Estimate monthly student loan payments, total interest, payoff time, and view a live amortization-style breakdown for education loans in USD or GBP.
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This tool provides student loan repayment estimates for informational purposes only. It is not financial, legal, lending, or tax advice. Actual repayment plans, rates, capitalization, fees, deferment rules, and lender or government program conditions may change your real repayment amount. Always review your official loan agreement and consult your lender, servicer, or a qualified adviser before making borrowing decisions.
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Federal student loans default to a standard 10-year repayment plan with fixed monthly payments, but several income-driven plans can lower payments to a percentage of discretionary income and stretch the term to 20β25 years. The calculator works out your monthly payment, total interest and payoff date from your balance, interest rate and term.
On unsubsidized federal loans and most private loans, interest accrues while you study and during grace periods, and it can capitalize β be added to the principal β which increases the balance that future interest is charged on.
Paying more than the minimum is the simplest accelerator: extra payments go straight to principal, shortening the term and cutting total interest. If you hold several loans, targeting the highest interest rate first (the avalanche method) saves the most money. Making interest payments during school or a grace period limits capitalization.
Refinancing with a private lender can lower the rate for borrowers with strong credit, but doing so on federal loans gives up protections like income-driven plans and forgiveness β so weigh that trade-off carefully before consolidating. Use the calculator to see exactly how extra payments change your payoff date.
Enter your balance, interest rate and repayment term, and it shows your monthly payment, total interest and payoff date. You can test extra payments to see how much faster the loan clears.
Pay more than the minimum, target the highest-rate loans first, and make payments while in any grace period to limit interest capitalisation. Even small extra amounts shorten the term.
Federal loans default to a 10-year standard plan, though income-driven and extended plans can stretch payments over 20-25 years, lowering the monthly amount but raising total interest.
On unsubsidized US federal and most private loans, yes β interest builds during school and grace periods and may capitalise (be added to principal), increasing what you repay.