Student Loan Calculator

Calculate your student loan payments and see how different repayment strategies affect your total cost. Plan your education loan payoff with confidence.

Loan Information

Total Loan Amount

Interest Rate

Repayment Term

years

Monthly Payment

$518.19

For 120 months (10 years)

Total Interest

$12,183

Cost of education financing

Total Repayment

$62,183

Principal + interest

Repayment Summary

Loan amount$50,000

Interest rate4.5%

Repayment term10 years

Interest as % of loan24.4%

Sallie Mae

Private student loans with competitive rates

Important Legal Disclaimer

For Educational and Informational Purposes Only: This calculator provides estimates and approximations based on the information you provide. Results are not exact and should not be relied upon for any official, legal, financial, medical, or professional purposes.

No Professional Advice: The calculations and information provided do not constitute financial advice, legal advice, tax advice, medical advice, or any other form of professional consultation. Always consult with qualified professionals (financial advisors, attorneys, tax professionals, healthcare providers, etc.) before making important decisions.

No Liability: By using this calculator, you acknowledge that the results are estimates only. We make no warranties or guarantees about the accuracy, completeness, or reliability of the calculations. Use of this tool is at your own risk.

This disclaimer complies with applicable U.S. federal and state laws regarding the provision of informational tools and the limitation of liability for educational resources.

Abbreviations Explained

APR (Annual Percentage Rate): The yearly interest rate on your student loan, which determines how much you'll pay in interest.

Principal: The original amount borrowed for education expenses, not including interest.

Subsidized Loan: Federal loans where the government pays interest while you're in school at least half-time.

Unsubsidized Loan: Loans that accrue interest from the day they're disbursed, even while you're in school.

Grace Period: Time after graduation (typically 6 months) before loan repayment begins.

Deferment: Temporary postponement of loan payments, available under certain circumstances.

Forbearance: Temporary reduction or suspension of payments when you're experiencing financial hardship.

How the Calculation Works

Student loan payments are calculated using the standard amortization formula:

M = P × [r(1 + r)^n] / [(1 + r)^n - 1]

Where:

M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of payments (typically 120 for 10-year standard plan)

Example: $30,000 loan at 4.5% APR for 10 years:
• P = $30,000
• r = 0.045 ÷ 12 = 0.00375
• n = 120 payments
• Monthly payment = $311
• Total interest = $7,320