Federal Student Loan

Estimate monthly payments and total interest on a student loan under current federal tax law.

About Federal Student Loan

Student-loan payment estimate under current federal tax law: a fixed amortized payment on the balance at your rate over the chosen term. Income-driven plans and deferments change the picture.

Formula

Payment

M = P × r(1+r)^n / ((1+r)^n − 1)

Worked example

With the default values below, Federal Student Loan returns Monthly Payment of $325.58. Change any input above and every figure here is recalculated in your browser.

Inputs used

Loan amountminimum 0: 30,000
Annual interest rateaccepts 0–15: 5.5
Loan termone of 10 years, 15 years, 20 years: 10 years

Results

Monthly Payment: $325.58
Total Paid: $39,069.46
Total Interest: $9,069.46

Step by step

1Values used
2Payment
3Monthly Payment= 325.58
4Total Paid= 39,069.46
5Total Interest= 9,069.46

Assumptions and limits

The result is derived only from the 3 inputs listed above. Anything not among them is not part of the calculation.
In particular, this calculator does not take inflation, tax or fees or charges into account.
Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
Estimate only.
This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Estimate only.

Frequently Asked Questions

Should I consolidate or refinance?

Refinancing can lower the rate but may cost federal protections (forgiveness, forbearance).

How accurate is this estimate?

Rates are approximate reference values. Local rates, exemptions and rules can differ, so treat the output as a planning figure only.