Student Loan Calculator
Estimate student loan payments and interest.
Debt Strategy
Always prioritize higher interest loans. Even small extra payments can drastically reduce your repayment timeline.
Project Your Future
Enter your student loan details to visualize your repayment journey and total cost of borrowing.
Managing Your Student Loans
Student loans are a common way to finance higher education, but understanding the long-term cost is crucial for financial planning.
Financial Planning
Interest Rate: Federal student loans have fixed rates, while private loans can have fixed or variable rates.
Long-term Savings
Total Interest Paid: A longer term results in lower monthly payments but significantly more interest paid over the life of the loan.
Repayment Formula
P = [r * PV] / [1 - (1 + r)^-n]Where P is the monthly payment, r is the monthly interest rate, PV is the loan amount, and n is the total number of payments.
Repayment Scenarios
Standard 10-Year Plan
A $30,000 loan at 5% interest paid over 10 years results in $318/month.
Extended 25-Year Plan
The same $30,000 loan over 25 years reduces payment to $175 but costs $15k more in interest.