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Student loan calculator for the standard 10-year plan

Estimate the monthly payment and total interest on a student loan repaid with level payments over the standard 10-year plan.

By Fintrivex Updated Sources

Inputs

Loan

The plan length is fixed at 120 monthly payments.

Estimated monthly payment, standard 10-year plan

$397.42

$35,000.00 at 6.50% over 10 years

  • Balance repaid $35,000.00
  • Interest $12,690.02

Breakdown

Loan balance
$35,000.00
Interest rate
6.50%
Term
120 months
Monthly payment
$397.42
Total interest
$12,690.02
Total paid
$47,690.02

What changes

  • Over 10 years, interest adds $12,690.02 to the $35,000.00 balance.
Loan balance over time

Scrub across years to read values

Year 10: $0.00

  • Loan balance

Year-by-year balance

YearPrincipalInterestBalance
1$2,569.70$2,199.34$32,430.30
2$2,741.79$2,027.25$29,688.51
3$2,925.44$1,843.60$26,763.07
4$3,121.35$1,647.69$23,641.72
5$3,330.38$1,438.66$20,311.34
6$3,553.44$1,215.60$16,757.90
7$3,791.42$977.62$12,966.48
8$4,045.32$723.72$8,921.16
9$4,316.24$452.80$4,604.92
10$4,604.92$163.74$0.00
  • This estimate covers only a level payment over 10 years. It does not model income-driven, graduated or extended plans, deferment, forbearance, capitalized interest or forgiveness.
  • Enter the weighted average rate if you want one figure for several loans. Servicer statements control the actual payment.

Estimated monthly payment, standard 10-year plan

$397.42

See breakdown

What to check next

How it works

What this calculation includes

The standard repayment plan sets one level payment for 120 months. Each month, interest is charged on the unpaid balance at the annual rate divided by 12, rounded to the cent, and the rest of the payment reduces the balance.

The payment is the amount that brings the balance to zero after 120 months. A $30,000 balance at 6.5% has a payment of $340.64 and about $10,877 of total interest.

The year-by-year table splits each year’s payments into principal and interest. Early years carry more interest because the balance is higher.

Fixed-rate monthly payment

M = P × r ⁢ ( 1 + r ) n ( 1 + r ) n − 1

In words The standard 10-year repayment payment is the loan balance times a factor built from the monthly rate and 120 months.

M
Monthly student loan payment
P
Loan balance at repayment start
r
Monthly interest rate (annual rate ÷ 12)
n
Number of months (120 on the standard plan)

If r = 0, M = P ÷ n. Income-driven plans are outside this model.

Example

  • Loan amount P: $300,000.00
  • Annual rate: 6.50%
  • Term: 30 years (360 months)
  1. r = 6.5% ÷ 12 = 0.541667% per month
  2. n = 30 × 12 = 360
  3. M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)

Monthly payment M: $1,896.20

Worked example

Using the default inputs on this page.

Loan balance
$35,000.00
Annual interest rate
6.50%

Estimated monthly payment, standard 10-year plan

$397.42

$35,000.00 at 6.50% over 10 years

Questions

Which repayment plan does this cover?

Only the standard plan, with equal monthly payments over 10 years. Income-driven, graduated and extended plans are not modeled.

What if I have several loans?

Enter the combined balance and a weighted average rate for a single estimate. Servicer statements show the payment on each loan.

Does interest capitalize or accrue during deferment?

Not in this estimate. It starts repayment on the balance you enter and does not model deferment, forbearance or capitalized interest.

What happens at a zero rate?

There is no interest, and the payment is the balance divided by 120 months.

Sources

Methodology and worked examples