Student Loan Calculator
What you'll owe when repayment starts, including the interest that quietly builds up while you're in school, and what the monthly payment looks like on each plan length.
Explain my numbers in plain English
Sends only the numbers shown above (and your question) to an AI model via Vercel AI Gateway. Nothing is stored. It's a plain-language read, not financial advice.
How the balance falls
Amortization schedule
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| Year 1 | $5,017.69 | $2,314.02 | $2,703.66 | $34,121.34 |
| Year 2 | $5,017.69 | $2,132.95 | $2,884.73 | $31,236.60 |
| Year 3 | $5,017.69 | $1,939.76 | $3,077.93 | $28,158.67 |
| Year 4 | $5,017.69 | $1,733.62 | $3,284.06 | $24,874.61 |
| Year 5 | $5,017.69 | $1,513.68 | $3,504.00 | $21,370.61 |
| Year 6 | $5,017.69 | $1,279.01 | $3,738.67 | $17,631.93 |
| Year 7 | $5,017.69 | $1,028.63 | $3,989.06 | $13,642.87 |
| Year 8 | $5,017.69 | $761.47 | $4,256.21 | $9,386.66 |
| Year 9 | $5,017.69 | $476.42 | $4,541.26 | $4,845.40 |
| Year 10 | $5,017.69 | $172.29 | $4,845.40 | $0.00 |
The in-school interest most borrowers miss
Unsubsidized federal loans and nearly all private student loans start charging interest the day the money is disbursed. Federal loans use simple interest (no compounding while you're in school), but when repayment begins any unpaid interest is capitalized: it joins the principal, and from then on you're charged interest on it too.
That's why paying even the interest alone during school has an outsized effect. Toggle "Pay as it accrues" to see how much lower the starting balance and payment become. Income-driven federal plans calculate payments from income and family size instead; see StudentAid.gov's Loan Simulator for those.
Questions people ask
How is interest on student loans calculated while I’m in school?
Federal Direct Unsubsidized and most private loans accrue simple daily interest from disbursement. If you don’t pay it, it is usually capitalized (added to the principal) when repayment begins, so you then pay interest on it. Subsidized federal loans don’t accrue interest while you’re enrolled at least half-time.
What is the standard repayment plan?
For federal loans, the standard plan is fixed monthly payments over up to 10 years. Extended and graduated plans stretch or reshape payments, and income-driven plans base the payment on income; those depend on your income and family size, so this calculator models fixed-payment repayment.
Should I pay interest while in school?
Paying the interest as it accrues keeps it from being capitalized, which lowers your balance at repayment and the payment afterwards. Toggle the option above to see the difference.
Do I have a grace period?
Federal Direct loans usually have a six-month grace period after you leave school before payments start; interest still accrues on unsubsidized loans during it. The calculator includes it in the months before repayment.