Student Loan Calculator
Student loan payment and payoff calculator: monthly payment, payoff date and total interest for one or several loans, with 2026-27 federal rates built in and what extra payments or a lump sum save.
How to use the student loan calculator
Add each loan with its current balance and interest rate. The buttons add a loan at the fixed 2026-27 federal rate; older federal loans keep the rate they started with, so use the rate on your servicer account. Leave Payment blank to work out the payment from the repayment term, or type the payment on your bill to see when that loan really ends.
- 10-year standard: the classic federal plan for loans made before July 1, 2026.
- Tiered Standard: the plan for borrowers with a Direct Loan made on or after July 1, 2026; the term depends on your total balance.
- Custom: any term, for private loans or a goal of your own.
Then add an extra monthly payment or a one-time lump sum to see how many months and how much interest it saves. Extra money goes to the highest-rate loan first, which saves the most. Interest is figured monthly at the rate divided by 12. Federal loans actually accrue simple daily interest, so your servicer's numbers can differ by a few dollars.
Worked example: $30,000 at 2026-27 rates
A hypothetical $30,000 balance repaid over 10 years at each 2026-27 federal rate, then with $100 or $200 extra every month:
| Rate | Monthly payment | Total interest | +$100 a month | +$200 a month |
|---|---|---|---|---|
| 6.52% (Undergrad) | $340.95 | $10,914 | 7 yr 2 mo, saves $3,359 | 5 yr 7 mo, saves $5,117 |
| 8.07% (Grad) | $365.09 | $13,811 | 7 yr 1 mo, saves $4,343 | 5 yr 6 mo, saves $6,576 |
| 9.07% (PLUS) | $381.16 | $15,740 | 7 yr 1 mo, saves $5,019 | 5 yr 6 mo, saves $7,569 |
Hypothetical example, our arithmetic: fixed rate, monthly interest at rate / 12, no deferment, forbearance or capitalized interest. At 6.52%, $100 extra a month clears the loan in 7 yr 2 mo instead of 10 years. The same loan on the Tiered Standard plan (15 years for a $25,000 to $49,999 balance) costs $261.66 a month but $17,100 in interest, about $6,186 more than over 10 years.
Federal student loan interest rates for 2026-27
| Loan | Fixed rate | Statutory cap | Loan fee |
|---|---|---|---|
| Undergraduate (Direct Subsidized and Unsubsidized) | 6.52% | 8.25% | 1.057% |
| Graduate or professional (Direct Unsubsidized) | 8.07% | 9.5% | 1.057% |
| Direct PLUS (parents; graduate students still eligible) | 9.07% | 10.5% | 4.228% |
For loans first disbursed July 1, 2026 to June 30, 2027, from the Department of Education's annual notice in the Federal Register (September 10, 2026) and studentaid.gov. Each rate is the high yield at the last 10-year Treasury note auction before June 1 (4.47% on May 12, 2026) plus a fixed add-on set by law, and stays fixed for the life of the loan. The loan fee applies to loans first disbursed from October 1, 2020 to September 30, 2027 and is taken out of each disbursement. More detail and past years: federal student loan interest rates.
Tiered Standard plan terms
| Total Direct Loan principal when you enter repayment | Repayment period |
|---|---|
| Under $25,000 | 10 years |
| $25,000 to $49,999 | 15 years |
| $50,000 to $99,999 | 20 years |
| $100,000 or more | 25 years |
From 34 CFR 685.208, which carries out the 2025 law (Public Law 119-21). It applies to borrowers who receive a Direct Loan on or after July 1, 2026; their other choice is the income-based Repayment Assistance Plan. Payments are at least $50 a month. This calculator does not model income-driven payments: use the Repayment Assistance Plan calculator for that, and see student loan forgiveness for the programs that cancel a balance.
Pay off student loans early or invest?
Every extra dollar on a loan earns exactly its interest rate, with no risk: on a 8.07% grad loan, that is 8.07% guaranteed. Compare that with what the money could earn elsewhere after tax. A few things usually come first:
- An employer 401(k) match. Matching money is an instant return that loan prepayment cannot beat.
- An emergency fund. Money sent to a loan cannot be taken back if you lose your job. See how to build an emergency fund.
- Higher-rate debt. Credit cards usually charge far more than federal student loans.
- Forgiveness. If you are working toward Public Service Loan Forgiveness or income-driven forgiveness, paying extra can just shrink the amount that would have been forgiven.
The student loan interest deduction trims the real cost a little: the IRS lets you deduct up to $2,500 of the interest you paid in a year, phased out at higher incomes. Above that, it comes down to your rate and your appetite for risk. A low-rate loan alongside long-term investing is reasonable; a 9% PLUS loan is hard to out-earn reliably. The same trade-off for a mortgage is worked through in pay off the mortgage or invest.
For general information, not financial advice. Rates are the Department of Education's published 2026-27 figures; examples are hypothetical. Your servicer's payoff quote and loan documents are the final word.
Frequently Asked Questions
How is a student loan payment calculated?
With the standard loan formula: the balance, the monthly rate (annual rate divided by 12) and the number of payments give one level payment that covers each month's interest and pays the loan off on schedule. $30,000 at 6.52% over 10 years is $340.95 a month. On the federal standard plans the payment is at least $50.
What are federal student loan interest rates for 2026-27?
6.52% for undergraduate Direct Subsidized and Unsubsidized Loans, 8.07% for graduate and professional Direct Unsubsidized Loans, 9.07% for Direct PLUS Loans, fixed for the life of loans first disbursed July 1, 2026 to June 30, 2027.
How does student loan interest work?
Federal Direct Loans charge simple daily interest: the principal balance times the rate divided by 365.25, times the days since your last payment. Interest does not compound on a standard plan, because each payment covers the interest first. Unpaid interest can be added to the principal in some situations, such as on certain income-driven plans.
Is there a penalty for paying off federal student loans early?
No. Federal rules let you prepay all or part of a Direct Loan at any time without a penalty, and the law creating the new plans says the same. Private lenders set their own terms, so check your promissory note.
What happens if I pay extra on my student loans?
The extra pays any outstanding interest, then principal. If the extra is at least a full monthly payment, the servicer advances your next due date unless you tell it otherwise. To pay the loan down faster, ask the servicer to keep your regular due date and to put the extra toward your highest-rate loan.
How long does it take to pay off student loans?
Ten years on the standard plan for loans made before July 1, 2026. A borrower with a new loan made on or after July 1, 2026 repays on the Tiered Standard plan over 10, 15, 20 or 25 years depending on the total balance, or on the income-based Repayment Assistance Plan. Extra payments shorten any of these.
Does this calculator work for private student loans?
Yes, for fixed-rate private loans: enter the balance, rate and your monthly payment. For a variable-rate loan the result is only an estimate at today's rate.
