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Our goal here at Credible is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

When it comes to student loans, the total amount you’ll end up repaying can be more than the amount you initially took out. It’s a good idea to use a student loan interest calculator to help you estimate the total amount you’ll owe as well as your monthly payment — so you can stay on top of your loans.

Worried about doing the calculation on your own? Don’t be. We got you. Our student loan calculator below will do the work for you!

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


Need to finance your next semester?

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Frequently Asked Questions about student loans

How to calculate student loan interest

Here’s how to use the calculator above to figure out your student loan interest:

  1. Enter your total loan amount
  2. Enter your interest rate
  3. Enter the loan term in months (120 is standard)

Once you enter your information, you’ll be able to see what your estimated monthly payment will be, the total you’ll pay in interest over the life of your loan, and the total you’ll pay back (including that interest).

For example, let’s say you borrowed $15,000 at a rate of 5% over the standard 10-year repayment plan. This is what your results would look like:

  • Total payment: $19,091
  • Total interest: $4,092
  • Monthly payment: $159

When does interest accrue on my student loans?

The interest on your student loans begins to accrue at different times, depending on the type of loans you have:

  • If you have subsidized loans: The federal government pays the interest for you while you’re in school. But once you graduate and your grace period is over, you’re on the hook for the interest.
  • If you have unsubsidized loans: Interest begins to accrue immediately when the loan is disbursed. Although you won’t have to pay while you’re in school, the interest is still your responsibility, so it’s a good idea to at least pay the interest if you can to get ahead of your debt.
  • If you have PLUS loans: These are unsubsidized loans, so the interest begins to accrue as soon as the loan is disbursed.
  • If you have private student loans: The interest also begins to accrue as soon as the loan is sent to your school.

Find Out: What Is Capitalized Interest on Student Loans?

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

How long it’ll take you to pay off your student loans depends on your repayment plan, income, and other factors.

A standard 10-year repayment plan is 120 months, assuming you can make regular minimum monthly payments. But if you can pay more than the minimum monthly payment, 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. IDR plans are an option if you have federal student loans, but are not offered by most private student loan lenders.

If you’re still looking for the right student loan for your situation, you’ve come to the right place. Credible makes it easy for you to compare private student loans, so you can find the right fit. Just fill out a single form and you can see prequalified rates from all of the lenders below in just 3 minutes.

LenderFixed rates from (APR)Variable rates from (APR)
discover5.09% - 12.49%62.15% - 10.37%6
4.74% - 11.85%92.00% - 10.01%9
Compare rates without affecting
your credit score. 100% free!

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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 6Discover Disclosures | 8EDvestinU Disclosures | 9Sallie Mae Disclosures

Citizens Bank Student Loan Rate Disclosure Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 1, 2020, the one-month LIBOR rate is 0.92%. Variable interest rates range from 1.95%-10.28% (1.95%-10.13% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.40%-12.19% (4.40% - 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co- signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
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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