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Printed August 5, 2026 · https://trycleartally.com/student-loan-calculator
Estimates for educational purposes only — not financial advice. See https://trycleartally.com/disclaimer.
Student Loan Calculator
Work out your monthly student loan payment, total interest, and debt-free date — and see exactly how much an extra monthly payment saves you in interest and time.
Reviewed by the ClearTally editorial team · Last updated July 7, 2026 · Methodology & sources
The federal standard repayment plan is 10 years.
Optional — applied straight to principal each month.
Monthly payment
$340.64
Required payment on the standard schedule
Total interest
$10,877
Total paid
$40,877
Debt-free date
Aug 2036
10y 0m from now
Balance over time
Assumes a fixed rate and level payments, like the federal standard plan. Income-driven plans, deferment, and interest capitalization aren't modeled. Estimate only, not financial advice.
Student Loan Worksheet
Monthly payment
$340.64
Fixed-rate, level-payment estimate. Income-driven plans and capitalization not modeled. Not financial advice.
Calculated using the standard formulas described at https://trycleartally.com/methodology — for educational estimates only, not a quote or financial advice. Verify with your lender or financial institution before making decisions.
How it works
Student loans repay like any fixed-rate installment loan: the standard amortization formula sets a level monthly payment that covers each month's interest first, with the rest reducing the balance. The federal standard repayment plan is this exact schedule over 10 years, which is why 10 is the default term above. Anything you pay beyond the required amount goes straight to principal — shrinking the balance that future interest is charged on, which is why extra payments punch above their weight.
Example:$30,000 at 6.5% on the 10-year standard plan is about $340.64/month, with roughly $10,900 in total interest. Add $100/month extra and you're debt-free in 86 months instead of 120 — 2 years 10 months sooner — saving about $3,300 in interest.
Sources & further reading
FAQ
The two levers are paying more than the required amount (every extra dollar goes to principal) and directing extra money at your highest-rate loan first if you have several. Federal loans have no prepayment penalty, so extra payments are pure savings — but tell your servicer to apply them to principal, not to 'advance' your due date, or they won't shorten anything. The calculator above shows exactly what a given extra payment buys you.
If you're on the federal standard plan, it's 10 years. Consolidation loans can run 10–30 years depending on balance, and private loans commonly offer 5–20 year terms — check your servicer's statement for your actual term. Longer terms lower the monthly payment but raise total interest, since the balance accrues interest for longer.
No — IDR plans (like SAVE or IBR) set your payment as a share of discretionary income rather than by amortization, and payments can change yearly with your income. This calculator models fixed-payment plans: the federal standard plan and most private loans. Federal Student Aid's Loan Simulator is the authoritative tool for comparing IDR options.
The tradeoff: extra loan payments earn a guaranteed return equal to your interest rate, while investing has historically averaged more over long periods but with no guarantee. The rate matters — prepaying a 7% private loan is a strong guaranteed return, while racing to clear a 3% loan costs you flexibility for a small saving. Many people also weigh forgiveness programs first, since prepaying a loan that might be forgiven can waste money.
If your payment is smaller than the interest accruing each month — common on income-driven plans or during periods of paused payments with accruing interest — the shortfall gets added to what you owe. On a fixed-payment plan like the ones modeled here, the required payment always covers interest with room to spare, so the balance falls every month.