Loans & Amortization
Student Loan Repayment Calculators
Student debt comes with its own vocabulary: capitalized interest, weighted averages, consolidation, standard versus extended terms. These two calculators translate it into dollars. One estimates the fixed monthly payment and total interest on your current balance; the other combines several federal loans to show the consolidated rate, the new payment and the longest term allowed for your balance. Both assume fixed-rate repayment on a set schedule rather than income-driven plans.
How do I plan my student loan repayment?
Start with your current payoff balance and rate for each loan. Estimate the standard 10-year payment, then test longer terms to see the extra interest. If you have several federal loans, check what consolidation would do to your rate and payment, and compare with any income-driven plan figures from your servicer.
Compare the 2 calculators in student loans
| Calculator | Answers | You enter | You get |
|---|---|---|---|
| Student Loan Consolidation Calculator | How is a federal consolidation loan rate calculated? | Consolidation Term (years), Balance, Rate (%), Balance, Rate (%) + 4 more | Consolidated Rate, Weighted Average Rate, New Monthly Payment |
| Student Loan Calculator | How is a student loan payment calculated? | Loan Balance, Interest Rate (%), Repayment Term (years) | Monthly Payment, Total Interest, Total Repaid |
Which student loan calculator do you need?
Use the student loan calculator for a single balance or a blended estimate: it gives the payment, total interest and total repaid for any term, and shows what extra payments save.
Use the consolidation calculator if you hold several federal loans and are considering one Direct Consolidation Loan. It computes the balance-weighted rate, rounds it up to the nearest one-eighth of a percent as the federal rule requires, and shows the new payment for your chosen term.
Student Loans: FAQs
What is the standard repayment term for federal student loans?
The standard federal plan repays loans in fixed monthly payments over 10 years. Other plans can stretch repayment longer, lowering the payment and raising total interest. Federal Student Aid lists the plans currently available and their terms. The student loan calculator shows the cost of each term side by side, so you can see what a lower payment adds in interest.
Why is my student loan balance higher than what I borrowed?
Interest that accrued while you were in school, in a grace period or in deferment or forbearance may have been capitalized, meaning added to principal. Once capitalized it earns interest too. Use the current payoff balance from your servicer in any calculator. Paying the interest as it accrues while in school keeps the balance from growing this way.
Are federal and private student loans calculated the same way?
On a standard fixed schedule, yes: both amortize with the same formula. The differences lie in rates, repayment options and protections. Federal loans offer income-driven plans and certain forgiveness programs; private loans set terms by the lender and borrower's credit. Check which type you hold on your federal aid account before choosing a plan.
Does paying extra on student loans make sense?
Extra payments reduce principal and save interest, especially on higher-rate loans, and federal loans have no prepayment penalty. Borrowers pursuing forgiveness or with higher-rate debts elsewhere may have better uses for the money. The student loan calculator shows what a given extra amount saves. Ask your servicer to apply extra to principal.
What is a weighted average interest rate?
It is an average of several loan rates where each rate counts in proportion to its balance. Federal consolidation uses it, rounded up to the nearest one-eighth of a percent, to set the new loan's fixed rate. The consolidation calculator computes it for up to four loans. Larger balances pull the average toward their rate.
Is refinancing the same as consolidating student loans?
No. Federal consolidation combines federal loans into a new federal loan at roughly the same average rate. Refinancing replaces loans with a new private loan at a rate based on your credit, which can be lower but ends federal benefits for any federal loans included. Compare both carefully before choosing.
Can I calculate income-driven student loan payments here?
Not directly. Income-driven payments depend on income, family size and plan rules rather than the loan's rate and term. Use your servicer's or Federal Student Aid's tools for those amounts, and use these calculators to see the standard-schedule cost for comparison. Seeing both figures side by side makes the trade-off clear.
Is student loan interest tax deductible?
Eligible borrowers can deduct up to $2,500 of student loan interest a year without itemizing, subject to income limits. The deduction lowers taxable income, so the saving equals the deductible interest times your marginal rate. The loan tax savings calculator can estimate it if you cap the interest yourself. Your servicer reports interest paid each year.
Explore the rest of Loans & Amortization
Every calculator in this topic, grouped by the question it answers.