Student Loan Payment Calculator
Calculate optimal payment strategies and compare extra payment scenarios
Student Loan Payment Calculator
Your current outstanding loan balance
Annual percentage rate (APR)
Extra Payment Options
Additional amount paid each month
When to make the one-time payment
Payment Results
Payment Breakdown
Financial Metrics
Payment Strategy Recommendations
Payment Frequency Benefits
Monthly Payments
Frequency: 12 payments per year
Benefit: Standard approach, predictable
Bi-weekly Payments
Frequency: 26 payments per year
Benefit: Extra 2 payments annually
Savings: 4-6 years faster payoff
Weekly Payments
Frequency: 52 payments per year
Benefit: Maximum interest reduction
Consideration: Requires discipline
Student Loan Interest Facts
Federal undergrad loans: 4.45% average rate
Federal graduate loans: 6.0% average rate
Private loans: 7.99% average rate
Interest accrues daily, compounds monthly
Payment Strategy Tips
Pay more than the minimum when possible
Apply extra payments to principal only
Consider bi-weekly payment schedule
Target highest interest rate loans first
Set up automatic payments for discounts
Use tax refunds for extra payments
Yearly Payment Schedule
| Year | Total Payment | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|---|
| 2025 | $3,036.717 | $1,262.546 | $1,774.171 | $38,737.454 |
| 2026 | $3,036.717 | $1,320.547 | $1,716.17 | $37,416.907 |
| 2027 | $3,036.717 | $1,381.213 | $1,655.504 | $36,035.695 |
| 2028 | $3,036.717 | $1,444.665 | $1,592.052 | $34,591.029 |
| 2029 | $3,036.717 | $1,511.033 | $1,525.684 | $33,079.996 |
| 2030 | $3,036.717 | $1,580.45 | $1,456.267 | $31,499.547 |
| 2031 | $3,036.717 | $1,653.055 | $1,383.662 | $29,846.491 |
| 2032 | $3,036.717 | $1,728.996 | $1,307.721 | $28,117.495 |
| 2033 | $3,036.717 | $1,808.426 | $1,228.291 | $26,309.069 |
| 2034 | $3,036.717 | $1,891.505 | $1,145.212 | $24,417.564 |
Showing first 10 years. Full schedule continues until loan is paid off.
Understanding Student Loan Payments and Strategies
How Student Loan Interest Works
Student loan interest accrues daily based on your outstanding principal balance. The daily interest rate is calculated by dividing your annual rate by 365. Interest typically compounds monthly, meaning unpaid interest is added to your principal balance.
Payment Application
- •Interest is paid first from each payment
- •Remaining amount goes toward principal
- •Extra payments should be applied to principal only
Payment Strategies
Extra Monthly Payments:
Adding even $25-50 extra monthly can save thousands in interest and years off your loan term.
Bi-weekly Payments:
Making half your monthly payment every two weeks results in 26 payments annually (equivalent to 13 monthly payments), significantly reducing interest.
Windfall Payments:
Use tax refunds, bonuses, or other windfalls to make large principal-only payments for maximum impact on loan reduction.
Standard Loan Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
- M: Monthly payment amount
- P: Principal loan amount
- r: Monthly interest rate (annual rate ÷ 12)
- n: Total number of payments
Pro Tip: The earlier you make extra payments, the more you save. Interest savings compound over time, making early extra payments particularly powerful.