Student Loan Payment Calculator

Curious how to calculate student loan payments? Simply input some basic information about your student loans into our free student loan interest payment calculator

All you’ll need is your current student loan balance, your interest rate, and your repayment term in years. If you don’t have the exact numbers handy, estimates are totally fine.

After inputting this information, you’ll know what your approximate monthly student loan payment will be, as well as your total lifetime interest costs.

And remember: You’re never stuck with your monthly student loan payment or total interest number. Refinancing your student loans is always an option to get a lower rate and save money on interest, or lengthen your term and drop your monthly student loan payments.

By using our student loan minimum payment calculator, you’ll know your estimated monthly student loan bill to pay off your loans on-time (according to your agreed upon repayment term).

Once you know what to expect for your student loan payment, you can begin to plan your monthly finances and budget.

If you have spare funds each month and tackling your student loans is a priority, you can plan to make larger or extra monthly payments toward your total balance. You can see the impact of extra student loan payments with our Student Loan Prepayment Calculator.

Making larger or extra student loan payments total your principal balance can help you save serious money in the long run.

By doing so, you’ll ultimately pay off your student loans faster – allowing you to save potentially thousands of dollars in additional interest accrued.

Based on your monthly finances and expenses, you may have extra cash that you’re willing to put toward your student loans. If you do, you’ll reduce your estimated lifetime interest amount that you can see in this loan payment calculator for student loans.

After learning how to calculate your minimum payment on student loans, you may be wondering if there’s a way to lower your bill or save on lifetime interest.

Student loan refinancing is an excellent solution for many student loan borrowers to accomplish a variety of financial goals including:

• Lowering your student loan rate to save money on interest
• Shortening your repayment term to pay off student loans faster, while decreasing total lifetime interest
• Lengthening your repayment term to lower your student loan bill and free up your monthly finances
• Consolidate your student loans into a single loan to make managing your debt easier

If one or multiple of these benefits align with your student loan payoff goals, refinancing could be the right strategy for you. And with Purefy, student loan refinancing is a quick and convenient process.

In just 2 minutes or less, you can compare your lowest student loan refinance rates from the nation’s top-rated and most well-known lenders – with no impact on your credit and zero fees.

Simply tell us a bit of information about your student loans, and you’ll see a side-by-side comparison of your best rate offers so you can lock in the most savings possible.

The repayment of federal student loans is no different that repaying private student loans or a refinanced student loan.

All types of student loans have a monthly payment, an interest rate, and an agreed upon repayment term during which you must pay off your debt in total.

No matter what type of student loan you have (whether in be federal or private), it’s important to prioritize your student loan bills and make on-time payments to avoid entering into default or harming your credit history.

However, federal student loans do have different repayment options that private student loans. Federal student loans are offered by the U.S. Department of Education, and therefore come with certain federal benefits including generous deferment and forbearance options, as well as repayment programs including Public Service Loan Forgiveness (PSLF) or Income-Driven Repayment (IDR) plans.

Private student loans, on the other hand, are provided by private financial institutions such as banks or credit unions. Since these loans are not governed by the U.S. Department of Education, they do not come with the same options. Some lenders do offer additional repayment support, like forbearance or deferment, but the eligibility details vary from lender to lender.

State-level student loan programs offer supplemental financial support for college students. Outside of state-based merit scholarships or grants, many states also provide their own student loan programs.

These programs can often make student loan repayment easier to manage, but eligibility requirements vary from state to state and program to program. For example, there’s a whole list of state nurse student loan repayment programs specifically designed to help payoff nursing school debt.

If you simply miss a student loan payment, your loan will be delinquent but not in default. Once that payment is 90 days late, your student loan servicer will report it to the three national credit bureaus, Experian, Equifax and TransUnion.

Your student loans will remain delinquent until you pay off the past-due debt plus an applicable late fee, enter a deferment, or forbearance period or get on an income-driven repayment plan.

If student loan payments are missed for 270 days (or about nine months), they’ll enter student loan default. Once student loans enter default, there are many serious consequences including: the entire unpaid loan balance and interest becomes immediately due, the default will be reported to credit bureaus which will further damage credit, and the loan holder can pursue legal action against the borrower.

If you have a default student loan, there are several consequences that come with it. Unless you get student loan default help, here’s what to expect:

• The entire unpaid balance of your loan and any interest you owe becomes immediately due.
• You lose access to certain federal benefits, including access to deferment and forbearance programs and the ability to choose a repayment plan.
• You lose eligibility for additional federal student aid.
• The default will be reported to credit bureaus, which will further damage your credit beyond the initial delinquency.
• Your tax refunds and federal benefit payments may be withheld and applied toward repayment of your defaulted loan.
• Your employer may be required to withhold a portion of your paycheck and send it to your loan holder to repay your defaulted loan. This is called wage garnishment.
• Your loan holder can take you to court.
• You may not be able to purchase or sell assets such as real estate.
• You may be charged court costs, collection fees, attorney’s fees, and other costs associated with the collection process.
• Your school may withhold your academic transcript until your defaulted student loan is satisfied.

Interest is the amount of money paid regularly at a particular rate for the use of money borrowed from a student loan lender, or for delaying the repayment of a student loan debt. In essence, it’s the “extra” money you have to pay back the lender for the opportunity to use their money to go to college (or pay off your existing student loans by refinancing).

Interest is calculated as simple daily interest for student loans. This generally means that each day, the outstanding principal balance is multiplied by the interest rate and divided by 365 days to calculate that day’s interest amount. For example, if you have a $10,000 loan and the interest rate is 7%, one day’s interest will be: ($10,000 x 0.07) / 365 = $1.92.

Your repayment term is the amount of time (typically in years) that you are scheduled to repay your loan in full.

When refinancing your student loans, you can also choose a quicker repayment term than the Standard Repayment Plan of 10 years. By choosing a shorter term, you can pay off your loans sooner and get rid of them for good — while maximizing your savings on costly interest.

Yes, it can – and in more than one way. If you get a lower interest rate and/or shorten your repayment term, you save on interest over the life of the loan. On the other hand, if you choose a longer repayment term, you get a lower monthly payment, which can free up room for other monthly expenses.

No, there are zero fees with a student loan refinance through Purefy. Our lenders never charge origination fees, application fees, or prepayment penalties, and we don’t think you should face any additional charges for trying to save money.