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Free · Instant · 2026 Rates

What will my student loan payment be?

Calculate your monthly payment, total interest, and payoff date for any balance and term

✅ Uses the same fixed-rate amortization formula as federal Standard Repayment. Last reviewed July 2026.
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2026–27 federal undergraduate Direct Loan rate is 6.518% — private loan rates vary by lender and credit.
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10 yr = Standard Plan. 15/20/25 yr reflect the Tiered Standard and Extended options for larger balances.
Please enter a valid loan balance and interest rate.
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Related tools & guides

How do student loans actually work? → Carrying multiple debts? Compare payoff strategies → Snowball vs avalanche — which payoff method wins? → See how this payment fits your take-home pay → Check your debt-to-income ratio →
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Federal rates are fixed

Federal student loan rates are set annually by law and stay fixed for the life of that loan — they don't change year to year like a variable rate.

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Longer terms cost more

Stretching to a 20 or 25-year term lowers the monthly payment but significantly increases total interest paid over the life of the loan.

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Income-driven options exist

Federal borrowers who can't afford the standard payment can apply for income-driven plans, including the new Repayment Assistance Plan (RAP).

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Extra payments still help

Paying extra toward principal on a fixed-rate loan reduces total interest and payoff time, as long as you're not pursuing forgiveness.

2026-27 federal student loan interest rates

For federal Direct Loans first disbursed on or after July 1, 2026, the fixed rate for undergraduate Stafford loans is 6.518%, up slightly from 6.392% the prior year. Rates are set annually based on the 10-year Treasury note yield plus a fixed margin established by law, and once your loan is disbursed, that rate is locked in for the life of the loan — it won't rise or fall with market rates afterward. Graduate and PLUS loans carry higher rates than undergraduate loans. Private lenders set their own rates based on credit, and may offer fixed or variable options.

New to student loans or want the fundamentals first? Read How Do Student Loans Work? for federal vs. private loans, interest accrual, and forgiveness programs.

Repayment plan options for 2026 and beyond

Federal loan repayment options changed meaningfully starting in 2026:

Federal repayment plan comparison
PlanTermBest for
Standard10 yearsLowest total interest, fixed payment
Tiered Standard10-25 yearsLarger balances, lower fixed payment
RAP (new)Income-basedNew borrowers (post-7/1/2026) needing income-driven payments

The Repayment Assistance Plan (RAP) is a new income-driven option available to borrowers starting July 1, 2026, setting payments between 1% and 10% of adjusted gross income (or a flat $10/month for very low earners), with a design intended to guarantee progress on the principal balance as long as payments are made on time.

Why loan term length changes the total cost so much

Just like with a mortgage or auto loan, extending a student loan's term lowers the monthly payment but increases the total interest paid, since interest accrues for longer. Use the calculator above to compare a 10-year Standard term against a 20 or 25-year Tiered Standard term on your own balance — the monthly savings are often smaller than they look next to the added lifetime interest.

Key insight

If you're not pursuing loan forgiveness, paying extra toward a fixed-rate federal loan is one of the more reliable ways to cut total interest, since federal rates set in recent years are fixed and known in advance — unlike, say, credit card debt. Compare methods with the Debt Payoff Calculator.

Federal vs. private student loans — the short version

Federal loans come from the U.S. Department of Education, don't require a credit check for undergraduates, offer fixed rates set by law, and provide access to income-driven repayment and forgiveness programs. Private loans come from banks or credit unions, require a credit check (often with a cosigner for students), and can carry fixed or variable rates with far fewer built-in protections. For the full comparison — including how interest accrues while you're still in school — see How Do Student Loans Work?

Common questions

What is the current federal student loan interest rate?

For loans first disbursed on or after July 1, 2026, the undergraduate Direct Stafford Loan rate is 6.518%, fixed for the life of the loan.

What repayment plans are available for federal student loans?

Options include the 10-year Standard Plan, the Tiered Standard Plan (10-25 years based on balance), and the new income-driven Repayment Assistance Plan (RAP) for borrowers starting July 1, 2026.

How is my monthly student loan payment calculated?

For fixed-rate repayment, it uses a standard amortization formula based on balance, interest rate, and term length in months — the same math used for mortgages and auto loans.

Should I pay off student loans early or invest instead?

It depends on your rate versus expected investment returns, whether you're pursuing forgiveness (which extra payments could undermine), and whether higher-interest debt should be paid off first.

What happens if I can't afford my student loan payment?

Federal borrowers can switch to an income-driven plan, or request deferment or forbearance, rather than letting the loan go delinquent or default — see how default actually works before missing payments.