Student Loan Repayment Calculator
Estimate your monthly student loan payments.
Trying to figure out how to budget toward your current or future loan payments? This student loan calculator estimates how much you’ll pay each month so you can better prepare for your upcoming bills.
Low refi rates you just can’t beat. Terms apply. Learn more about student loan refinancing with SoFi.
How to use the student loan calculator.
Quickly estimate your monthly student loan payments by entering three key details:
Loan amount
Enter the total loan amount you owe. If you owe multiple loans, enter the total value of all of the loans.
Average interest rate
Enter the interest rate on your loan. If you are adding the cumulative total of multiple loans, average the interest rate on all the loans.
Loan term
Enter the remaining loan term in months.
What your student loan calculation includes.
Our student loan calculator breaks down your repayment timeline and costs, helping you plan with confidence
Your estimated monthly payment
This is an estimate of the monthly payment you’ll owe each month, including the principal and interest on the loan.
Total repayment amount
This is an estimate of the total value you’ll be responsible for repaying over the life of the loan. This calculation assumes that you make on-time payments each month and do not make any overpayments to accelerate the loan’s payoff.
Total interest
This is an estimate of the total interest you’ll owe over the life of the loan. Interest is calculated as a percentage of the loan amount. On most student loans, except Federal Direct Subsidized Student Loans, the interest begins accruing as soon as the loan is disbursed.
Benefits of using a student loan calculator.
Gain clarity on monthly payments.
See what you’ll owe each month so you can budget more confidently and avoid surprises.
Understand total interest costs.
Know how much interest you’ll pay over time—and how much your loan term or rate affects the overall amount you owe.
Plan for different scenarios.
Adjust inputs like loan amount, interest rate, or term to compare payoff outcomes.
Support smarter borrowing decisions.
Use your estimates to borrow more strategically and avoid overextending yourself.
Explore refinancing or extra payments.
Identify whether refinancing or making extra payments could help reduce your debt faster and save on interest.
Factors to consider when choosing a loan.
Borrowing a student loan is a big financial commitment. Here are some of the important factors to consider.
Federal vs private student loans.
Student borrowers can choose between federal and private student loans.
Federal student loans:
- Require students to fill out the Free Application for Federal Student Aid (FAFSA) each year.
- Are awarded through the Direct Loan Program.
- Generally offer lower interest rates than private student loans and have other benefits, like deferment or forbearance protections.
- Have annual and cumulative borrowing limits, so they may not be enough to help borrowers pay for all of their college.
Private student loans:
- Are borrowed directly from a private lender, such as a credit union, bank, or other financial institution.
- Require students to apply directly with the lender of their choice. Rates and terms on the loan will be set by the lender based on borrower information like their credit score, history, and income.
- May require a cosigner because college students may not have credit history.
- Aren’t required to offer the benefits and protections afforded to private student loans.
Fixed vs variable interest rates.
Fixed interest rates remain the same for the life of the loan. Variable interest rates change in line with benchmark rates over the life of the loan.
Federal student loans have fixed interest rates that are set annually by Congress. Private student loans may have either fixed or variable interest rates. When choosing between a fixed or variable rate loan, consider factors like how long you’ll be repaying the loan and your personal financial situation.
For example:
- Variable rate loans generally have a higher starting rate than fixed rate loans, but because the rate fluctuates, it might increase over time.
- Fixed rate loans may have a lower starting rate but won’t fluctuate over time, which means your monthly payments will be predictable.
Repayment terms.
Borrowers with federal student loans can choose from the federal repayment plans, including income-driven repayment options. Borrowers are able to change their repayment plan at any time with no required fees.
Private student loans will generally detail the repayment terms up front. Depending on the lender they choose, borrowers with private student loans:
- May be able to select between a few different repayment terms.
- May be required to make payments while still in school. If your lender offers an option to defer, pay attention to interest costs, as interest will likely accrue while a private student loan is deferred.
What’s next: Apply for a private student loan.
If federal student loans aren’t enough to cover your college costs, private student loans can be an option to consider. Generally, private lenders will allow students to borrow up to the cost of attendance, less any other financial aid they’ve received.
Private student loans with SoFi have no fees required and offer competitive interest rates to qualifying borrowers. In addition to getting a student loan, becoming a SoFi member qualifies you for other perks, such as the Good Grades Bonus.2
Other student loan calculators
FAQ
What’s the difference between fixed and variable rates?
Fixed rates are set for the life of the loan and will not change over time.
Variable rates may fluctuate over time based on the prevailing interest rate. Most variable rate loans will have a rate cap, which is the maximum interest rate on the loan.
What type of rate is better for student loans?
It depends on your situation. All federal student loans have a fixed interest rate. Private student loan borrowers may choose between a fixed or variable rate loan. If you plan to repay the loan in a relatively short period of time, a variable rate loan may result in lower interest costs, depending on current market conditions and how rates change over time. A fixed rate loan can provide security if you will be repaying for longer period of time because it will not change.
What’s a loan term?
A loan term is the amount of time you have to repay the loan. These terms are generally set when you take out the loan.
How do I choose the best student loan option?
Generally speaking, federal student loans should be prioritized over private student loans. If you have exhausted all your federal student loan options, private student loans may be another solution. To choose a private student loan, consider factors like the lender’s reputation and customer service, the interest rate, any fees associated with the loan, repayment terms, and any other conditions.
How can I lower my student loan payments?
To reduce the overall cost of your student loan, making overpayments on your loan could help you reduce the amount of money you’ll owe in interest and expedite your repayment.
Another option is to consider refinancing the student loan, which could help you secure a lower interest rate. As long as the loan repayment term is not extended, lowering your interest rate could save you money in interest over the life of the loan.
How does interest accrue on my student loan?
Interest on federal student loans accrues on a daily basis. At the end of a period of non-payment, such as the grace period, the accrued interest will be capitalized on the loan amount. This means the accrued interest will be added to the principal value of the loan. This new total will be considered the new principal value of the loan and interest will continue to accrue based on this new total.
Generally, interest on private student loans also accrues on a daily basis. Confirm with your lender or by reviewing your loan’s terms and conditions.
What do I need to apply for a student loan?
To apply for a federal student loan you’ll need to fill out the FAFSA, which requires personal and financial information.
To apply for a private student loan, you’ll fill out an application directly with the lender of your choice. The exact requirements may vary, but you’ll likely need to know how much you want to borrow and provide personal information like your address, income, employer, and more. Private lenders will also generally conduct a credit check.
Should I start paying off student loans before I graduate?
Federal student loans do not require students enrolled at least half time to make payments on their student loans while they are in school. Private lenders may or may not require payments while the borrower is still in school.
Making payments on your student loan before you graduate (if these payments aren’t required) could help you accelerate the loan repayment, which could ultimately help you save money over the life of the loan.
