Student Loan Repayment Calculator

This calculator reveals how your student loan balance, interest rate and repayment term impact your monthly payment — and vice versa.

Use it to estimate your monthly bills or come up with an alternative repayment strategy for your student loans.

What is a student loan repayment calculator?

A student loan repayment calculator automatically calculates your monthly student loan payment based on three pieces of information:

  • Your student loan balance, or how much you owe
    Your interest rate, which is typically assigned when you borrow the loan
    Your loan term, or how many years you’ll be paying back your loan
    After you input each of these numbers, the calculator will show you how much you’ll be paying on your student loan each month.

How can this student loan calculator help me?

By using this calculator, you’ll discover exactly how your loan balance, interest rate and repayment term impact your long-term costs of borrowing.

If you want to get out of debt faster, shorten your loan term to see how much you’d need to pay each month.

On the flip side, you could use this calculator to see how extending your loan term would reduce your monthly payment.

If you’re looking to take control of your student loans, use this student loan repayment calculator to understand exactly how much you’d spend or save by changing your repayment strategy.

See how much you could save with a lower interest rate

You might also think about refinancing your student loans for lower rates. Through refinancing, you can choose new repayment terms and potentially save money on interest.

You can check your refinancing rates with online lenders with no impact on your credit score. If you pre-qualify for a lower rate, use this calculator to see how much money that new rate would save you over the life of your loans. If the savings are significant, it might make sense to refinance.

But be careful about refinancing your federal student loans with a private lender, as doing so means sacrificing federal repayment plans and forgiveness programs.