Student Loan Calculator
See your monthly payment, total interest, and full amortization schedule. Free — no signup needed.
About This Calculator
This calculator uses the standard amortization formula to estimate your monthly payment. Actual payment may vary based on your loan servicer, repayment plan (Standard, Graduated, Income-Driven), and whether interest capitalizes. Always verify with your loan servicer.
How to Use This Student Loan Calculator to Plan Your Repayment
Understanding your student loan payments is the first step to building a repayment strategy that works for your budget. This calculator shows your monthly payment, total interest, and full amortization schedule — so you know exactly what to expect.
Who Should Use This Student Loan Calculator
This tool is for college students and graduates with federal or private student loans. Whether you're still in school and want to estimate future payments, or you've graduated and are comparing repayment plans, this calculator gives you a clear picture of your loan terms.
How to Use the Student Loan Calculator
Enter your total loan amount, your annual interest rate, and the loan term in years. For federal loans, the standard term is 10 years. Private loans may range from 5 to 20 years. Click Calculate to see your monthly payment, total interest over the life of the loan, and a year-by-year amortization schedule showing principal vs interest.
Understanding Your Amortization Schedule
The amortization table breaks down each year of your loan into starting balance, principal paid, interest paid, and ending balance. In the early years, a larger share of your payment goes toward interest. As the balance decreases, more of your payment goes toward principal. The bar chart shows the total split between principal and interest over the full loan term.
Tips for Paying Off Student Loans Faster
Make extra payments toward the principal whenever possible — even $25–$50 per month can save hundreds in interest over the life of the loan. Consider refinancing if you have high-interest private loans. Use the debt payoff strategy tools at KoalaSave to compare snowball vs avalanche methods and find the fastest path to being debt-free.
Student Loan Calculator — Frequently Asked Questions
How accurate is this student loan calculator?
This calculator uses the standard amortization formula to estimate your monthly payment. Actual payments may vary depending on your loan servicer, repayment plan type, interest capitalization events, and whether you have variable or fixed rates. Always verify exact figures with your loan servicer.
What's the difference between subsidized and unsubsidized loans?
Subsidized loans don't accrue interest while you're in school at least half-time, during the grace period, or during deferment — the government pays the interest. Unsubsidized loans accrue interest from the day they're disbursed. If interest capitalizes (gets added to your principal), your total cost increases significantly.
Should I choose the Standard plan or an Income-Driven Repayment plan?
The Standard plan (10 years) has the highest monthly payment but the lowest total interest. Income-Driven Repayment (IDR) plans lower your monthly payment based on your income but extend the term, increasing total interest. Use this calculator to compare the Standard plan vs longer terms to see the trade-off.
How does interest capitalization affect my loans?
Interest capitalization happens when unpaid interest is added to your principal balance, typically when you leave school, exit forbearance, or change repayment plans. This means you pay interest on top of interest. Capitalization can significantly increase your total loan cost, especially on larger loan amounts.
When should I start paying off student loans?
If you have unsubsidized loans, interest starts accruing immediately — so making interest-only payments while still in school can prevent capitalization. After graduation, the standard 6-month grace period gives you time to find a job before payments begin. Starting payments early, even small ones, reduces total interest.
What happens if I make extra payments?
Extra payments reduce your principal balance, which reduces the total interest you'll pay over the life of the loan. For example, paying an extra $50 per month on a $35,000 loan at 5.5% could save you over $1,500 in interest and shave years off your repayment term. Make sure your servicer applies extra payments to the principal.