🎓 Student Loan Calculator
Student loans often come with a grace period after graduation, but on unsubsidized loans the interest keeps growing during those months and gets added to what you repay.
Enter the borrowed amount, annual rate, repayment term and grace months. The calculator grows the balance through the grace period first, then amortizes it over the term to give your true monthly payment.
How to use this calculator
Enter the borrowed amount, rate, repayment term and grace months to see the monthly payment with grace-period interest grown into the balance.
- Type the Loan amount you borrowed.
- Enter the Annual interest rate.
- Set the Repayment term in years and the Grace period in months.
- Press Calculate to see the payment, the balance at repayment start, and total interest.
Frequently asked questions
Why does the grace period matter?
On unsubsidized loans interest accrues during the grace months and is added to the balance, so you start repaying more than you borrowed and the payment is higher.
What does an example look like?
A $30,000 loan at 6% with a 10-year term and 6 grace months grows to about $30,911 before repayment starts, giving a payment of roughly $343.18 and lifetime interest of about $11,181.
What if my loan is subsidized?
Then the government covers the grace-period interest, so set the grace months to zero to model the payment on the original borrowed amount.
Does it model income-driven plans?
No. It assumes fixed equal monthly payments over the term you choose, which is the standard repayment plan.