Student Loan Calculator
Estimate monthly payments and total cost of student loan repayment.
Calculator
Monthly payment
$402.78
Total interest
$13,333.74
Total paid
$48,333.74
Projection
What is student loan?
Student loans fund education but can take decades to repay. This calculator estimates monthly payments and total interest under a standard repayment plan.
Example
A $35,000 student loan at 6.8% over 10 years costs $403/month and $13,304 in interest.
Money-saving tips
- •Pay interest while in school to prevent capitalization.
- •Consider income-driven repayment if income is low.
- •Make extra payments toward principal to save on interest.
Common mistakes
- •Choosing extended plans that lower payments but double total interest.
Financial definitions
- Capitalization
- Adding unpaid interest to the loan principal, increasing the balance.
Frequently asked questions
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Estimated reading time: 5 min