Student Loan Calculator
Calculate your student loan monthly payment, accounting for interest that accrues during your grace period.
Months before repayment starts, e.g. 6
Monthly payment
$334.64
What Your Result Means
Balance after grace period shows your loan total after interest accrues (and often capitalizes) during the months before repayment starts. Your monthly payment and total interest are then calculated on that adjusted balance.
How It Is Calculated
Balance After Grace = Loan Amount × (1 + monthly rate)^grace months
Monthly Payment = Balance × [r(1+r)^n] / [(1+r)^n - 1]
Worked Example
A $30,000 loan at 5.5% APR with a 6-month grace period and a 10-year term results in a balance of about $30,840 after grace, with a monthly payment near $335 and total interest of roughly $9,700.
Important Assumptions
- Assumes interest capitalizes (gets added to principal) at the end of the grace period, which is typical for unsubsidized federal and private loans.
- Subsidized federal loans don't accrue interest during the grace period - set grace period to 0 to model that scenario.
Frequently Asked Questions
- What is a grace period?
- A grace period is the time after graduation (often 6 months) before you're required to start making payments. Interest often still accrues on unsubsidized loans during this time.
- Does this account for income-driven repayment plans?
- No - this calculates a standard fixed monthly payment. Income-driven plans base payments on your income and can result in different, often lower, monthly amounts.
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Methodology
This calculator uses the standard amortizing loan formula with grace-period interest capitalization. See our methodology page for details.
This calculator provides estimates for educational purposes only. Actual rates, taxes, insurance, fees, and lender terms may differ. It does not constitute financial advice - consult a qualified financial professional before making financial decisions.