Student loan calculator: monthly payment and interest
Enter how much you will borrow, the interest rate and the repayment term to see your monthly payment and the total cost of the loan.
Enter a loan amount to see your monthly payment.
Your estimate
Estimated monthly payment
- Total paid
- Total interest
- Interest in month one
- Share of yearly pay
An estimate for a fixed-rate loan paid in equal monthly installments. It does not include in-school interest, fees, deferment, forbearance or income-driven plans.
Worked example: $27,000 on the 10-year plan
Borrowing $27,000 at 6.52% over 10 years gives a monthly payment of about $307. Over the full term you would pay $36,823, of which $9,823 is interest.
Federal loans on the Standard Repayment Plan use a fixed payment for up to ten years. The payment M comes from the loan amount P, the monthly rate r (annual rate divided by 12) and the number of monthly payments n:
M = P × r ÷ (1 − (1 + r)−n)
Rates for the 2026-27 award year apply to loans first disbursed from July 1, 2026 through June 30, 2027: 6.52% for undergraduate Direct Loans, 8.07% for graduate unsubsidized loans and 9.07% for PLUS loans. Announced June 4, 2026 by the U.S. Department of Education and verified October 5, 2026. Source: U.S. Department of Education, Federal Student Aid (fsapartners.ed.gov). studentaid.gov
How the loan calculator works
The calculator uses the standard amortization formula behind a fixed-rate loan. Each month part of your payment covers the interest that built up and the rest reduces what you owe, so early payments are mostly interest and later ones mostly principal.
On the federal Standard Repayment Plan the term is ten years, which is the default here. A longer term lowers the monthly payment but raises the total interest, and a shorter term does the opposite. Try several terms to see the trade-off.
If you pick a college, the calculator fills in the median debt of its graduates and their median earnings four years after finishing, both from the College Scorecard, so you can see whether the monthly payment looks manageable for that school's typical graduate.
How to read your result
Look at the monthly payment first and ask whether it fits your budget. Then look at total interest, the price you pay for borrowing over time. A lower rate or a shorter term cuts it.
The share of yearly pay is a quick affordability check. Many advisers suggest keeping total student loan payments to roughly 10 percent of gross income, but your own rent, family and other debts matter as much as any rule of thumb.
Remember that the result covers only the loan you enter. Interest on unsubsidized loans can build up while you study, so the balance at graduation may be higher than the amount you borrowed.
Frequently asked questions
What is the current federal student loan interest rate?
For Direct Subsidized and Unsubsidized loans to undergraduates first disbursed from July 1, 2026 through June 30, 2027, the fixed rate is 6.52%. Graduate unsubsidized loans are 8.07% and PLUS loans are 9.07%. A loan's rate stays fixed for its whole life.
Does this include the loan fee?
No. Federal loans can carry an origination fee that is deducted before the money is paid out, so you receive slightly less than you borrow. Add it to your own numbers if you want to model it.
What if I choose income-driven repayment?
This tool models a fixed 10-year schedule. Income-driven plans set the payment as a share of your income instead, so the result will differ. See our guide to federal loans for the options.
Where does the school debt number come from?
It is the median federal debt of students who completed at that college, reported in the College Scorecard. The Scorecard also estimates a typical monthly payment, which we show for comparison.
Can I use this for private loans?
Yes. Enter the rate and term from your lender's offer. Variable-rate private loans can change over time, so the result is only an estimate.
Related guides and tools
Data: College Scorecard, June 2026