Student Loan Calculator: Payment, Payoff Date and Extra Payments

Work out your student loan payment, your payoff date and how much faster you could be debt-free by paying extra each month. A $30,000 loan at 6.52%, the federal rate for undergraduate loans first disbursed in the 2026–27 school year, costs $340.95 a month over 10 years, with $10,913.92 of interest. Adding $100 a month clears it in 7 years 2 months, 34 months sooner, and saves $3,359.17 of interest.

How the payment is calculated

• Monthly payment = L × r ÷ [1 − (1 + r)⁻ⁿ], where L is the balance, r the annual rate ÷ 12 and n the number of monthly payments (120 for 10 years).
• Each month, interest is charged on the remaining balance and the rest of the payment reduces the principal.
• Extra payments go straight to principal, so less interest builds up each month and the loan ends sooner. The calculator repeats the schedule with your extra amount to find the new payoff date and the interest saved.

This works for any fixed-rate federal or private student loan. If you have several loans at different rates, run each one separately, or use a weighted average rate for a rough combined figure.

Federal student loan interest rates for 2026–27

Each rate is the high yield of the 10-year Treasury note auctioned on May 12, 2026 (4.468%) plus a fixed add-on of 2.05, 3.60 or 4.60 percentage points. The rate is fixed for the life of the loan, so loans from earlier years keep their original rates.

Payments on common balances

Federal repayment plans after July 1, 2026

The 2025 budget law (the One Big Beautiful Bill Act) reshaped federal repayment. The calculator handles the fixed-payment plans; for income-driven plans, use the Loan Simulator on StudentAid.gov.

• Tiered Standard plan for loans first disbursed on or after July 1, 2026: fixed payments over 10 years for balances under $25,000, 15 years for $25,000 to under $50,000, 20 years for $50,000 to under $100,000 and 25 years for $100,000 or more. A $30,000 balance falls in the 15-year tier: $261.66 a month at 6.52%, but $17,099.19 of interest instead of $10,913.92.
• Repayment Assistance Plan (RAP), available from July 1, 2026: payments of 1% to 10% of adjusted gross income, with a $10 minimum and $50 less per month for each dependent. Unpaid monthly interest is waived when you pay on time, and any balance left after 30 years of qualifying payments is forgiven (the forgiven amount may be taxable).
• Older loans: if all your loans were disbursed before July 1, 2026, you can still use the original Standard (10-year), Graduated and Extended plans. Borrowers who were on the SAVE plan, which a court order ended in March 2026, are being asked to choose a new plan. ICR and PAYE close by July 1, 2028.

Paying extra the smart way

• Ask your servicer to apply extra money to principal, and to the loan with the highest rate first, rather than advancing your next due date.
• There is no prepayment penalty on federal or private student loans, so you can pay extra at any time.
• If you are working toward Public Service Loan Forgiveness or an income-driven forgiveness, paying extra may not help, because the forgiven balance would shrink.
• Clear credit card debt first if it charges a much higher rate than your student loans.

FAQ

Is the 10-year standard plan still available?

Yes, for borrowers whose loans were all disbursed before July 1, 2026. New loans from that date use the Tiered Standard plan or RAP instead, and the term under the tiered plan depends on how much you owe.

Does interest build up while I’m in school?

On subsidized loans the government pays the interest while you are in school at least half-time. On unsubsidized and PLUS loans interest starts at disbursement; paying it before repayment begins keeps your balance from growing.

Will paying extra lower my monthly payment?

Usually not. The required payment stays the same, but the loan is paid off sooner. If you need a lower payment, ask your servicer about a longer plan or an income-driven plan.

Can I use this for private student loans?

Yes, for fixed-rate private loans. Enter the rate and term from your loan agreement. Variable-rate loans change with the market, so the payment shown is only a snapshot at today’s rate.

Related calculators

• Credit Card Payoff CalculatorClear high-interest debt first
• Paycheck Calculator 2026See what your loan payment leaves you
• Compound Interest CalculatorCompare paying extra with investing

Sources

• Federal Student Aid: Interest rates for Direct Loans first disbursed July 1, 2026 to June 30, 2027 (GENERAL-26-33) · June 4, 2026
• Edfinancial (federal loan servicer, studentaid.gov): Lower payment options, RAP and Tiered Standard plan
• U.S. Department of Education: Fact sheet on simplifying student loan repayment
• NYC Department of Consumer and Worker Protection: Key changes in federal student loan repayment
• StudentAid.gov: Loan Simulator