Student Loan Calculator
Calculate your student loan monthly payment, total interest paid, and payoff date — including grace period interest and an income-based repayment estimate.
Optional. Used to estimate Income-Based Repayment (IBR).
How to Use the Student Loan Calculator
- 1
Enter your total student loan balance and the annual interest rate. Federal undergraduate loan rates for 2026 are 6.53% and graduate loan rates are 8.08%. Check your loan servicer account for your exact rate.
- 2
Select your repayment term. The standard federal plan is 10 years. Longer terms lower your monthly payment but significantly increase total interest paid as shown in the comparison table.
- 3
Enter your grace period. Federal student loans have a standard 6-month grace period after graduation during which interest continues to accrue. Enter your annual income to see your estimated Income-Based Repayment payment.
- 4
Click Calculate to see your full payment breakdown, repayment term comparison, and complete amortization schedule. Download the free PDF to keep as a reference.
Example Student Loan Calculation
Scenario: Loan $30,000 | Rate 6.5% | Term 120 months | Grace Period 6 months | Income $45,000
- Grace Period Interest: $975.00
- Monthly Payment: $340.64
- Total Interest Paid: $10,877.27
- Interest as % of Loan: 36.26%
- IBR Estimated Payment: $186.75
- First Month Interest: $162.50
- First Month Principal: $178.14
- Payoff Date: September 2036
"In this example, interest accrues at about $162 per month. By paying $340 per month, you clear the debt in 10 years. An IBR plan would lower your payment to $187, making it more manageable but increasing the total time and interest paid."
Frequently Asked Questions
What is the grace period on student loans?
A grace period is the time after you graduate leave school or drop below half-time enrollment before you must begin making payments on your federal student loans. Federal Direct Subsidized and Unsubsidized loans have a standard 6-month grace period. During this time interest continues to accrue on Unsubsidized loans which slightly increases your total repayment cost. PLUS loans do not have a grace period by default.
What is Income-Based Repayment (IBR)?
IBR is a federal repayment plan that caps your monthly student loan payment at a percentage of your discretionary income. The SAVE plan introduced in 2023 caps payments at 5% to 10% of discretionary income defined as income above 225% of the federal poverty line. After 10 to 25 years of qualifying payments any remaining balance may be forgiven.
Should I pay off my student loans early?
Paying extra toward your student loans reduces your principal faster which saves significant interest over time. However if your loan rate is below 6% it may be better to invest the extra money in index funds which historically return 7% or more annually. For loans above 7% early payoff usually wins mathematically.
Subsidized vs. Unsubsidized loans?
With a Direct Subsidized loan the federal government pays the interest while you are in school at least half-time during the grace period and during deferment periods. With a Direct Unsubsidized loan interest accrues from the moment the loan is disbursed and you are responsible for all interest.
Disclaimer: This report is generated for informational purposes only. TheCalcTool is not a licensed financial legal or tax advisor. Student loan calculations are estimates based on the inputs provided assuming a fixed interest rate. Federal student loan rates and income-based repayment plans are subject to change by federal legislation. IBR estimates use 10% of discretionary income based on 150% of the 2026 federal poverty line for a single person. Actual payments under federal repayment plans depend on family size income and the specific plan chosen. Please consult the Federal Student Aid website at studentaid.gov or a qualified financial advisor for personalized guidance.