🎓 Zero Data Storage
Student Loan Calculator
Calculate your exact monthly payment, total interest, payoff date and full amortization schedule — supports 12 global currencies.
🎓 Loan Details
USD
30,000 USD
%
6.5%
yrs
10 yrs
USD
%
%
📊 Results US Dollar (USD)
💳
Fill in your loan details and click⚡ Calculate My Loan
💡 Money-Saving Tips
💸
Extra Payments
Even an extra 5–10% monthly payment can slash years off your loan and save thousands in interest.
🔄
Refinancing
If your credit score improved since taking the loan, refinancing at a lower rate can save significant money.
📅
Bi-Weekly Payments
Pay half your monthly payment every two weeks — you'll make 13 full payments yearly instead of 12.
🎯
Income-Driven Plans
US federal loans offer income-driven repayment — payments capped at 5–10% of discretionary income.
🏦
Auto-Pay Discount
Many lenders offer 0.25% rate reduction for auto-pay enrollment — small but adds up over 10 years.
🧾
Tax Deductions
In many countries, student loan interest is tax-deductible — up to $2,500/yr in the US (income limits apply).
❓ Frequently Asked Questions
How is the monthly student loan payment calculated? ▼
The standard formula is: M = P × [r(1+r)^n] / [(1+r)^n – 1] where P = principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of payments (years × 12). This calculator applies this formula exactly.
What is an amortization schedule? ▼
An amortization schedule is a complete table of all loan payments, broken down month by month into principal and interest portions. Early payments are mostly interest; later payments are mostly principal. This calculator generates the full schedule automatically.
How much does an extra monthly payment save? ▼
Extra payments go entirely toward reducing principal, which reduces future interest. For a 30,000 USD loan at 6.5% over 10 years, an extra 100 USD/month saves approximately 1,400 USD in interest and pays off the loan 14 months early. Use the "Extra Monthly Payment" field to calculate your exact savings.
What is a grace period for student loans? ▼
A grace period is a window (typically 6 months) after graduation before your first payment is due. During this time, interest may still accrue and be capitalized (added to your principal) at repayment start, increasing your effective loan balance. Enter the grace period in Advanced Options to see its impact.
What is the difference between interest rate and APR? ▼
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees (like origination fees), expressed as a yearly rate. APR gives a more complete picture of the true cost of the loan. Enter an origination fee in Advanced Options to see your effective APR.
📖 How to Use This Calculator
- Select your currency from the dropdown (12 options).
- Enter your loan amount — use the slider or type directly.
- Set your annual interest rate and loan term in years.
- Optionally, expand Advanced Options for grace period or extra payments.
- Click ⚡ Calculate My Loan to see all results.
- Scroll down for the bar chart, balance chart, and full amortization table.
- Use ⬇ Download CSV to save the amortization schedule.