purr.tools

Student Loan Calculator

Enter your loan balance, annual interest rate, and repayment term to calculate your monthly payment and total cost.

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How to use the student loan calculator

Enter your total loan balance, the annual interest rate on your loan, and the repayment term in years. The calculator uses the standard amortization formula to show your monthly payment, total amount paid, and total interest cost over the life of the loan.

Federal student loan rates (2024–25)

Direct Subsidized/Unsubsidized (undergrad): 6.53%. Direct Unsubsidized (graduate): 8.08%. Direct PLUS (grad/parent): 9.08%. Standard repayment term: 10 years. Income-driven repayment plans: 20–25 years.

FAQ

What is the standard repayment term?

The standard federal student loan repayment term is 10 years (120 monthly payments). Income-driven repayment plans extend this to 20–25 years in exchange for lower monthly payments, but result in more total interest paid.

How does interest capitalize?

Unpaid interest can capitalize (be added to your principal balance) at certain points — for example, when a grace period ends or when you leave forbearance. This calculator assumes a simple amortizing loan with no capitalization events after the repayment term begins.

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Add this tool to your website by copying the snippet below.

<iframe
  src="https://www.purr.tools/en/embed/student-loan-calculator"
  width="100%"
  height="500"
  style="border:0;border-radius:8px;"
  loading="lazy"
  title="Student Loan Calculator — Monthly Payment & Total Cost"
  allow="clipboard-write"
></iframe>