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Student Loan Payment Calculator
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NerdWallet's content is fact-checked for accuracy, timeliness and relevance. It undergoes a thorough review process involving writers and editors to ensure the information is as clear and complete as possible.
Anna Helhoski is a senior writer covering economic news and trends in consumer finance at NerdWallet. She is an on-air contributor and producer of Money News segments for NerdWallet's Smart Money podcast. She is also an authority on student loans. She joined NerdWallet in 2014. Her work has been syndicated in news outlets nationwide including The Associated Press, The New York Times, The Washington Post, The Los Angeles Times and USA Today. She previously covered local news in the New York metro area for the Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree in journalism from Purchase College, State University of New York.
Karen Gaudette Brewer leads the Core Personal Finance team at NerdWallet. Previously, she guided students and their families through the ins and outs of paying for college and managing student debt on the Higher Education team. Helping people navigate complex money decisions and feel more confident brings her great joy: as the daughter of an immigrant, from an early age she was the translator of financial documents and the person who called the credit card company to fix fraud.
She joined NerdWallet with 20 years of experience working in newsrooms and leading editorial teams, most recently as executive editor of HealthCentral. She launched her journalism career with The Associated Press and later worked for The (Riverside) Press-Enterprise, The Seattle Times, PCC Community Markets and Allrecipes.com.
She is a graduate of the 2022 Poynter Institute Leadership Academy for Women in Media. Her writing has been honored by the Society for Features Journalism and the Society of Professional Journalists. In addition, she’s the author of two books about the Pacific Northwest.
Cecilia Clark is an editor on the insurance team. She specializes in auto insurance and manages product reviews and roundups. Previously, she worked as a freelance writer and developed communications strategies for cybersecurity firms. Cecilia has also worked in post-secondary education, elevator operations management and sales and military nuclear command control, maintenance management and public affairs.
Eliza Haverstock is NerdWallet's higher education writer, where she covers all aspects of college affordability and student loans. Previously, she reported on billionaires and investing for Forbes in New York, and she also covered private markets for PitchBook in Seattle. Eliza got started at her college newspaper at the University of Virginia and interned for Bloomberg, where she spent a summer writing a feature story about plastic straws. She is based in Washington, D.C.
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Use NerdWallet’s student loan calculator to estimate your monthly bills, interest accrual and total repayment amount for a federal or private student loan. You can also include multiple student loans with various interest rates.
Student loan payment calculator
How to use NerdWallet’s student loan payment calculator
You’ll get the most accurate results if you enter your loan amounts separately with their precise interest rates.
You may have a mix of federal and private loans. If you don’t know how much you owe, check your studentaid.gov account and/or contact your private student loan lender.
Loan amount
Enter the total amount you borrowed for each loan. You can enter up to three loans for each year you’re in school, up to four years. It’s possible to include up to 12 loans total.
Click “Add another loan” to include additional loans in each year or select the next year. Select “I’m done” once you are finished adding all of your loans, then “Calculate” to get your results.
Interest rate (APR)
Enter the interest rate for each loan amount. Your student loan interest rates will vary depending on whether your loans are federal or private, the year you borrowed and, in some cases, your credit score. Check with your federal student loan servicer or your private lender to find out your interest rate.
How interest works for different types of student loans
Unsubsidized federal student loans. Interest accrues daily during your time in school. Interest does not capitalize, or get added to your principal loan balance, when you enter repayment.
Subsidized federal student loans. The government pays any interest that builds while you’re in college and during your six-month grace period, so you’re not responsible for paying any interest accrued during that time. Interest does not capitalize when you enter repayment.
Subsidized federal loans have better interest terms than unsubsidized loans, but they are only available to students who demonstrate financial need on the FAFSA.
Private student loans. Terms vary by lender, but generally interest builds while you’re in school. That interest, and it capitalizes when you enter repayment.
During repayment, interest will continue to accrue for all loan types. It will be included as part of your monthly bill amount.
Select “Yes” if you have a subsidized federal loan. Select “No” if you have an unsubsidized federal loan or a private loan.
Subsidized federal loans have better interest terms, but they are only available to students who demonstrate financial need on the Free Application for Federal Student Aid (FAFSA). Unsubsidized federal loans are available to all students who submit the FAFSA, regardless of their circumstance.
Understanding your student loan calculator results
Your monthly bill amount
This is an estimate of the minimum amount you must pay each month during repayment to stay in good standing on your loans.
Amount you borrowed
This is the sum of all the loan amounts you entered.
Accrued interest while in school
This is an estimate of the total interest that will accrue daily on each of your loans. It’s the interest that accrues while you’re enrolled in school and during the six-month grace period after leaving school, when you don’t have to make payments..
Total owed when repayment begins
This is an estimate of your total student debt when you begin repayment, typically six months after leaving school.
If you have federal loans, it's the amount you borrowed plus any interest that may have accrued while you were in school. If you have private loans, the calculator also assumes that the interest capitalizes when you enter repayment. (Capitalized interest is unpaid interest that's added to your student loan.)
This figure doesn’t reflect the full amount you will pay over time. During repayment, interest will continue to accrue daily and you’ll pay for it as part of your monthly bill.
Total you’ll pay over 10 years
This is an estimate of how much you can expect to pay over 10 years, which is the standard repayment term for most federal and private student loans.
Next steps: How to lower your student loan payments
Pay your interest during school
If you have unsubsidized or private student loans, you can lower the amount you’ll repay by making monthly interest payments while still in school. Or, you may opt for a lump sum payment of the total interest that accrued before repayment begins. Either choice will result in a smaller student loan bill.
Pay more than the monthly minimum
You can pay more than your minimum each month to pay off your student loans faster. The quicker you finish paying off your debt, the more you’ll save in interest.
If you’re having trouble managing the monthly bills for your federal loans, you can extend the term to 20 or 25 years with an income-driven repayment (IDR) plan. IDR plans lower your monthly loan payments based on your earnings. But they also may increase the total interest that accrues during the life of your loan.
Your remaining debt is forgiven after your 20- or 25-year repayment term.
Private lenders may allow you to temporarilylower monthly bills. To permanently lower private student loan payments, you’ll need to refinance your student loans. By doing so, you replace your current loan or loans with a new, private loan — ideally at a lower interest rate.
You’ll need a credit score in the high 600s and steady income (or a co-signer with these qualifications) to get the lowest advertised rates.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
4.5
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
5.0
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
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NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Discretionary income calculator. Use this calculator to determine what you would pay under federal income-driven repayment (IDR) plans, which cap your monthly payments at a set portion of your monthly “discretionary income.”
