CalculynQuick answer
A $30,000 loan at 5.5% over 10 years costs about $325.58 a month and roughly $9,069 in total interest.
How it works
Student loans are usually repaid in equal monthly payments. Each payment covers that month's interest first, and the rest lowers your balance.
Formula
Payment = P × r ÷ (1 − (1 + r)^−n), where r = annual rate ÷ 12 and n = months
Assumptions & limitations
- Results are rounded for display.
Frequently asked questions
Does this include income-driven repayment?
No. It shows a standard fixed repayment plan. Income-driven plans base payments on your income instead.
How do I pay less interest?
Pay extra toward the balance, choose a shorter term, or refinance to a lower rate if it makes sense for you.