Student Loan Repayment Calculator
For commercial loans — and why that distinction matters.
Work out Student Loan Repayment. For commercial loans — and why that distinction matters. Names the mistake before it costs you.
Models a commercial repayment loan. Income-contingent government schemes work differently and overpaying them can be a mistake.
Monthly payment
333
9,967 of interest over 120 months
This is a straightforward repayment loan. Many government student loans are not — income-contingent schemes take a percentage of earnings above a threshold and write off the balance after a set period, which makes the headline rate and balance far less relevant than they look. Where that applies, overpaying can be actively wrong: if the balance would have been written off anyway, every extra payment is money handed over for nothing. Check which type of loan you hold before acting on this. For a commercial loan the arithmetic here applies directly, and overpaying saves both time and interest.
How the Student Loan Repayment Calculator works
Enter the balance, rate and term for the monthly payment, total interest and the effect of overpaying. This models a commercial repayment loan — income-contingent government schemes work differently, and overpaying one can be a genuine mistake.
Also known as: student loan payoff calculator · should i overpay my student loan · student loan interest calculator · graduate loan calculator
Not financial advice. This calculator is for planning and illustration, not financial advice. Real products carry fees, taxes, and terms it does not model. Confirm figures with your lender or a qualified adviser before committing.
Frequently asked questions
Should I overpay my student loan?
For a commercial loan, overpaying saves interest and time. For an income-contingent government loan where the balance is written off after a set period, overpaying can be money handed over for nothing — check which you hold first.
How is an income-contingent loan different?
Repayments are a percentage of earnings above a threshold rather than a fixed amount, and stop if income falls below it. The balance is written off after a set number of years, which makes the headline rate far less relevant than it appears.
How much interest will I pay in total?
It depends heavily on the term. A longer term lowers the monthly payment and raises total interest, often by more than people expect — the figure is shown here alongside the payment for that reason.
Does the rate change over time?
On many government loans yes, often linked to inflation and sometimes to income. This calculation assumes a fixed rate, so re-run it if yours moves.
Put this calculator on your own site
Free to use, on any site, commercial or not. Paste this where you want it to appear. It is a plain iframe, so it works in WordPress, Squarespace, Wix, Webflow, Ghost and anything else that accepts HTML.
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<p style="font:13px/1.5 system-ui,sans-serif;margin:6px 0 0;color:#64748b">Powered by <a href="https://www.thecalclibrary.com/student-loan-repayment-calculator" style="color:#64748b">Student Loan Repayment Calculator</a> from The Calc Library</p>The only condition is that the credit line below the frame stays in place. That one line is what pays for the tool being free — it is how anyone else finds it.
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