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Student Loan Repayment Calculator
This uses a standard fixed-rate amortising loan with equal monthly payments. Enter the principal, rate and term in years to see the payment and the total cost.
This assumes a fixed rate, a level payment and no fees or grace-period interest; actual terms and any subsidies are set by the lender.
What the monthly payment hides
A monthly payment that fits the budget can still be expensive. The same principal over a longer term lowers the payment and raises the total interest, and the difference is easy to miss when only the monthly figure is compared.
The total repaid and the interest share make the trade-off visible. If the interest approaches a large share of the principal, a shorter term or a smaller loan may be worth the higher monthly commitment.
Rate and term trade-off
For a fixed-rate loan, the rate and the term together determine the payment. Testing a one percentage point higher rate shows how sensitive the plan is, which matters if the loan is variable or if the rate is not yet fixed.
Fees, insurance and any grace-period interest sit outside this calculation. Ask the lender for the total cost including those items before comparing offers.
Frequently asked questions
Is this an amortising loan?
Yes, equal monthly payments with interest calculated on the declining balance, which is the common structure for student loans.
What about a zero interest loan?
Enter zero; the formula uses a very small rate to avoid division by zero, so the payment is effectively principal divided by the number of months.
Are income-based repayments covered?
No. This is a fixed-payment estimate; income-linked plans need the lender rules and a projected income.