How to use this calculator
- Loan balance: the total you owe, including any interest that has been added to the balance. Your servicer’s website or StudentAid.gov dashboard shows it.
- Interest rate: your loan’s fixed rate. If you have several loans at different rates, use the balance-weighted average, or run the calculator once per loan.
- Repayment term: 10 years is the Standard plan for most federal loans disbursed before July 1, 2026. Choose 15, 20 or 25 years for longer fixed terms, or Tiered Standard to have the term set from your balance.
- Extra payment: anything you plan to pay on top of the required payment each month.
- Under More options, set when repayment starts. The first payment is due one month later.
The results show your required payment, total interest, payoff date, and how much interest and time the extra payment saves. The chart compares the balance with and without the extra payment, and the table shows each year.
The payment formula
Fixed-payment student loans use the standard amortization formula:
where P is the balance, r is the annual rate ÷ 12 and n is the number of monthly payments (120 for 10 years). Extra payments go straight to principal, so each later month’s interest is a little smaller and the loan ends early.
Worked example
You owe $35,000 at 6.52% and choose the 10-year term.
- Monthly rate: 0.0652 ÷ 12 ≈ 0.005433
- Required payment: $397.77 for 120 months
- Total interest: $12,733
- First month’s interest: $35,000 × 0.005433 ≈ $190.17, so about $208 of the first payment goes to principal
Add $100 a month (paying $497.77 in total) and the loan is paid off in 89 payments, or 7 years 5 months. Total interest drops to $9,216, saving $3,517.
Payments by repayment term
For the same $35,000 at 6.52%:
| Term | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 10 years | $397.77 | $12,733 | $47,733 |
| 15 years | $305.27 | $19,949 | $54,949 |
| 20 years | $261.36 | $27,728 | $62,728 |
| 25 years | $236.76 | $36,028 | $71,028 |
What extra payments are worth
On the 10-year schedule above:
| Extra each month | Paid off in | Total interest | Interest saved |
|---|---|---|---|
| $0 | 10 years | $12,733 | — |
| $50 | 8 years 7 months | $10,686 | $2,047 |
| $100 | 7 years 5 months | $9,216 | $3,517 |
| $200 | 5 years 11 months | $7,242 | $5,491 |
| $300 | 4 years 11 months | $5,974 | $6,759 |
If you have several loans, putting extra money toward the highest-rate loan first saves the most. The debt payoff calculator can compare strategies across up to five loans.
Federal repayment plans in 2026
Federal student loan repayment changed a lot in 2025 and 2026. Here’s where things stand, according to Federal Student Aid (as of its October 2026 guidance):
- New law. The One Big Beautiful Bill Act, signed July 4, 2025, created a new income-driven plan, the Repayment Assistance Plan (RAP), to be in effect no later than July 1, 2026.
- SAVE has ended. A court order ended the SAVE Plan in March 2026. Servicers began notifying SAVE borrowers on July 1, 2026, and are notifying all of them before the end of 2026. Each borrower has 90 days from their notice to pick a new plan. Anyone who doesn’t choose by the final deadline is placed in the Standard plan, or in the Tiered Standard plan if they have a loan disbursed on or after July 1, 2026 that has entered repayment.
- Loans disbursed before July 1, 2026 can still use the Standard (10-year), Graduated and Extended fixed plans, plus the income-driven IBR plan. ICR and PAYE are closing no later than July 1, 2028.
- Loans disbursed on or after July 1, 2026 have one fixed plan, Tiered Standard, with a term set by your balance: 10 years under $25,000, 15 years under $50,000, 20 years under $100,000, and 25 years above that. Choose Tiered Standard in the calculator to apply these tiers.
- RAP is open to Direct Loans disbursed at any time. Payments are 1% to 10% of adjusted gross income divided by 12, reduced by $50 a month for each dependent, with a $10 monthly minimum, over up to 30 years. Borrowers who pay in full and on time may get an interest subsidy and a matching principal payment.
Because income-driven payments depend on your income, family size and loan history, this calculator doesn’t estimate them. Use the official Repayment Calculator on StudentAid.gov to compare plans, especially if you’re working toward Public Service Loan Forgiveness. Tiered Standard payments don’t count toward PSLF.
Tips for paying off student loans
- Know your rates. Federal loans from different years have different fixed rates. Target extra money at the highest rate first.
- Tell your servicer how to apply extra payments, so they reduce principal rather than simply paying future bills early.
- Weigh extra payments against other goals. Building an emergency fund or getting a full employer retirement match may come first. The compound interest calculator shows what that money could grow to instead.
- Think twice before refinancing federal loans privately. A private loan may offer a lower rate, but it gives up federal options like income-driven plans and PSLF.
Assumptions and limitations
The calculator treats your balance as one fixed-rate loan with level monthly payments and interest charged at the rate ÷ 12. Federal loans actually accrue interest daily, so real figures can differ slightly. It doesn’t model graduated or income-driven payments, deferment, forbearance, capitalized interest or forgiveness. For private student loans, use the rate and term in your loan agreement.
Sources
- Federal Student Aid, SAVE Plan Borrowers: FAQs About Choosing a Different Repayment Plan (published October 2026)
- Federal Student Aid, Dear Colleague Letter GEN-25-04: Federal Student Loan Program Provisions Effective Upon Enactment Under the One Big Beautiful Bill Act (July 18, 2025)
- Federal Student Aid, Electronic Announcement GENERAL-26-33: Interest Rates for Federal Direct Loans First Disbursed Between July 1, 2026 and June 30, 2027
This calculator gives estimates for general information. It isn’t financial advice. Your servicer and StudentAid.gov have the official figures for your loans.
Frequently asked questions
How is a student loan payment calculated?
On a fixed-payment plan, the payment is the standard amortization formula applied to your balance, interest rate and term. Federal Direct Loans use a fixed rate for the life of each loan. A $35,000 balance at 6.52% over 10 years comes to $397.77 a month and $12,733 in total interest.
What is the interest rate on new federal student loans?
For Direct Subsidized and Unsubsidized Loans to undergraduates first disbursed from July 1, 2026 through June 30, 2027, the fixed rate is 6.52%. Graduate and professional Direct Unsubsidized Loans are 8.07%, and Direct PLUS Loans are 9.07%. Older loans keep the rate set in the year they were first disbursed.
How much do extra payments save on student loans?
On $35,000 at 6.52% over 10 years, an extra $100 a month saves about $3,517 in interest and finishes 2 years 7 months early. An extra $200 saves about $5,491 and finishes in 5 years 11 months. Federal loans have no prepayment penalty, but check with your servicer that extra money goes to principal.
Does a longer repayment term cost more?
Yes. Stretching $35,000 at 6.52% from 10 to 25 years cuts the payment from $397.77 to $236.76 a month but nearly triples the total interest, from $12,733 to $36,028. A longer term can help a tight budget, and you can still pay extra whenever you're able.
What happened to the SAVE plan?
According to Federal Student Aid, a court order ended the SAVE Plan in March 2026. Servicers began notifying SAVE borrowers on July 1, 2026, giving each 90 days to choose another plan. Borrowers who don't choose by the final deadline are placed in the Standard or Tiered Standard plan, depending on when their loans were disbursed.
Can this calculator estimate RAP or IBR payments?
No. Income-driven plans base the payment on your income and family size, and federal rules for them have changed a lot recently. For an accurate estimate, use the Repayment Calculator on StudentAid.gov, which can import your actual loans and income.
Updated November 2026. Results are estimates for educational purposes and depend on the inputs you provide.