Student Loan Repayment Calculator
Standard monthly payment and payoff time with extra payments.
🔒 Runs entirely in your browser — nothing here is ever uploaded
About the Student Loan Repayment Calculator
Calculates your standard fixed monthly student loan payment over a chosen repayment term, plus how much sooner you'd finish — and how much interest you'd save — by paying extra each month.
- Enter your Loan balance and Interest rate.
- Enter the Repayment term in years — the standard federal Direct Loan term is 10 years.
- Optionally enter an Extra monthly payment to see the time and interest it would save.
- Read your standard monthly payment and, if entered, the extra-payment comparison in the result panel.
A $28,000 balance at 6.5% over the standard 10-year term comes to about $318/month; an extra $50/month cuts real time off both the term and the total interest paid — the exact amount depends on your own balance and rate.
| Fact | Detail |
|---|---|
| Rate type | Fixed for the life of each loan, once disbursed — never changes after that, even if new rates are set for future borrowers |
| Reset schedule | New rates are set annually each July 1, for loans first disbursed on or after that date |
| How the rate is calculated | The final 10-year Treasury note high yield from that year's May auction, plus a fixed statutory add-on set by law |
| Add-on by loan type | Direct Subsidized/Unsubsidized (undergraduate) has the lowest add-on; Direct Unsubsidized (graduate/professional) is higher; Direct PLUS is the highest |
| Where to get today's exact rate | studentaid.gov's own interest-rates page — this calculator asks for your specific rate as an input rather than assuming one, since it depends on your loan type and disbursement date |
This does not model income-driven repayment (IDR) plans or the new Repayment Assistance Plan (RAP) introduced for 2026 — those size your payment to a percentage of income rather than a fixed schedule, and the rules governing them are changing this year. If you're on or considering an income-driven plan, use the official calculator at studentaid.gov rather than this one.
- • An extra payment on a student loan generally goes toward the balance directly (confirm your servicer applies it that way, not toward a future payment) — that's what makes it effective at cutting total interest.
- • Refinancing to a lower rate helps most borrowers with private loans; federal borrowers should weigh the loss of federal protections (income-driven plans, forgiveness programs) before refinancing federal debt with a private lender.
- • Run the numbers with a couple of different extra-payment amounts — even a modest, sustainable extra payment compounds meaningfully over a 10-year term.
- Wikipedia — Student loans in the United States (Standard Repayment Plan) — accessed 2026-08-29
Illustrative estimate only, not financial or tax advice. Verify figures with a licensed adviser or your local tax authority.