Student loan calculator
Enter your loan balance, interest rate, grace period and repayment term. The student loan calculator shows your monthly payment, how much interest accrues before repayment starts and what you pay in total – so you can see the value of paying interest while in school.
Example: Loan balance 27,000 · Interest rate 6.52 % per year · Grace period before repayment 6 months · Interest during grace period: added to the balance (capitalized) · Repayment term 120 months → Monthly payment: 316.99. Source: Federal Student Aid – Interest rates for Direct Loans first disbursed July 1, 2026 – June 30, 2027. Updated: .
How it is calculated
How student loan payments are calculated
After school, many loans have a grace period before the first payment. Interest still accrues on unsubsidized loans; if you don’t pay it, it is added to your balance at repayment. Then the loan is repaid in equal monthly payments: payment = balance × i ÷ (1 − (1 + i)−n), with i = rate ÷ 12 and n = months.
Example: 27,000 at 6.52%
| Grace period | Term | Monthly payment | Total interest |
|---|---|---|---|
| 6 months, interest capitalized | 10 years | 316.99 | 11,039.59 |
| 6 months, interest paid | 10 years | 306.85 | 10,702.94 |
| 6 months, capitalized | 20 years | 208.29 | 22,987.39 |
A longer term lowers the payment but more than doubles the interest in this example. Paying the interest during the grace period keeps it from compounding.
2026–27 federal interest rates
For Direct Loans first disbursed from July 1, 2026 to 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 (Federal Student Aid). Private loans set their own rates.
Limits
This calculator models fixed payments over a chosen term. Federal repayment options changed for loans made after July 1, 2026; income-driven plans, deferment and forgiveness depend on your loan type – check studentaid.gov or your servicer.
Frequently asked questions
How do you calculate a student loan payment?
Use the loan formula: payment = balance × i ÷ (1 − (1 + i)−n), with i the monthly rate and n the number of payments. 27,000 at 6.52% over 10 years is about 307 a month, or 317 if six months of grace-period interest are added first.
Does interest accrue during the grace period?
On unsubsidized and private loans, yes. On federal subsidized loans the government pays the interest during the grace period.
Should I pay student loan interest while in school?
If you can, yes: interest you pay now is not added to your balance, so your later payments and total interest are lower.
How much will I pay in total?
The calculator adds grace-period interest and repayment interest to your balance. In the example, 27,000 costs about 38,040 in total over 10 years.
What are federal student loan interest rates for 2026–27?
6.52% for undergraduate Direct Loans, 8.07% for graduate unsubsidized and 9.07% for PLUS loans first disbursed between July 1, 2026 and June 30, 2027.
Sources and legal basis
As of: · Editorial policy
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