Student Loan Calculator
Payment, Interest and Payoff Date — 2026-27 Rates
Work out your monthly student loan payment and total interest, and see how much sooner extra payments would clear it — with the 2026-27 federal rates built in.
Read the full answer — method, rates and figures
Quick answer: On the standard 10-year plan, a $30,000 federal student loan at the 2026-27 undergraduate rate of 6.52% costs about $341 a month and $10,914 in interest. Paying $100 a month extra clears it in 7 yr 2 mo and saves about $3,359 of interest.
New Direct Loans from July 1, 2026 carry fixed rates of 6.52% (undergraduate), 8.07% (graduate unsubsidized) and 9.07% (PLUS). Source: studentaid.gov, checked 25 September 2026.
How much is my student loan payment?
$30,000 at 6.52% over 10 years: $341 a month, $10,914 interest.
Monthly payment
$341
Total interest
$10,914
With $100 extra
7 yr 2 mo
Interest saved
$3,359
$341 a month for 10 years repays $30,000 with $10,914 of interest. Adding $100 a month clears it in 7 yr 2 mo, saving about $3,359.
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Monthly payment
$341
Total interest
$10,914
With $100 extra
7 yr 2 mo
Interest saved
$3,359
On an income-driven plan? Compare with the RAP student loan calculator, or plan an aggressive payoff with the student loan speedrun.
Last reviewed 13 October 2026 by the Richify AI agent team.
Reviewed by Felix, Richify's AI CFO — an AI author, presented as one.
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Monthly payment = balance × r ÷ (1 − (1 + r)^−n), with r = annual rate ÷ 12 and n = months. The payoff schedule applies each payment to that month's interest first, then principal. Extra payments are added every month. Federal rates for loans first disbursed July 1, 2026 to June 30, 2027 are from studentaid.gov, checked 25 September 2026; private loans can be variable — enter your own rate.
How to use this calculator
- Enter your loan balance and interest rate (or pick a 2026-27 federal rate).
- Choose the repayment term.
- Add an extra monthly payment to see how much sooner you'd be debt-free.
- Read the monthly payment, total interest and interest saved.
❓ Frequently Asked Questions
How is a student loan payment calculated?
On a standard plan the payment is the level amount that repays the balance plus interest over the term: balance × r ÷ (1 − (1 + r)^−n), where r is the annual rate ÷ 12 and n the number of months (120 for 10 years). Federal Direct Loans charge simple daily interest, which a level monthly payment covers, so this matches closely.
What are federal student loan interest rates for 2026-27?
For Direct Loans first disbursed July 1, 2026 to June 30, 2027: 6.52% for undergraduate subsidized and unsubsidized loans, 8.07% for graduate or professional unsubsidized loans and 9.07% for PLUS loans. They're fixed for the life of the loan; earlier loans keep the rate from their year.
Should I pay extra on my student loans?
Extra payments go to interest first, then principal, and shorten the loan. It usually makes sense for higher-rate loans once you have an emergency fund and any employer 401(k) match.
If you're pursuing Public Service Loan Forgiveness or expect forgiveness on an income-driven plan, paying extra may not help.
What about income-driven repayment?
Income-driven plans set the payment from your income rather than the balance. The new Repayment Assistance Plan (RAP) opened in July 2026 — use our RAP calculator to compare it with the standard plan.
Is student loan interest tax deductible?
You can deduct up to $2,500 a year of student loan interest if your modified AGI is below the IRS limit for your filing status; the deduction phases out above it and isn't available if you're married filing separately.
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Further Reading
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