and forgiveness programs (PSLF). Private loans have variable or fixed rates set by the lender, fewer protections, and no forgiveness. Always exhaust federal options first.

Strategies to pay off faster

Paying even $50 extra per month shortens your loan by months or years. Target the highest-rate loan first (avalanche method) or the smallest balance first (snowball method for motivation). Refinancing to a lower rate saves interest but forfeits federal protections.

Income-driven repayment plans

Federal loans offer plans that cap payments at 10–20% of discretionary income: SAVE (newest, most generous), IBR, PAYE, and ICR. After 20–25 years of payments, remaining balance is forgiven (may be taxable). PSLF forgives after 10 years of payments while working for a qualifying employer (government, non-profit).

Frequently asked questions

How much will my student loan payment be?

On the standard 10-year plan: Payment = Loan × [r(1+r)^120] / [(1+r)^120−1], where r is monthly rate. A $35,000 loan at 5.5% for 10 years: $380/month, $10,558 total interest. At 6.8%: $403/month, $13,336 interest. Extending to 20 years lowers the payment but roughly doubles the interest.

Should I refinance my student loans?

Refinance if: you have strong credit (700+), stable income, and your current rate is above market rates. Don't refinance federal loans unless you're sure you won't need income-driven repayment, forbearance, or loan forgiveness — refinancing into a private loan permanently forfeits these federal protections.

How much student loan debt is too much?

The common guideline: total student loan debt should not exceed your expected first-year salary. A $50K loan on a $55K starting salary is manageable. A $120K loan on a $40K salary is a financial crisis. Monthly payment should stay under 10% of gross income for comfortable repayment.