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Estimate how much you will pay for a student loan with our student loan calculator.

Enter loan information

? Enter the total amount borrowed $

? Enter your annual interest rate %

? Enter the amount of time you have to repay your loan (120 months is the standard) months

Total Payment

Total Payment


Total Interest


Monthly Payment


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Frequently Asked Questions about Student Loans

How do lenders calculate interest on student loans?

The interest rate on your student loans is calculated as a percentage of your loan principal and is compounded daily.

Your daily interest rate is determined by multiplying your loan balance by your interest rate and then dividing that by the number of days in the year.

Say your loan balance is $10,000 with a 5 percent interest rate. This means your daily interest is $1.369. So in a typical month, you’ll owe about $41 ($1.396 x 30).

How long will it take to pay off my student loan?

How long it’ll take you to pay off your student loans depends on the repayment plan you’re on, as well as your income and other factors, such as whether you’re able to make extra payments.

For instance, a Standard-10 year repayment plan lasts 120 months, assuming you can make regular minimum monthly payments. If you can pay more than the minimum required amount, or make extra payments, you could significantly cut that down.

On the other hand, if you’re having trouble keeping up with your monthly payments, you could opt for an income-driven repayment plan (note that income-driven plans are an option if you have federal student loans, but are not offered by most private student loan lenders). IBR plans calculate your monthly payment as a percentage of your income but extend the term of your loan, which means you’ll end up paying more overall in interest.

Use our student loan repayment calculator to find out how long it will take you to pay off your loan based on your monthly payments.

How much do you pay each month for student loans?

Your student loan monthly payment is determined by a number of factors, such as your principal loan balance, interest rate, and your repayment plan.

*Private student loan lenders offers a number of repayment plans to suit individual borrower’s needs. You can learn more about repayment options for private student loans here.

For example, your monthly payment for a $30,000 student loan will be different on a 10-year Standard Repayment plan and an income-driven repayment plan.

Which repayment plan you choose depends on your personal situation.

About the author
Jamie Young
Jamie Young

Jamie Young is a Credible authority on personal finance. Her work has been featured by Time, Business Insider, Huffington Post, Forbes, CBS News, and more.

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