Student Loan Repayment Calculator: How Much Interest Will I Pay?

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Wondering how much interest you are paying each month on your student loans and how much you will pay over time? Use our student loan repayment calculator below to find out how much money you are paying in interest and how much is actually going to your principal balance. Enter your current student loan balance, interest rate and monthly payment to see the breakdown.

Student loan refinance lenders to consider

If you’re looking to lower your student loan rates and/or monthly payments, consider some of the student loan refinance options below. However, before you refinance your loans, be sure to evaluate whether you will be saving money with a new loan and that you aren’t giving up benefits you need, like student loan forgiveness and income-driven repayment plans.

Best For

Recommended LenderAPR*
Low ratesCommonBond
  • 3.21% - 6.45% fixed APR
  • 2.02% - 6.30% variable APR
Apply Now

on CommonBond's secure website

Unemployment BenefitsSoFi
  • 3.46% - 5.98% fixed APR
  • 2.05% - 5.98% variable APR
Apply Now

on SoFi's secure website

Flexible RepaymentEarnest
  • 3.45% - 6.99% fixed APR
  • 1.99% - 6.89% variable APR
Apply Now

on Earnest's secure website

Best BankCitizens Bank
  • 3.45% - 9.49% fixed APR
  • 2.15% - 9.29% variable APR
Apply Now

on Citizens Bank's secure website

Parent PLUS RefinancingLaurel Road
  • 3.50% - 7.02% fixed APR
  • 2.25% - 6.65% variable APR
Apply Now

on Laurel Road's secure website

Lender Disclosure
{"onCurrent":true,"clickable":true,"message":"All credit products are subject to credit approval. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation\u2019s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit \u003Ca class=\"ShortcodeLink--root\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/www.laurelroad.com\" href=\"https:\/\/www.laurelroad.com\"\u003Ewww.laurelroad.com\u003C\/a\u003E.","showIcon":false,"tooltipLabel":"Lender Disclosure"}

Recommended Lenders

CommonBond
Apply Now

on CommonBond's secure website

SoFi
Apply Now

on SoFi's secure website

Earnest
Apply Now

on Earnest's secure website

Citizens Bank
Apply Now

on Citizens Bank's secure website

Laurel Road
Apply Now

on Laurel Road's secure website

Lender Disclosure
{"onCurrent":true,"clickable":true,"message":"All credit products are subject to credit approval. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation\u2019s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit \u003Ca class=\"ShortcodeLink--root\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/www.laurelroad.com\" href=\"https:\/\/www.laurelroad.com\"\u003Ewww.laurelroad.com\u003C\/a\u003E.","showIcon":false,"tooltipLabel":"Lender Disclosure"}

*Rates include a discount with auto-pay

How do you calculate student loan payments?

To calculate your student loan payments, you will need to know your balance, interest rate and loan term. Keep in mind that your payment will be based on the repayment plan you are under, so if you have an income-driven repayment plan, your monthly bill will be determined by your discretionary income and your family size rather than considering your loan term.

To estimate your monthly payments, you must divide your interest rate by the number of payments per year, which will be 12 if you make a payment each month, to find your interest rate per period (r). Then multiply your loan term (in years) by 12 monthly payments per year to find the number of periods (n). You can then use the formula below to determine your monthly payment.

Monthly Payment Formula

How much will my monthly student loan payments be?

Your student loan payments are based on your loan amount, interest rate and loan term. If you decrease the amount of time you need to repay your loans, your monthly payment will increase, but you will pay less in interest over time. On the other hand, if you increase your loan term, your monthly payment will decrease, and you will pay more in interest over time. Explore your repayment options to help you decide on the best loan term for your situation.

How long will it take to repay my student loan?

Generally, federal student loans are repaid within 10 years; however, the federal government offers different repayment plans with loan terms of 20 and 25 years. Private lenders usually offer loan terms between five and 20 years, and with both federal and most private lenders, you can prepay your loan without penalty.

If you want to reduce the amount of interest you pay over time, try to reduce your loan term. However, if you need more time or want to use your extra money for savings or investing, stick to the repayment plan you have or switch to a plan that will lengthen the time you have to pay off your loans.

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