Student Loan Calculator
Calculate your student loan payments. Understand how loan amount, interest rate, and term affect your monthly payments and total interest paid.
Step 1: Loan Details
Understanding Interest Rates
Interest rates determine how much extra you’ll pay over the life of your loan. Federal loans typically have fixed rates, while private loans may offer variable rates.
Step 2: Repayment Details
About Repayment Plans
Standard plans have fixed payments over 10 years. Income-driven plans adjust based on your income. Extended plans lower monthly payments but increase total interest paid.
Loan Payment Results
Estimated Monthly Payment
Repayment Plan Comparison
| Repayment Plan | Monthly Payment | Total Interest | Payoff Date | Total Cost |
|---|
Loan Amortization Schedule
Loan Payment Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (term in years × 12).
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