Is 10 years the only option for federal loans?

It's the standard term, but federal borrowers can typically choose extended or graduated repayment terms too, which lower the monthly payment but increase total interest — try a longer term here to compare.

Where does an extra payment actually go?

On most loans it reduces principal directly, which is what shortens your payoff time and cuts total interest — but confirm with your servicer that extra payments aren't automatically applied toward next month's payment instead.

Should I pay off student loans early instead of investing?

It depends on your loan's interest rate versus what you'd realistically earn investing instead — there's no universal answer, and this calculator only shows the loan side of that comparison.

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Student Loan Repayment Calculator

Standard monthly payment and payoff time with extra payments.

🔒 Runs entirely in your browser — nothing here is ever uploaded

About the Student Loan Repayment Calculator

Calculates your standard fixed monthly student loan payment over a chosen repayment term, plus how much sooner you'd finish — and how much interest you'd save — by paying extra each month.

How to use it

Enter your Loan balance and Interest rate.
Enter the Repayment term in years — the standard federal Direct Loan term is 10 years.
Optionally enter an Extra monthly payment to see the time and interest it would save.
Read your standard monthly payment and, if entered, the extra-payment comparison in the result panel.

Formula

Monthly payment = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1]
P = loan balance, r = monthly interest rate, n = number of monthly payments

The standard fixed-rate amortizing-loan formula — same math as the Loan EMI and Auto Loan calculators. This models the Standard Repayment Plan (a fixed payment over a fixed term) only. Income-driven repayment plans size the payment to a percentage of income instead, and U.S. federal student loan repayment options are in active transition for 2026 — see the note below.

Worked example

A $28,000 balance at 6.5% over the standard 10-year term comes to about $318/month; an extra $50/month cuts real time off both the term and the total interest paid — the exact amount depends on your own balance and rate.

Interpreting your result

This does not model income-driven repayment (IDR) plans or the new Repayment Assistance Plan (RAP) introduced for 2026 — those size your payment to a percentage of income rather than a fixed schedule, and the rules governing them are changing this year. If you're on or considering an income-driven plan, use the official calculator at studentaid.gov rather than this one.

Recommendations

• An extra payment on a student loan generally goes toward the balance directly (confirm your servicer applies it that way, not toward a future payment) — that's what makes it effective at cutting total interest.
• Refinancing to a lower rate helps most borrowers with private loans; federal borrowers should weigh the loss of federal protections (income-driven plans, forgiveness programs) before refinancing federal debt with a private lender.
• Run the numbers with a couple of different extra-payment amounts — even a modest, sustainable extra payment compounds meaningfully over a 10-year term.

Frequently asked questions

No — this models a standard fixed monthly payment only. Income-driven plans size your payment to your income instead, and U.S. federal repayment options are changing for 2026; use studentaid.gov's own calculator for those.