Student Loan Calculator
Plan your repayment strategy and save thousands on interest
Loan Details
Extra Payment Calculator
Payment Summary
Monthly Payment
$326
Total Interest
$9,069
Total Amount
$39,069
Payoff Date
September 2035
Amortization Schedule
Plan Comparison
Interest Savings
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $326 | $188 | $138 | $29,812 |
| 2 | $326 | $189 | $137 | $29,623 |
| 3 | $326 | $190 | $136 | $29,433 |
| 4 | $326 | $191 | $135 | $29,242 |
| 5 | $326 | $192 | $134 | $29,051 |
| 6 | $326 | $192 | $133 | $28,859 |
| 7 | $326 | $193 | $132 | $28,665 |
| 8 | $326 | $194 | $131 | $28,471 |
| 9 | $326 | $195 | $130 | $28,276 |
| 10 | $326 | $196 | $130 | $28,080 |
| 11 | $326 | $197 | $129 | $27,883 |
| 12 | $326 | $198 | $128 | $27,685 |
| 13 | $326 | $199 | $127 | $27,487 |
| 14 | $326 | $200 | $126 | $27,287 |
| 15 | $326 | $201 | $125 | $27,086 |
| 16 | $326 | $201 | $124 | $26,885 |
| 17 | $326 | $202 | $123 | $26,683 |
| 18 | $326 | $203 | $122 | $26,479 |
| 19 | $326 | $204 | $121 | $26,275 |
| 20 | $326 | $205 | $120 | $26,070 |
| 21 | $326 | $206 | $119 | $25,864 |
| 22 | $326 | $207 | $119 | $25,657 |
| 23 | $326 | $208 | $118 | $25,449 |
| 24 | $326 | $209 | $117 | $25,240 |
| 25 | $326 | $210 | $116 | $25,030 |
| 26 | $326 | $211 | $115 | $24,819 |
| 27 | $326 | $212 | $114 | $24,607 |
| 28 | $326 | $213 | $113 | $24,395 |
| 29 | $326 | $214 | $112 | $24,181 |
| 30 | $326 | $215 | $111 | $23,966 |
| 31 | $326 | $216 | $110 | $23,750 |
| 32 | $326 | $217 | $109 | $23,534 |
| 33 | $326 | $218 | $108 | $23,316 |
| 34 | $326 | $219 | $107 | $23,097 |
| 35 | $326 | $220 | $106 | $22,877 |
| 36 | $326 | $221 | $105 | $22,657 |
| 37 | $326 | $222 | $104 | $22,435 |
| 38 | $326 | $223 | $103 | $22,212 |
| 39 | $326 | $224 | $102 | $21,989 |
| 40 | $326 | $225 | $101 | $21,764 |
| 41 | $326 | $226 | $100 | $21,538 |
| 42 | $326 | $227 | $99 | $21,311 |
| 43 | $326 | $228 | $98 | $21,083 |
| 44 | $326 | $229 | $97 | $20,854 |
| 45 | $326 | $230 | $96 | $20,624 |
| 46 | $326 | $231 | $95 | $20,393 |
| 47 | $326 | $232 | $93 | $20,161 |
| 48 | $326 | $233 | $92 | $19,928 |
| 49 | $326 | $234 | $91 | $19,694 |
| 50 | $326 | $235 | $90 | $19,458 |
| 51 | $326 | $236 | $89 | $19,222 |
| 52 | $326 | $237 | $88 | $18,984 |
| 53 | $326 | $239 | $87 | $18,746 |
| 54 | $326 | $240 | $86 | $18,506 |
| 55 | $326 | $241 | $85 | $18,265 |
| 56 | $326 | $242 | $84 | $18,024 |
| 57 | $326 | $243 | $83 | $17,781 |
| 58 | $326 | $244 | $81 | $17,537 |
| 59 | $326 | $245 | $80 | $17,291 |
| 60 | $326 | $246 | $79 | $17,045 |
| … | ||||
| 109 | $326 | $308 | $17 | $3,485 |
| 110 | $326 | $310 | $16 | $3,175 |
| 111 | $326 | $311 | $15 | $2,864 |
| 112 | $326 | $312 | $13 | $2,552 |
| 113 | $326 | $314 | $12 | $2,238 |
| 114 | $326 | $315 | $10 | $1,923 |
| 115 | $326 | $317 | $9 | $1,606 |
| 116 | $326 | $318 | $7 | $1,288 |
| 117 | $326 | $320 | $6 | $968 |
| 118 | $326 | $321 | $4 | $647 |
| 119 | $326 | $323 | $3 | $324 |
| 120 | $326 | $324 | $1 | $0 |
Repayment Plan Comparison
| Plan Type | Monthly Payment | Total Interest | Total Amount | Time to Payoff |
|---|---|---|---|---|
| Standard | $326 | $9,069 | $39,069 | 10 years |
| Extended | $184 | $25,268 | $55,268 | 25 years |
| Graduated | $163 | $9,069 | $39,069 | 10 years |
| Income-Driven | $326 | $9,069 | $39,069 | 20 years |
Interest Savings Analysis
Calculate potential savings by making extra payments or choosing different repayment plans.
Student Loan Scenario
Maria has just been accepted to ABC University. After scholarships and family contributions, she estimates she will need to borrow a total of $35,000 in federal student loans to cover all four years of her degree.
Fast forward four years. Maria has graduated and landed her first job with a starting salary of $55,000 per year. Her loan repayment is about to begin.
Your Task:
Enter Maria’s initial loan details into the calculator to serve as your starting point for all the questions below.
- Loan Amount:
$35,000 - Annual Interest Rate:
5.8% - Loan Term:
10 years - Repayment Plan:
Standard Repayment - Annual Income:
$55,000
Click “Calculate Payment” to see her baseline situation before you begin the questions.