Student loan payment on $50,000
Estimated monthly payment for a $50,000 student loan at 5.5% interest over 10 years under standard repayment.
Different balance, rate, or term? Use the full student loan calculator for your exact numbers.
About this student loan calculator
This calculator models the Standard Repayment Plan — the default option for most federal student loans and the plan used by essentially all private student loans. It works the same way as any amortizing loan: your balance, interest rate, and term determine a fixed monthly payment sized so the loan is paid off exactly at the end of the term, with early payments weighted more toward interest and later payments weighted more toward principal.
Federal student loans default to a 10-year Standard Repayment term, which is why that's the default here, but federal borrowers can also choose Graduated Repayment (payments start low and increase every two years) or Extended Repayment (up to 25 years for larger balances). This tool calculates the fixed-payment Standard Repayment math only — it doesn't model graduated or extended payment schedules.
It's important to know that income-driven repayment (IDR) plans exist — including SAVE, PAYE, and IBR — which set your monthly payment as a percentage of your discretionary income rather than a fixed amortization schedule, and can lead to loan forgiveness after 20-25 years of qualifying payments. Those plans use completely different math than the one modeled here, so if you're enrolled in or considering an IDR plan, this calculator's payment estimate will not match what you'd actually owe.
Interest rates on federal student loans are set annually by Congress and are fixed for the life of the loan, while private student loan rates vary by lender and creditworthiness and can be fixed or variable. Subsidized federal loans don't accrue interest while you're in school, but unsubsidized federal loans and all private loans do — so your actual starting balance at the beginning of repayment may be higher than what you originally borrowed if interest capitalized during school or a deferment.
This tool is for estimation and planning purposes only. It doesn't account for loan servicer fees, capitalized interest from deferment or forbearance, or eligibility for forgiveness programs like Public Service Loan Forgiveness. For your actual payment amount and repayment options, check your loan servicer's account portal or the Federal Student Aid Loan Simulator.
Student loan calculator questions
How student loan repayment and interest work.
How is a student loan payment calculated?
This calculator uses the standard federal amortization formula: your balance and interest rate are spread across equal monthly payments over your loan term (10 years by default) so the balance reaches zero on the final payment.
What is the standard student loan repayment term?
The Standard Repayment Plan for federal student loans uses a 10-year term by default, which is why this calculator defaults to 10 years. Some federal loans qualify for Extended Repayment terms up to 25 years.
Does this calculator include income-driven repayment plans?
No. Income-driven repayment (IDR) plans exist — such as SAVE, PAYE, and IBR — and set your payment as a percentage of discretionary income rather than a fixed amortization schedule. This calculator models standard fixed-term repayment only, so IDR payments will differ from the estimate shown here.
How much interest will I pay on my student loans?
Total interest depends on your balance, rate, and term. A longer term lowers your monthly payment but increases total interest paid, since interest keeps accruing on the remaining balance for more months. This calculator shows both your monthly payment and total interest for the term you select.
Do federal and private student loans have different interest rates?
Yes. Federal student loan rates are fixed and set annually by Congress, while private student loan rates vary by lender and your credit profile, and can be either fixed or variable. Enter your actual rate for the most accurate estimate.
Can I pay off my student loans faster than the term I select?
Yes — most student loans allow extra payments toward principal without a prepayment penalty, which shortens your actual payoff time and reduces total interest below what this calculator shows for the full term. Confirm with your servicer that extra payments are applied to principal, not future payments.