Showing results for Illinois (IL)
Calculators/Loans & Debt
Student Loan Calculator
Calculate your monthly student loan payment, total amount paid, and total interest over the life of the loan. Works for federal and private student loans.
$
%
years
Amortization Preview
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $188.08 | $137.50 | $29,811.92 |
| 2 | $188.94 | $136.64 | $29,622.98 |
| 3 | $189.81 | $135.77 | $29,433.17 |
| 120 (last) | $324.09 | $1.49 | $0.00 |
Monthly Payment
$325.58
Total Paid
$39,069.46
Total Interest
$9,069.46
How to Use This Calculator
1
Enter your loan details
Enter your loan balance, annual interest rate, and repayment term. For federal loans, check StudentAid.gov for your exact balance and interest rate. Private loan terms are on your loan servicer's website.
2
Understand the monthly payment
Your monthly payment covers both principal (reducing your balance) and interest (cost of borrowing). Early payments are mostly interest; later payments shift to principal. This is called amortization.
3
See your total cost
The total interest paid shows the real cost of borrowing. On a $30,000 loan at 5.5% over 10 years, you'll pay nearly $8,800 in interest. Paying extra each month reduces this significantly.
Real-World Examples
Federal Direct Loan
Loan Amount
$27,000
Interest Rate
5.50%
Term
10 years
Result$292/month
Total paid: $35,057. Total interest: $8,057 over 10 years.
Private Graduate Loan
Loan Amount
$60,000
Interest Rate
7.25%
Term
15 years
Result$547/month
Total paid: $98,469. Total interest: $38,469 — refinancing could save significantly.
Frequently Asked Questions
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