USA: Loans & debt
Student Loan Calculator
Plan your student loan repayment. Enter your balance, interest rate and term to see the monthly payment and total interest, then add an extra monthly payment to see how much sooner you are debt-free and how much interest you save.
How to use the Student Loan Calculator
- Enter the loan balance and interest rate.
- Choose the repayment term (10 years is standard).
- Add any extra monthly payment.
- Enter your income to check affordability.
Formula
Example
$35,000 at 6.39% over 10 years is about $395 a month and $12,455 of interest. Adding $100 a month saves about $3,400 and clears the loan in 7.4 years.
Federal vs private loans
Federal loans offer income-driven repayment, deferment and possible forgiveness (such as Public Service Loan Forgiveness). Refinancing federal loans into a private loan gives those protections up.
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Frequently asked questions
Should I pay extra or invest?
Paying off loans above about 6-7% often beats investing; below that, many people invest while paying the minimum.
Is student loan interest deductible?
Up to $2,500 a year may be deductible, depending on income.
What is income-driven repayment?
Federal plans that set payments as a share of your discretionary income.
Does extra payment go to principal?
Ask your servicer to apply it to principal and not to future payments.
Results are estimates for planning, not financial advice. Confirm important decisions with a qualified professional. Your inputs stay in your browser and are not sent to Soft2Cloud.
Last updated: November 2026