Student Loan Calculator

Plan your student loan repayment — compare standard, extended, and accelerated plans.

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Student Loan Repayment

Enter your loan details and compare repayment strategies.

Standard monthly payment
$0
Total interest: $0
Standard monthly
$0
Standard total interest
$0
Accelerated monthly
$0
Accelerated payoff
0 yrs
Interest saved
$0
Total with extra payments
$0

Worked example

With the default inputs shown below, this calculator returns the following results:

InputValue
Total loan balance ($)$50,000
Interest rate (%)5.5%
Standard term (years)10 years (standard)
Extra monthly payment ($)$100
ResultValue
Standard monthly payment$543
Standard monthly$543
Standard total interest$15,116
Accelerated monthly$643
Accelerated payoff8.1 yrs
Interest saved$3,141

Values shown are produced by this page in your browser; change any input to update them.

How to use the Student Loan Repayment

  1. Total loan balance ($) — default $50,000
  2. Interest rate (%) — default 5.5%
  3. Standard term (years) — default 10 years (standard)
  4. Extra monthly payment ($) — default $100
  5. Press Calculate to update the results instantly.

Frequently asked questions

Use the standard amortisation formula on the balance, rate and term. $40,000 at 6% over 10 years is about $444 a month.
It can help cash flow but raises total interest. Stretching 10 years to 20 on $40,000 at 6% adds roughly $16,000 of interest.
Yes, but only if they go to principal, and check whether your loan has a prepayment penalty. $50 extra a month can cut years off the term.

Sources & references