Student Loan Calculator
Enter your loan balance, interest rate, and repayment term to instantly see your monthly payment, total interest, and payoff date — plus how much extra payments can save you.
Get Your Budget Under Control
Knowing your student loan payment is step one. The next step is building a budget that balances loan payments, living expenses, and savings. Our Notion Budget Tracker makes it simple.
Get the Notion Budget Tracker →How Student Loan Repayment Works
Student loan repayment uses an amortization schedule — each monthly payment covers interest first, then the remainder goes to principal. In early years, most of your payment goes toward interest. Over time, the split shifts and more goes toward paying down the balance.
The standard formula for your monthly payment is the same as any amortizing loan:
M = P × [r(1+r)n] / [(1+r)n − 1]
- M = monthly payment
- P = loan balance
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)
Extra payments go directly to principal, which reduces the balance faster and saves you money on interest.
Tips to Pay Off Student Loans Faster
- Make extra payments — Even $50/month extra can save thousands in interest and cut years off your loan. Use the calculator above to see the impact.
- Target the highest-rate loan first — If you have multiple loans, pay minimums on all but throw extra money at the highest interest rate (the "avalanche method").
- Set up autopay — Most servicers offer a 0.25% rate discount for enrolling in automatic payments.
- Use windfalls wisely — Tax refunds, bonuses, and gifts can make a big dent when applied to principal.
- Refinance if rates drop — If your credit has improved since school, you may qualify for a lower rate. Run the numbers before refinancing federal loans (you lose income-driven repayment options).
- Track your budget — Use a budget calculator or budget tracker to find extra money in your spending.
Related Tools & Resources
- 50/30/20 Budget Calculator — See how your loan payment fits into your overall budget
- Debt Payoff Calculator — Plan a strategy for all your debts, not just student loans
- How to Pay Off Student Loans Fast — Proven strategies from people who did it
Frequently Asked Questions
What is the standard repayment plan?
The standard federal repayment plan is 10 years (120 payments) with fixed monthly payments. This is the default plan when you enter repayment and typically results in the least total interest paid among federal options.
How do extra payments help?
Extra payments go directly toward your principal balance, which means less interest accrues in future months. This creates a snowball effect — each extra payment makes the next month's interest charge slightly smaller. Even $50-100/month extra can save thousands of dollars and shave years off your payoff date.
Should I refinance my student loans?
Refinancing makes sense if you can get a significantly lower interest rate and you do not need federal protections like income-driven repayment, Public Service Loan Forgiveness, or deferment options. Private loans are generally safe to refinance; federal loans require more careful consideration. Always run the numbers with this calculator first.