Student Loan Interest Calculator
Calculate total interest paid, monthly payments, and repayment timeline for your student loans. Understand how interest affects your total repayment amount.
Step 1: Loan Details
Understanding Student Loan Interest
Interest rates vary by loan type. Federal loans typically have fixed rates, while private loans may have variable rates. Interest compounds daily on most student loans.
Step 2: Repayment Options
About Repayment Plans
Standard plans have fixed payments over 10 years. Income-driven plans adjust payments based on your income but may extend the repayment period and increase total interest paid.
Student Loan Calculation Results
Monthly Payment
Repayment Plan Comparison
| Repayment Plan | Monthly Payment | Total Interest | Total Amount |
|---|
Annual Payment Breakdown
Student Loan Formula
Monthly Payment = [P × r × (1+r)^n] ÷ [(1+r)^n – 1]
Where P = principal amount, r = monthly interest rate (annual rate ÷ 12), n = total number of payments (years × 12). This is the standard amortization formula.
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