How It Works
The calculator applies standard amortization to a starting student-loan balance. Actual federal or private student-loan repayment can use different rules.
The calculator treats the balance as a fixed-rate installment loan and calculates a level monthly payment from the rate and term you enter. It does not model capitalization events, grace periods, deferment, forgiveness, or income-based formulas.
Your result is a planning estimate: actual student-loan statements can differ because federal and private loans have different repayment rules, servicing practices, and fees.
Formula
- P — Loan principal
- i — Monthly interest rate
- n — Number of monthly payments
Example
Example inputs: Balance $30,000, rate 6.5%, 10-year term.
Result: Estimated payment: about $341/month; total interest depends on the exact amortization schedule.
Frequently Asked Questions
Does this model federal income-driven repayment?
No. It models a standard fixed-payment schedule and does not estimate eligibility or payments under federal income-driven plans.
Why can my actual student-loan payment differ?
Federal and private loans can use different repayment plans, interest rules, capitalization events, and fees. Compare this estimate with your loan servicer's payment schedule.
Can I use this for an income-driven repayment plan?
No. Income-driven plans use eligibility rules and income and family-size information rather than a simple fixed amortization formula. This calculator is for a standard fixed-payment estimate.
This calculator provides estimates for informational purposes only and should not be considered financial, tax, or legal advice.