Education Loan Calculator: Plan Your Student Debt Repayment Easily
Estimate student-loan payments in seconds: enter amount, interest, term, payment frequency and optional grace period, then read the monthly (or quarterly/annual) bill, total repayment and total interest. A $18,500 loan at 4.75 % over 8 years costs about $232 each month and $3,772 in interest—roughly 20 % of the principal (calculated with the standard amortization formula). Federal rates now range from 5.50 % to 8.05 % (U.S. Dept. of Education, 2023).
Education Loan Calculator
Loan Repayment Summary
Regular Payment Amount:
Total Repayment Amount:
Total Interest Paid:
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How to use the tool
Loan Amount: Type your principal. Example 1: $18,500. Example 2: $55,000.
Annual Interest Rate (%)—enter the nominal yearly rate. Samples: 4.75 or 6.2.
Loan Term (years): Choose the planned payoff period, e.g., 8 or 15.
Repayment Frequency: Pick Monthly (12), Quarterly (4) or Annually (1).
Grace Period (months): Optional; set 0, 6, etc., to add time before payments start.
Press Calculate to display payment, total repayment and total interest.
Formulas
Without grace-period accrual, each periodic payment M is
$$
M = P \, rac{r(1+r)^n}{(1+r)^n-1}
$$
P = principal
r = annual rate / payments per year
n = payments per year × term (years)
If a grace period of g months capitalizes interest, the adjusted principal becomes P′ = P + P·R·g/12, where R is the annual rate.
Example calculation 1
P = $18,500, R = 4.75 %, term = 8 yrs, monthly.
r = 0.0475/12 ≈ 0.003958; n = 96.
M ≈ $232.00; Total repayment ≈ $22,272; Interest ≈ $3,772.
Example calculation 2
P = $55,000, R = 6.20 %, term = 15 yrs, quarterly.
r = 0.062/4 = 0.0155; n = 60.
M ≈ $1,413.50; Total repayment ≈ $84,810; Interest ≈ $29,810.
Quick-Facts
Federal fixed rates: 5.50 %–8.05 % for 2023-24 (U.S. Dept. of Education, 2023).
Standard repayment term: 10 years (Federal Student Aid, studentaid.gov).
Grace period on Direct Loans: 6 months (studentaid.gov).
Average undergraduate debt: $28,950 (College Board Trends, 2023).
No prepayment penalty on federal loans (“You’re never penalized for paying off a loan early”, studentaid.gov).
FAQ
What does this calculator show?
It returns your regular payment, total repayment and total interest based on principal, rate, term, frequency and any grace-period capitalization.
How is the payment figured out?
The tool applies the amortization formula above, using your annual rate divided by the number of payments each year to create a level schedule.
Does interest accrue during a grace period?
Yes. Federal unsubsidized and most private loans capitalize the unpaid interest, increasing your principal (Federal Student Aid, studentaid.gov).
Can I enter private-loan terms?
Absolutely—fill in the exact amount, rate and term shown in your private-loan disclosure to compare costs.
How does payment frequency change the cost?
More frequent payments lower r and shorten interest-accrual intervals, trimming total interest by 2 %–4 % in typical scenarios (CFPB Student Loan Guide, 2022).
What reduces total interest fastest?
Higher monthly payments or shorter terms cut interest; doubling a payment can halve the payoff time (Federal Reserve FAQ, 2021).
Do extra payments fit this formula?
No. The calculator assumes fixed payments; use the output as a baseline, then apply any surplus directly to principal to recalculate.
Can I assess refinancing with this tool?
Yes. Run current loan numbers, record totals, then plug in the refinance rate and term; the difference shows potential savings.
Important Disclaimer
The calculations, results, and content provided by our tools are not guaranteed to be accurate, complete, or reliable. Users are responsible for verifying and interpreting the results. Our content and tools may contain errors, biases, or inconsistencies. We reserve the right to save inputs and outputs from our tools for the purposes of error debugging, bias identification, and performance improvement. External companies providing AI models used in our tools may also save and process data in accordance with their own policies. By using our tools, you consent to this data collection and processing. We reserve the right to limit the usage of our tools based on current usability factors. By using our tools, you acknowledge that you have read, understood, and agreed to this disclaimer. You accept the inherent risks and limitations associated with the use of our tools and services.
