Student Loan Calculator
Monthly
$0.00
Total Paid
$0.00
Total Interest
$0.00
Federal Loan Rates (2024–2025)
Rates reset July 1 each year. Private loan rates vary by lender and credit.
Example
$30,000 at 6.53% on the standard 10-year plan:
- Monthly payment: $339
- Total paid: $40,680
- Interest paid: $10,680
Tips
- The 10-year standard plan minimizes total interest. Income-driven plans lower monthly payments but can double your total interest paid.
- During a grace period (typically 6 months after graduation), interest still accrues on unsubsidized loans. Making interest-only payments during this period prevents capitalization.
- Extra payments made before the due date reduce principal directly. Even $25 extra per month on a $30,000 loan saves over $1,500 in interest.
Frequently Asked Questions
What is the standard repayment plan?
The standard federal repayment plan pays off your loan in 10 years (120 equal monthly payments). This minimizes total interest paid. Income-driven repayment plans extend the term to 20–25 years with lower monthly payments but significantly higher lifetime interest.
What are current federal student loan rates?
Federal student loan rates for 2024–2025 are 6.53% for undergrad Direct Loans, 8.08% for graduate Direct Unsubsidized Loans, and 9.08% for Direct PLUS Loans. Rates reset each July 1 based on the 10-year Treasury note. Private loan rates vary widely by lender and credit score.
What is capitalized interest?
Capitalized interest is unpaid interest that gets added to your principal balance — meaning you then pay interest on that interest. This happens when a loan enters repayment after a grace period or deferment. Enter your balance after capitalization for the most accurate payment estimate.
Should I pay more than the minimum?
Yes, whenever possible. Extra payments go directly to principal, reducing the balance on which interest accrues. Even an extra $50–100 per month on a $30,000 loan at 6.5% can save thousands in interest and cut years off the repayment period.