Student Loan Calculator
Estimate monthly student loan payments, total interest and payoff timeline for federal and private student loans.
US federal loans commonly use the 10-year standard plan.
Monthly payment
$325.58
Payoff time
10 years
120 months
Total payment
$39,069
Total interest
$9,069
Estimate for an amortized student loan. Income-driven plans can lower the monthly payment but extend the term and total interest.
How it works
Standard plan uses the amortising formula over 120 months. Interest accrues daily as (rate ÷ 365) × balance.
Example: $30,000 at 5.5% for 10 years → $326/month, ~$9,098 total interest.
Student Loan Calculator on True Calculator gives you an instant, accurate answer with no sign-up and no app install. Estimate monthly student loan payments, total interest and payoff timeline for federal and private student loans. Every result shows the formula and a worked example so you can verify the calculation yourself, and all values are computed in your own browser — your numbers never leave your device.
Popular uses: student loan calculator · student loan payment calculator · federal student loan payment
Last updated: August 2026
How We Calculate
This calculator uses standard mathematical formulas verified by our team. All calculations are performed instantly in your browser using JavaScript — no data is sent to any server. The formulas used are industry-standard and match those used by banks, financial institutions and health organizations.
For financial calculators, we use RBI-approved formulas and regularly updated bank rates. For health calculators, we use WHO-recommended formulas and medical standards. All rates and standards are sourced from official government and regulatory websites.
Frequently Asked Questions
How are student loan payments calculated?
The calculator amortises your balance over the chosen term at your interest rate. Enter your balance, rate and term to see the monthly payment and total interest for the life of the loan.
Should I choose the standard or an income-driven plan?
The standard 10-year plan pays the least total interest but has higher monthly payments. Income-driven plans cap payments at a percentage of your income but extend the term, so total interest is higher.
Does student loan interest compound daily?
Federal student loans use simple daily interest — interest accrues daily on the principal but is not added to it while payments are current. Unpaid interest can capitalise after deferment or forbearance.
Is this student loan calculator free to use?
Yes, True Calculator's student loan calculator is completely free with no sign-up, no app install and no usage limits.
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