Student Loan Payment Calculator

Last updated July 2, 2026

Student loan payments are calculated using the same amortization formula applied to any fixed-rate loan — principal, interest rate, and term determine the monthly payment. For loans disbursed starting July 1, 2026, federal undergraduate direct loan rates are 6.52 percent, graduate unsubsidized loans run 8.07 percent, and PLUS loans carry 9.07 percent. On a standard 10-year repayment plan, a $30,000 loan at 6.52 percent produces a monthly payment of about $341. Total payments over the decade reach about $40,914, meaning about $10,914 paid in interest — about 36 percent on top of the amount borrowed. Extending to a 25-year plan drops the monthly payment to $200 but increases total interest paid to nearly $30,000.

Federal loans offer income-driven repayment options that calculate the payment as a percentage of discretionary income rather than loan balance, providing flexibility when income is low in early career years. The trade-off is a longer repayment timeline and more total interest paid, with any remaining balance forgiven after 20 to 25 years depending on the plan. The SAVE plan, which had capped payments at 5 percent of discretionary income for undergraduate loans, ended in 2026 amid legal and policy changes; the available IDR plans now are IBR, PAYE, and ICR, each with slightly different formulas and terms. For private loans, no IDR options exist — payments are fixed, and forbearance options are limited compared to federal loans.

The calculation shows your expected monthly payment before borrowing, not after — understanding what $30,000 or $50,000 in loans costs per month on a standard plan is the reality check most prospective borrowers skip. If the payment doesn't fit comfortably within your projected starting salary, either borrow less, choose a higher-earning field, or plan to use income-driven repayment and understand the full cost of that trade-off.