Student Loan Calculator
Estimate your monthly student loan payments.
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Plan Your Student Debt Repayment
This calculator is designed to help you understand the long-term financial impact of your student loans. By entering your total loan amount, interest rate, and repayment term, you can estimate your monthly payments and see the total amount you'll pay back over the life of the loan, including all interest.
The Loan Formula Explained
This tool uses the standard formula for an amortizing loan to calculate your fixed monthly payment. M = P[r(1+r)^n] / [(1+r)^n - 1]
- M = Your monthly payment
- P = The total principal loan amount
- r = Your monthly interest rate (annual rate divided by 12)
- n = The total number of payments (loan term in years multiplied by 12)
How to Use the Calculator
- Loan Amount: Enter the total amount of student debt you have.
- Interest Rate: Enter the average annual interest rate for your loans.
- Loan Term: Input the repayment period in years (a standard term is 10 years).
Real-World Example
You have $35,000 in student loans at an average interest rate of 5.8%, and you are on a standard 10-year repayment plan.
- Principal (P): $35,000
- Monthly Interest Rate (r): 5.8% / 12 ≈ 0.00483
- Number of Payments (n): 10 years * 12 = 120
- Your estimated monthly payment would be $385.01.
- Total Paid: $385.01 * 120 = $46,201.20
- Total Interest: $46,201.20 - $35,000 = $11,201.20
Frequently Asked Questions (FAQ)
- What if I have multiple loans with different interest rates? You should calculate a weighted average interest rate for the most accurate result, or you can calculate the payment for each loan separately and add them together.
- What about income-driven repayment plans? This calculator is for standard, fixed-payment plans. Income-driven plans (like IBR or PAYE) have payments that are based on your discretionary income and would require a different type of calculator.
- Can I pay more than the monthly payment? Yes, and it's a great idea! Paying extra each month will reduce your principal faster and save you a significant amount of money on interest over the life of the loan. Ensure any extra payments are applied directly to the principal.