Student Loan Calculator
Work out your student loan payment and what extra payments save.
Standard repayment
A standard student loan repayment plan splits your balance into equal monthly payments over a set term, often 10 years. Each payment covers the interest first, and the rest reduces what you owe.
Example
A 30,000 loan at 6.5% over 10 years costs 340.64 a month and about 10,877 in interest. Adding 100 a month clears it in 7 years 1 month and saves about 3,347 in interest.
This is a standard fixed-rate estimate. Income-driven plans, deferment, forbearance and forgiveness programs work differently, and interest may build up while you study, so check the rules for your loan type and country.
Frequently asked questions
Should I pay extra on student loans?
If the rate is high, extra payments save a lot of interest. If the rate is low, other uses of cash may do more for you. Keep an emergency fund first.
Can I use it for private loans?
Yes, for any fixed-rate loan with monthly payments.
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