Student Loan Calculator
Estimate payments, total cost, and payoff timeline for your student loans.
Yearly Amortization Schedule
| Year | Interest Paid | Principal Paid | Remaining Balance |
|---|
What is a Student Loan Calculator?
A student loan calculator helps you understand the true cost of borrowing for education. It shows your monthly payment, total interest, payoff date, and how extra payments can save you money.
How to Use This Calculator
- Enter your current loan balance and annual interest rate.
- Enter the loan term in years (common terms are 10, 15, 20, or 25 years).
- Optionally enter an extra monthly payment to see potential savings.
- Click Calculate to view your repayment details and amortization schedule.
Frequently Asked Questions
How is the monthly payment calculated?
Monthly payments use the standard amortization formula based on loan balance, interest rate, and term length. Interest accrues daily on most student loans.
Can I pay off my student loans early?
Yes, federal and most private student loans allow prepayment without penalty. Even small extra payments can significantly reduce total interest.
What is the difference between subsidized and unsubsidized loans?
Subsidized loans do not accrue interest while you are in school. Unsubsidized loans begin accruing interest immediately upon disbursement.
Should I refinance my student loans?
Refinancing may lower your interest rate, but you may lose federal benefits like income-driven repayment and loan forgiveness. Evaluate carefully.