Student Loan Calculator

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Student Loan Calculator
Calculate Monthly PaymentCalculate Loan Balance (based on payment)
Summary Results:
function calculateStudentLoan(){var type=document.getElementById('calc_type').value;var v1=parseFloat(document.getElementById('input1').value);var rate=parseFloat(document.getElementById('input2').value);var years=parseFloat(document.getElementById('input3').value);var extra=parseFloat(document.getElementById('input4').value);if(isNaN(v1)||isNaN(rate)||isNaN(years)||isNaN(extra)){alert('Please enter valid numerical values.');return;}var monthlyRate=rate/100/12;var months=years*12;var mainRes=document.getElementById('mainResult');var detailRes=document.getElementById('detailResult');if(type==='payment'){var pmt=(v1*monthlyRate)/(1-Math.pow(1+monthlyRate,-months));var totalPmt=pmt+extra;var totalInterest=(totalPmt*months)-v1;if(extra>0){var nMonths=-Math.log(1-(v1*monthlyRate/totalPmt))/Math.log(1+monthlyRate);var totalPaidNew=totalPmt*nMonths;var interestSaved=(pmt*months)-(totalPaidNew);mainRes.innerHTML='Monthly Payment: $'+pmt.toFixed(2);detailRes.innerHTML='Total Interest: $'+((pmt*months)-v1).toFixed(2)+'
With extra payment of $'+extra+':
New Term: '+nMonths.toFixed(1)+' months
Interest Saved: $'+interestSaved.toFixed(2);}else{mainRes.innerHTML='Monthly Payment: $'+pmt.toFixed(2);detailRes.innerHTML='Total Interest: $'+totalInterest.toFixed(2)+'
Total Principal: $'+v1.toFixed(2)+'
Total of '+months+' Payments: $'+(pmt*months).toFixed(2);}}else{var balance=(v1*(1-Math.pow(1+monthlyRate,-months)))/monthlyRate;mainRes.innerHTML='Loan Amount: $'+balance.toFixed(2);detailRes.innerHTML='Based on a monthly payment of $'+v1.toFixed(2)+'
Total Interest: $'+((v1*months)-balance).toFixed(2);}}

Calculator Use

This student loan calculator is a comprehensive tool designed to help students, graduates, and parents estimate the monthly costs and total interest associated with higher education financing. Whether you are planning for future college costs or managing existing debt, understanding the long-term impact of interest rates and repayment terms is essential for financial health.

By entering your specific loan details, you can compare different repayment strategies, such as increasing your monthly contribution to see how much interest you can save over the life of the loan.

Loan Amount
The total principal balance you expect to borrow or currently owe. For new students, this includes the tuition, room, and board fees minus any grants or scholarships.
Interest Rate
The annual interest rate (APR) for your loan. Federal loans usually have fixed rates set by the government, while private student loans may have variable or fixed rates based on creditworthiness.
Loan Term
The duration of the repayment period. The standard federal repayment plan is 10 years (120 months), though extended plans can go up to 25 years.
Extra Monthly Payment
Any additional funds you plan to pay each month above the required minimum. This is the most effective way to shorten the loan life and reduce interest costs.

How It Works

Most student loans use a standard amortization formula. This means that as you make payments, a portion goes toward the interest accrued during that month, and the remainder is applied to the principal balance. The formula used by our student loan calculator is:

PMT = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]

  • PMT = Monthly Payment
  • P = Principal Loan Amount
  • i = Monthly Interest Rate (Annual Rate divided by 12)
  • n = Total number of months (Years multiplied by 12)

Calculation Example

Example: A student graduates with $35,000 in federal debt at an average interest rate of 6% with a standard 10-year repayment term.

Step-by-step solution:

  1. Loan Amount (P) = $35,000
  2. Annual Interest Rate = 6% (0.06)
  3. Monthly Rate (i) = 0.06 / 12 = 0.005
  4. Term (n) = 10 years × 12 = 120 months
  5. Apply Formula: PMT = 35000 [ 0.005(1.005)^120 ] / [ (1.005)^120 – 1 ]
  6. Result: Monthly Payment = $388.57
  7. Total Interest Paid = ($388.57 × 120) – $35,000 = $11,628.40

Common Questions

What is the difference between subsidized and unsubsidized loans?

Subsidized loans do not accrue interest while you are in school at least half-time, or during deferment periods. The U.S. Department of Education pays the interest during these times. Unsubsidized loans begin accruing interest from the moment the loan is disbursed, which can significantly increase the total balance due to capitalization if not paid during school.

Should I consolidate my student loans?

Consolidation simplifies your payments by combining multiple federal loans into one monthly bill. However, it may result in a slightly higher interest rate (it is a weighted average rounded up to the nearest 1/8th of a percent) and can lengthen the repayment term, meaning you might pay more in total interest over time. Use this student loan calculator to compare your current totals against a consolidated estimate.

How does an extra $50 a month affect my student loan?

Adding even a small extra payment each month directly reduces the principal. For a $30,000 loan at 6% over 10 years, adding $50 monthly can save you over $1,800 in interest and shorten your repayment term by roughly 1.5 years. Our calculator allows you to input "Extra Monthly Payment" to see these specific savings instantly.

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