Student Loan Calculator
Estimate the monthly payment and total interest on a student loan.
Results update as you type.
About this calculator
A student loan calculator works out the fixed monthly repayment and total interest on a student loan from the balance, interest rate and repayment term. The standard repayment plan is a 10-year amortising schedule; a longer term lowers each payment but adds a lot of interest over the life of the loan.
Frequently asked questions
How is a student loan payment calculated?
It uses the standard amortisation formula on the balance, rate and term, giving an equal payment each month. A 30,000 balance at 5.5% over 10 years is roughly 326 a month.
Should I extend the term to lower payments?
Extending to 20 or 25 years reduces the monthly payment but can nearly double the interest you pay. If cash flow allows, a shorter term or extra payments save the most money.
Results are estimates for general guidance only, not financial, medical or tax advice.