Calculate the monthly EMI and total interest for an education loan, with an optional moratorium (grace) period.
This tool calculates your monthly student loan payment, total interest paid, and full repayment timeline based on the loan balance, interest rate, and repayment term. It helps students and graduates understand and plan for loan repayment.
Monthly Payment = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments over the repayment term.
Enter your student loan balance, interest rate, and repayment term, and the calculator returns your estimated monthly payment and total repayment cost.
Example: A $30,000 student loan at 5.5% interest over 10 years results in a monthly payment of approximately $326, with total interest paid of roughly $9,120 over the repayment period.
How does loan term affect total interest paid on student loans? A longer repayment term (like extended or income-driven plans) lowers monthly payments but increases total interest paid over the life of the loan, while a shorter term increases monthly payments but reduces total interest cost.
What's the difference between subsidized and unsubsidized student loans? With subsidized loans, the government typically covers interest while the borrower is in school (for eligible loans), while unsubsidized loans accrue interest from disbursement regardless of enrollment status — this can meaningfully affect the total balance owed at graduation.
Does making extra payments help with student loans? Yes, extra payments (specified as going toward principal) reduce the balance faster, decreasing total interest paid and potentially shortening the repayment timeline, though it's worth understanding your specific loan servicer's payment allocation policy.
How do income-driven repayment plans differ from standard repayment? Income-driven plans typically set payments as a percentage of discretionary income rather than a fixed amortization schedule, which can lower monthly payments but often extends the total repayment period and total interest paid compared to standard repayment.
Should I refinance student loans to get a lower rate? Refinancing can lower interest costs if you qualify for a meaningfully better rate, but it's worth carefully considering any trade-offs, such as losing federal loan benefits (like certain forgiveness programs) when refinancing federal loans into private ones.