What Will Your Student Loan Payment Actually Be?
A student loan can feel abstract until repayments start. Working out the monthly figure early makes budgeting after graduation much easier.
What is the Student Loan Calculator?
Student loans are typically repaid in equal monthly instalments once repayment begins. This calculator applies the standard loan formula to the borrowed amount, the annual rate and the term in years, giving the monthly payment, the total repaid and the total interest across the whole term.
How to use it
- Enter the student loan amount.
- Enter the annual interest rate and the repayment term in years.
- Press Calculate to see the monthly payment and total cost.
Worked example
Loan 30000, rate 6%, term 10 years: monthly payment about 333.06, total payment about 39967.38, total interest about 9967.38.
How much of my student loan payment is interest?
Early on, a large share is interest, because interest is charged on the full balance still owed. As the balance falls, more of each payment goes to principal. Over the whole term, the split is visible in the totals: the total repaid minus the original loan is the interest you paid.
Frequently asked questions
Does interest accrue while I am studying?
That depends on the loan. Some loans charge interest during study, which then adds to the balance, while others do not. Check your loan terms.
Can I pay it off early?
Usually yes, and paying extra shortens the term and cuts total interest, but confirm there is no early-repayment penalty first.