Student Loan Calculator
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Estimate your monthly payment, total interest cost, and payoff date for federal or private student loans. Adjust your repayment term and see how the grace period affects your balance.
How to Use This Calculator
Enter Your Loan Details
Input your total loan balance, interest rate, and repayment term. Use the presets for common federal loan types (Subsidized, Unsubsidized, PLUS) or type a custom rate for private loans.
Set Your Grace Period
Most federal loans give you six months after graduation before payments begin. Interest accrues during this time on unsubsidized loans and gets added to your principal balance.
Review Your Results
See your estimated monthly payment, total interest, payoff date, and full amortization schedule. Compare different terms to find the right balance between monthly cost and total interest.
2025-2026 Federal Student Loan Rates
Fixed rates set annually by Congress. All federal loans have fixed rates for the life of the loan.
| Loan Type | Interest Rate | Borrower | Loan Limit |
|---|---|---|---|
| Direct Subsidized | 5.50% | Undergraduate | $3,500 - $5,500/yr |
| Direct Unsubsidized | 6.53% | Undergraduate | $2,000 - $7,000/yr |
| Direct Unsubsidized | 8.08% | Graduate | $20,500/yr |
| Direct PLUS | 9.08% | Parents / Graduate | Cost of attendance |
| Private Loans | 4% - 15%+ | Any | Varies by lender |
How Repayment Term Affects Total Cost
A longer repayment term lowers your monthly payment but increases the total interest you pay. Here is what a $35,000 loan at 6.53% looks like under different terms:
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 10 years | $398 | $12,760 | $47,760 |
| 15 years | $305 | $19,900 | $54,900 |
| 20 years | $262 | $27,880 | $62,880 |
| 25 years | $237 | $36,100 | $71,100 |
Extending from 10 to 25 years saves $161/month but costs an extra $23,340 in interest over the life of the loan.
| Loan Amount | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| $20,000 | $227 | $7,253 | $27,253 |
| $30,000 | $341 | $10,880 | $40,880 |
| $40,000 | $454 | $14,506 | $54,506 |
| $50,000 | $568 | $18,131 | $68,131 |
| $75,000 | $852 | $27,197 | $102,197 |
For the 2025-2026 academic year, federal Direct Subsidized and Unsubsidized loans for undergraduates carry a 6.53% fixed rate. Direct Unsubsidized loans for graduate students are 8.08%, and Direct PLUS loans (for parents and graduate students) are 9.08%. Private loan rates vary by lender and credit profile.
A grace period is the time after you graduate, leave school, or drop below half-time enrollment before you must start making payments. Federal student loans typically have a six-month grace period. During this time, interest still accrues on unsubsidized and PLUS loans and gets added to your balance (capitalized) when repayment begins.
With subsidized loans, the government pays the interest while you are in school at least half-time, during the grace period, and during deferment. With unsubsidized loans, interest starts accruing immediately and capitalizes when repayment begins. Subsidized loans are only available to undergraduates with demonstrated financial need.
Federal student loans offer several plans: Standard Repayment (fixed payments over 10 years), Graduated Repayment (payments start low and increase every two years over 10 years), Extended Repayment (fixed or graduated over 25 years, requires $30k+ in loans), and income-driven plans like SAVE, PAYE, IBR, and ICR that cap payments at a percentage of your discretionary income.
There is no prepayment penalty on federal student loans. Paying extra reduces total interest and shortens your payoff timeline. However, if you are on an income-driven repayment plan pursuing loan forgiveness (PSLF), paying extra may not make sense since the remaining balance gets forgiven after qualifying payments.
Capitalization happens when unpaid interest is added to your loan principal. This increases your balance and means you then pay interest on a larger amount. Common triggers include the end of a grace period, leaving a deferment or forbearance, switching repayment plans, or failing to recertify income for an income-driven plan.
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