How this calculator works
The payment uses the fixed-rate loan formula on your balance, rate and repayment term. The schedule shows each year's split between interest and principal and the remaining balance.
Worked example
With the example values below: Monthly payment, $338.97 (10-year repayment). Change any number above to run your own.
What you enter
| Input | Example |
|---|---|
| Loan balance | $30,000 |
| Interest rate | 6.39% |
| Repayment term | 10 yrs |
Federal vs. private student loans
Federal student loans have fixed rates set by Congress each year, standard origination fees, and protections such as income-driven repayment, deferment and forgiveness programs. Private loans come from banks and lenders, with rates based on credit, and offer far fewer protections.
Undergraduate federal Direct Loans currently carry an origination fee of 1.057%, deducted from each disbursement; PLUS loans charge 4.228%. Rates for new loans are reset every July 1 based on the 10-year Treasury auction.
Repayment plans for 2026
For federal loans made on or after July 1, 2026, borrowers choose between a standard plan, with fixed payments over 10 to 25 years depending on the balance, and the income-based Repayment Assistance Plan (RAP). Borrowers with older loans can keep their current plans for now, though some legacy plans are being phased out by July 2028.
This calculator shows the standard fixed payment for any balance, rate and term. To compare income-based payments, use the income-driven repayment calculator.
How much student debt is manageable
A common guideline is to keep total student debt below your expected first-year salary, so that standard 10-year payments stay around 10% to 15% of gross income. A $40,000 balance at 6.5% over 10 years costs about $454 a month; on a $50,000 salary that's about 11% of gross pay.
Borrow federal loans first, then compare private loans only if you still need more. Accept only what you need each year; you can usually decline or reduce a loan after it's offered.
Ways to pay less interest
- Pay interest while in school or during the grace period so it isn't added to the balance.
- Enroll in autopay; many servicers take 0.25 percentage points off your rate.
- Pay extra toward principal; see the student loan payoff calculator.
- Pay biweekly; see the biweekly student loan payment calculator.
- Refinance private loans if your credit has improved; see the student loan refinance calculator.
Frequently asked questions
How are student loan payments calculated?
On the standard plan, with the fixed loan formula using your balance, interest rate and term. $30,000 at 6.5% over 10 years is about $341 a month, with about $10,900 of total interest.
How long does it take to pay off student loans?
The federal standard plan has historically been 10 years; for loans made from July 2026 it runs 10 to 25 years depending on balance. Income-based plans can last 20 to 30 years. Extra payments shorten any of them.
Is student loan interest tax-deductible?
Yes, up to $2,500 a year of interest paid on qualified student loans, whether or not you itemize. The deduction phases out at higher incomes.
What are federal student loan interest rates?
They're fixed for the life of each loan and set every July 1 for new loans, based on the 10-year Treasury auction plus a fixed add-on: lowest for undergraduates, higher for graduate students and highest for PLUS loans.
Should I pay off student loans or invest?
Capture any employer retirement match and keep an emergency fund first. Then compare your loan rates with expected investment returns: paying off loans above about 6% to 7% is a strong guaranteed return. If you're pursuing Public Service Loan Forgiveness, paying extra usually doesn't help.
Grow what this calculator projects.
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Estimates for planning only, not financial, tax or legal advice. Tax tools use 2026 federal figures (brackets, $16,100 / $32,200 standard deduction, $19,000 gift exclusion, $15M lifetime exemption). Rates shown as defaults are examples; replace them with quotes you actually receive.