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Student Loan Calculator
Know what a student loan really costs before you sign. Enter the amount, rate, term and any grace period, then press Calculate to see your monthly payment and total interest.
Written by TopicDrill Editorial Team·Updated June 2026
What you actually pay
Principal$30,000
Grace interest$975
Repayment interest$11,231
Balance over time
Remaining balanceAdvertisement
How the student loan calculator works
The tool first decides what you owe when repayment begins. If you set a grace period, interest accrues on the balance during those months. Choosing to capitalize folds that interest into the principal, so repayment starts from a larger figure. From there it builds a standard amortized payment that clears the loan exactly at the end of the term.
The chart traces your remaining balance as it falls month after month. The curve is shallow at first because early payments are mostly interest, then it steepens as more of each payment chips away at the principal you still owe.
A quick example
Borrow 30,000 dollars at 6.5 percent over 10 years with a six month grace period and capitalized interest. Roughly 975 dollars of grace interest is added to the balance, the monthly payment lands near 350 dollars, and you repay close to 42,000 dollars in total. About 12,000 dollars of that is interest, which is the price of borrowing.
Things to keep in mind
Federal loans offer protections and repayment options that private loans may not, so compare carefully before borrowing. The official starting point is StudentAid.gov. If a chunk of your balance might be written off after years of payments, try our student loan forgiveness calculator.
Frequently asked questions
How is the monthly student loan payment calculated?
The tool spreads the balance evenly across the repayment term using a fixed payment, where each payment first covers the interest for that month and the rest reduces the principal. As the balance falls, less of every payment goes to interest and more goes to principal.
What is a grace period and why does it matter?
A grace period is the stretch after you leave school before payments begin, often around six months. On unsubsidized loans interest still builds during this time, so a longer grace period means a larger balance once repayment starts.
What does capitalizing interest mean?
Capitalizing means the interest that piled up during the grace period gets added to your principal. From then on you pay interest on that interest, which raises both the monthly payment and the total cost, so it is worth paying grace interest early if you can.
How can I pay less interest on a student loan?
Pay more than the minimum so extra money goes straight to principal, make interest payments during the grace period to avoid capitalization, or choose a shorter term to cut the number of months interest can accrue. Refinancing to a lower rate can also help if you qualify.
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