Student Loan Calculator
Estimate your student loan payment, total interest and payoff date with current federal rates, grace-period interest and extra payments.
Student Loan Calculator
A $38,000 federal student loan at the 2026-27 undergraduate rate of 6.52% costs about $446 a month over the 10-year standard plan, with roughly $15,514 in total interest including interest that builds during a 6-month grace period. A 15-year term lowers the payment to about $342 but raises interest to about $23,604.
How to use this student loan calculator
- Enter your total balance and interest rate. For federal loans issued in 2026-27 the undergraduate rate is 6.52%.
- Choose a repayment plan: standard 10-year, the new tiered standard plan for loans made from July 2026, graduated, extended, or a custom term.
- Enter the months before repayment starts, including time in school and the grace period. Keep the interest checkbox on for unsubsidized loans.
- Add an extra monthly payment to see how much interest and time you save.
- Review the schedule. Income-driven plans are based on your income and are not modeled here.
The math behind the result
Payment = B × r ÷ (1 − (1 + r)−n) where B is the balance when repayment starts, r is the rate ÷ 12 and n is the number of months.
On unsubsidized loans, interest builds before repayment: B = loan + loan × r × months before repayment, and that interest is added to your balance when repayment starts.
The graduated plan starts lower and steps up every two years; the calculator estimates it with 20% steps.
Worked example
$38,000 at 6.52% with 6 months of accrued interest ($1,239), so a starting balance of $39,239:
| Plan | Monthly payment | Total interest* |
|---|---|---|
| 10-year standard | $446 | $15,514 |
| 15-year | $342 | $23,604 |
| 25-year extended | $265 | $41,631 |
*Includes the $1,239 of interest that accrued before repayment. A 10% income rule of thumb suggests you want gross income of about $53,500 for the $446 payment.
2026-27 federal student loan rates
Federal Direct Loan rates are fixed for the life of each loan and reset every July 1 based on the May 10-year Treasury auction. For loans first disbursed from July 1, 2026 through June 30, 2027 the rates are 6.52% for undergraduate loans, 8.07% for graduate and professional loans, and 9.07% for PLUS loans. Private lenders set their own rates and may be fixed or variable. Check studentaid.gov for the official table.
What changed on July 1, 2026
Under the One Big Beautiful Bill Act, borrowers who take out new federal loans on or after July 1, 2026 choose between a new tiered Standard plan and the Repayment Assistance Plan (RAP). RAP sets a payment between 1% and 10% of adjusted gross income, with a $10 minimum and a $50 reduction per dependent, and forgiveness after 30 years. Borrowers who have no loans made on or after July 1, 2026 can generally stay on existing plans and may also opt into RAP. The tiered Standard plan assigns a 10-year term to balances under $25,000, 15 years for $25,000–$49,999, 20 years for $50,000–$99,999 and 25 years for $100,000 or more. Plan rules can change, so confirm details with your servicer.
Grace period and interest capitalization
Most federal loans have a six-month grace period after you leave school. On subsidized loans the government pays the interest during grace; on unsubsidized loans interest accrues and is added to the balance when repayment begins. On a $38,000 loan at 6.52% that is about $1,239 after six months. Paying the interest during school or grace keeps the starting balance from growing.
Standard, graduated or extended?
The standard plan has the highest payment and the lowest total interest. Graduated payments start lower and rise every two years, which helps when income is expected to grow, but costs more overall. The extended plan stretches to 25 years and is aimed at larger balances. If your payment is hard to afford, compare these results with an income-driven plan on studentaid.gov before you choose.
Paying student loans off faster
Extra payments go first to interest, then to principal. Adding $100 a month to the 10-year example saves about $3,600 in interest and shortens the loan by about 2 years 4 months. Put extra money toward the loan with the highest rate first. Private loan refinancing can lower the rate, but it permanently gives up federal protections like income-driven repayment and forgiveness programs.
Key terms
- Subsidized loan
- A federal loan on which the government pays interest while you are in school and during grace.
- Unsubsidized loan
- A federal loan on which interest accrues from disbursement.
- Capitalization
- Adding unpaid interest to the loan balance so future interest is charged on it.
- Grace period
- Time after leaving school, usually six months, before repayment begins.
- RAP
- Repayment Assistance Plan: an income-based plan for federal loans made from July 1, 2026.
- Servicer
- The company that bills you and manages your federal loan.
Frequently asked questions
How do I calculate my student loan payment?
Add any interest that built up before repayment to your balance, then use the amortization formula: balance times the monthly rate, divided by 1 minus (1 + monthly rate) raised to the negative number of months. The calculator above does this for each plan.
What are the federal student loan interest rates for 2026-27?
For loans disbursed from July 1, 2026 to June 30, 2027: 6.52% for undergraduate, 8.07% for graduate and professional, and 9.07% for PLUS loans. Rates are fixed for the life of the loan.
How much is the monthly payment on $38,000 of student loans?
At 6.52% over 10 years the payment is about $446 when 6 months of grace-period interest is included. Over 15 years it is about $342, and over 25 years about $265.
Does interest accrue during the grace period?
On unsubsidized federal loans and most private loans, yes. On subsidized federal loans the government pays it. Interest that accrues is added to your balance when repayment begins.
What is the Repayment Assistance Plan (RAP)?
RAP is an income-driven plan for federal loans made on or after July 1, 2026. Payments range from 1% to 10% of adjusted gross income with a $10 minimum and $50 off per dependent, and remaining balances are forgiven after 30 years. This calculator does not model RAP.
Should I pay off student loans early?
If your rate is higher than what you would earn investing after taxes, paying extra can make sense, especially after building an emergency fund. Keep any employer retirement match first.
Is it worth refinancing student loans?
Refinancing with a private lender can lower your rate, but you lose federal benefits such as income-driven repayment and forgiveness. Refinance only if you have stable income and no need for those protections.
What happens to my payment if I choose a longer term?
The monthly payment falls, but you pay more total interest because the balance stays outstanding longer. The comparison table above shows the trade-off for your loan.
Sources and further reading
- Federal Student Aid: interest rates and fees
- Federal Student Aid: repayment plans
- CNBC: student loan rates for 2026-27
Related calculators
Related guides
Figures in the examples are illustrative and use the inputs shown. Market rates and program rules change; confirm current terms with your lender or the linked official sources before making a decision.
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Understanding loan payments and interest is foundational to smart borrowing. Whether you are financing a home, car, or personal expense, knowing your true cost helps you negotiate better rates and pay off debt faster. Always compare the APR -- not just the interest rate -- to understand the total cost.
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Disclaimer: This calculator provides estimates for educational purposes only and is not financial, tax, or legal advice. Results depend on the figures you enter and on simplified assumptions; actual rates, taxes, and outcomes will differ. Consult a qualified professional before making financial decisions.