Student Loan Repayment Calculator

Enter your total student loan balance — combine all loans of the same type or calculate them individually. Set your interest rate (check your loan servicer for the exact rate). Choose your repayment term in years — the standard federal plan is 10 years, but terms range from 5 to 25 years.

If you plan to make extra payments, adjust that slider to see the immediate impact on your payoff timeline and total interest. The calculator updates instantly, showing your monthly EMI, total interest, and the number of months to become debt-free.

Use the comparison tool to evaluate different repayment strategies — like a standard 10-year plan versus an accelerated plan with extra payments. The amortization schedule shows every single payment, and you can export it as CSV for your records.

Student loan payments for standard repayment plans use the same EMI (Equated Monthly Installment) formula as other fixed-rate installment loans:

EMI = P × r(1+r)ⁿ / ((1+r)ⁿ - 1)

Where P is your loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of months. This formula ensures equal monthly payments throughout the repayment period.

Early in repayment, a larger portion of each payment covers interest. As the balance decreases, more goes toward principal — this is called amortization. With a 10-year repayment on a $35,000 loan at 5.5%, you pay about $10,000 in total interest.

Extra payments bypass this schedule by rapidly reducing the principal. Each dollar of extra payment avoids future interest charges, creating a compounding savings effect. Our calculator tracks these savings month-by-month for precise projections.

Note: This calculator models standard fixed-payment repayment. Income-driven plans, graduated repayment, and extended plans have different payment structures not covered here.

1. Start paying during the grace period. Most student loans have a 6-month grace period after graduation. If you can start making payments during this time — even just interest payments — you prevent capitalization and reduce your total cost.

2. Set up autopay for a rate discount.Most federal and private servicers offer a 0.25% interest rate reduction when you enroll in automatic payments. It's free money and ensures you never miss a payment.

3. Target extra payments to high-rate loans. If you have multiple loans, direct extra payments to the highest interest rate loan first (avalanche method). This minimizes total interest across all your loans.

4. Explore employer repayment programs. Some employers offer student loan repayment assistance as a benefit. Up to $5,250 per year in employer student loan payments can be tax-free. Ask your HR department about available programs.

5. Apply windfalls to your balance. Tax refunds, bonuses, gift money, and side gig income can make powerful lump-sum payments. Even one $1,000 extra payment per year can save thousands in interest over your repayment term.