Student loan calculator
Work out your student loan payment, total interest and payoff date, including any time before repayments start.
Results
Monthly payment
$334.53
This is your payment each month for 10 years at 5.5%, once repayments start after 6 months.
- Balance when repayment starts
- $30,825.00
- Interest before repayments start
- $825.00Added to the loan when repayments start
- Total interest
- $10,143.87Including interest from before repayments start
- Total paid
- $40,143.87
- Time to pay off
- 10 yearsFrom the first repayment
- Last payment
- —
Loan balance over time
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How it works
Before repayments start (often while you study) no payments are due, but interest still builds up each month on the amount you borrowed. If that interest is added to the loan when repayments begin, you pay interest on it too. From the first repayment, the loan is cleared with equal monthly payments, and any extra payment cuts the balance directly so the loan ends sooner.
Formula
- Interest before repayments = balance × r × months before repayments start, with r = yearly rate ÷ 12 ÷ 100
- Balance when repayments start = balance + that interest (if added to the loan)
- Monthly payment = balance when repayments start × r ÷ (1 − (1 + r)^−n), n = years × 12
- Total interest = interest before repayments + interest during repayment
Frequently asked questions
What does adding interest to the loan mean?
Interest that builds up while you aren't repaying can be folded into the loan when repayment starts. From then on you are charged interest on that interest as well, which raises both the monthly payment and the total cost. Paying the interest as it builds up keeps the balance at the amount you borrowed.
Do student loans work the same way in every country?
No. Some public schemes link repayments to your income or write off what is left after a set number of years, and their rates can change over time. This calculator models a standard fixed-payment loan, so treat it as a guide for schemes that work differently.
Is it worth paying extra on a student loan?
Extra payments reduce the balance straight away, so less interest builds up and you finish sooner. The higher your rate, the more you save. If you have debts with higher rates, paying those down first usually saves more.
Why isn't interest charged on interest before repayments start?
Many education loans charge simple interest while repayments are paused and only add it to the loan once, when repayments begin. That is what we model. If your lender charges interest on interest during the pause, your real balance at the start of repayment will be slightly higher.
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Results are estimates only, not financial advice. Read the disclaimer.