How to use this student loan calculator
- Choose a Loan type. The federal choices fill in the fixed 2026-27 rate; pick "Private or older loan" to type your own.
- Enter the Loan balance ($) you have to repay.
- Check the Interest rate (%) and set the Repayment term (years). The hint under the term shows the Standard plan length for new federal loans at your balance.
- If payments have not started, enter the Months before your first payment (months left in school plus the 6-month grace period) and pick what happens to Interest during those months.
- Read the monthly payment, total paid and total interest, then compare the 10, 15, 20 and 25 year rows.
How the payment is worked out
The payment is the standard loan formula: balance × r / (1 - (1 + r)-n), where r is the yearly rate divided by 12 and n is the number of monthly payments.
Interest before your first payment depends on the loan. On federal unsubsidized and PLUS loans it builds up as simple interest (balance × rate × months / 12). Since July 1, 2023 it is no longer added to the balance when repayment starts, so your payments cover it first; the calculator finds the level payment that clears everything in your term. Private lenders usually do add it to the balance, so that setting repays balance plus interest. Federal subsidized loans build up nothing.
Worked example with the default numbers
A $40,000 federal undergraduate loan at 6.52% repaid over 10 years with no wait has a monthly payment of $454.60. You make 120 payments, pay $54,551.89 in total, and $14,551.89 of that is interest. In the table, 15 years costs $348.88 a month with $22,799 of interest, and 25 years costs $270.58 with $41,175. A $40,000 balance falls in the 15 year Standard tier, so $348.88 is the Standard plan payment.
Enter 30 in Months before your first payment with the unsubsidized setting: $6,520 of interest builds up and the payment rises to $524.40.
Limits of this estimate
- Fixed rates only. A variable-rate private loan changes its payment when the rate moves.
- Grad PLUS loans are closed to new borrowers from July 1, 2026; Parent PLUS loans remain, with new annual and lifetime caps.
- Income-driven plans, including IBR and the new Repayment Assistance Plan (payments of 1% to 10% of income), are not modeled. SAVE, PAYE and ICR are phased out by July 1, 2028.
- The Standard plan length uses the total principal of all your federal loans; this page uses the one balance you enter.
- It assumes on-time payments with nothing extra. A loan fee taken from your disbursement is repaid too, so enter the full amount borrowed.
To see what extra payments save, use the loan payoff calculator; to test a lower rate, the refinance calculator; to plan how much to borrow, the college cost calculator.
Student loan questions people ask
What is the federal student loan interest rate for 2026-27?
For Direct Loans first paid out between July 1, 2026 and June 30, 2027 the fixed rates are 6.52% for undergraduates, 8.07% for graduate and professional unsubsidized loans, and 9.07% for PLUS loans. Each loan keeps its rate. Grad PLUS loans are closed to new borrowers from July 1, 2026; Parent PLUS loans remain, with new annual and lifetime caps.
How long is the Standard repayment plan for new federal loans?
For loans first paid out on or after July 1, 2026 it depends on your total principal: 10 years under $25,000, 15 years from $25,000 to $49,999, 20 years from $50,000 to $99,999, and 25 years at $100,000 or more.
Does interest build up while I am in school?
On unsubsidized and PLUS loans, yes, from the day the money is paid out. On subsidized undergraduate loans the government pays it during school, the 6-month grace period and deferment. You still owe unpaid interest, but it is no longer added to your balance when repayment begins.
Sources: Federal Student Aid, 2026-27 Direct Loan interest rates, 20 U.S.C. 1087e (repayment plans and tiers), StudentAid.gov repayment plans, 87 FR 65904 (interest capitalization). Public Law 119-21 (H.R. 1). Figures checked October 2026.