How it works
Calculate monthly payments for student loans, including the impact of interest capitalization during deferment periods.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
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?amount=Loan AmountNumber · Optional · Default: 30,000
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?rate=Interest RateNumber · Optional · Default: 6.8
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?term=Loan Term (Years)Number · Optional · Default: 10
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?deferment=Deferment Period (Years)Number · Optional · Default: 0
Outputs
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resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Plan your education debt repayment
Description
The Student Loan Calculator is tailored to the unique structure of education debt. It calculates monthly payments and total costs, specifically accounting for “interest capitalization”—the process where accrued interest is added to your principal—which often happens during deferment or grace periods.
Inputs
- Loan Amount: The total amount borrowed ($).
- Interest Rate: The annual interest rate for the loan (%).
- Loan Term (Years): The length of the repayment period (standard is often 10 years).
- Deferment Period (Years): The amount of time before you start making payments, during which interest may still accrue.
Outputs
- Monthly Payment: The amount due each month once the repayment phase begins.
- Total Interest: The total interest paid over the life of the loan, including interest accrued during deferment.
- Total Cost: The sum of the original principal and all interest charges.
- Accrued Interest: The specific amount of interest added to your balance during the deferment period.
Chart
- Cost Breakdown Donut Chart: Displays the ratio of “Principal” to “Interest” in your total repayment cost.
“Good to Know”
- Federal “Subsidized” loans do not accrue interest during deferment, while “Unsubsidized” loans do. This calculator assumes an unsubsidized model to provide a conservative estimate.
- If your loan is unsubsidized, paying even a small amount toward the interest during school can prevent capitalization and save you thousands over time.
- Standard repayment plans are usually 10 years, but extended or income-driven plans can last 20-25 years.
Examples
Example 1: Standard Undergrad Loan
- Input:
- Amount: $30,000
- Rate: 6.8%
- Term: 10 Years
- Deferment: 0
- Output:
- Monthly Payment: ~$345
- Total Interest: ~$11,400
Example 2: Graduate Loan with Deferment
- Input:
- Amount: $50,000
- Rate: 7.5%
- Term: 10 Years
- Deferment: 2 Years
- Output:
- Accrued Interest: $7,500
- New Monthly: ~$660 (higher due to capitalization)
Example 3: Short-Term Payoff
- Input:
- Amount: $15,000
- Rate: 5%
- Term: 5 Years
- Output:
- Monthly: ~$283
- Total Interest: ~$1,980