How it works
Federal student loans typically default to a 10-year standard plan. Extended plans lower the payment but can double total interest. This calculator shows the true cost of stretching payments out.
Same amortization formula as mortgages — fixed payment covering interest first, then principal.
Frequently asked questions
Should I pay student loans aggressively?
Compare your loan rate to expected investment returns. Above ~7%, aggressive payoff usually wins; below ~5%, investing the difference often wins mathematically.
What is capitalized interest?
Unpaid interest added to your principal — then you pay interest on interest. Avoid it by paying interest during school/grace periods.
Can extra payments help?
Yes — specify they go to principal. Even $50/month extra cuts months off the loan.
Disclaimer: This calculator provides estimates for educational purposes only and is not financial, tax, or legal advice. Consult a qualified professional before making financial decisions.