- What This Calculator Does
- How to Use This Calculator
- Student Loan Calculator
- How to Interpret Your Results
- Representative Repayment Examples
- How Interest Affects Student Loan Repayment
- Federal Student Loan Interest Rates for Graduate Students
- Federal Student Loan Repayment Options
- Strategies to Reduce Your Student Loan Costs
- What to Do Next
- Frequently Asked Questions About Student Loan Repayment
- Edited By Jeevan D'Souza
- Expert Reviewed By Cathy Hill
What This Calculator Does
Graduate school borrowing can add significantly to the total cost of earning a master’s degree. The amount you ultimately repay depends not only on how much you borrow, but also on your interest rate and how long the loan remains outstanding.
Use this calculator to estimate your monthly payment, total interest paid, and total repayment cost based on your loan amount, interest rate, and repayment term. You can also test different borrowing and repayment scenarios to see how changes in these factors affect the long-term cost of your student loans.
This calculator provides estimates for planning and comparison purposes. Actual payments and repayment options depend on your loan type, loan servicer, and applicable federal or private loan terms.
Key stat: Among master’s degree recipients, median cumulative student loan debt was approximately $66,000 in 2020, according to data from the National Center for Education Statistics (NCES). The amount ultimately repaid can be considerably higher than the amount borrowed because interest accumulates over time. Your interest rate and repayment term can substantially affect that total cost.
If you’re new to student loans and want to understand loan types, borrowing, and repayment basics before running the numbers, start with our guide to how student loans work. This calculator serves a different purpose: it turns a loan amount, interest rate, and repayment term into estimated monthly payments and total repayment costs.
This tool does not estimate your total cost of attendance, including tuition, fees, and living expenses. For that, use our Graduate School Cost Calculator. This calculator starts with the amount you expect to borrow or currently owe and estimates what repayment could look like.
How to Use This Calculator
Enter the details of the student loan you want to estimate. You can use your expected borrowing amount when planning for graduate school or your current loan balance if you are evaluating repayment scenarios.
- Loan amount: Enter the amount you expect to borrow or currently owe.
- Interest rate: Enter the annual interest rate for the loan. If you have multiple loans with different rates, calculate them separately or use a weighted average rate for a combined estimate.
- Repayment term: Choose the number of years you expect to take to repay the loan.
The calculator estimates your monthly payment, total interest paid, and total amount repaid over the selected term. Change any of the inputs to compare scenarios and see how borrowing less, securing a lower interest rate, or changing the repayment period affects your results.
Student Loan Calculator
Use the calculator below to estimate your monthly payment, total interest, and total repayment cost. Enter your loan balance, annual interest rate, and repayment term, then select “Calculate My Loan Payment” to see your results.
Student Loan Calculator
Estimate monthly payments, total interest, and total repayment cost for your graduate loan.
Calculation note: Estimates are based on standard loan amortization using the loan balance, annual interest rate, and repayment term entered above. Results are estimates and may differ from payments calculated by a loan servicer because of fees, interest capitalization, repayment-plan rules, deferment, forbearance, or other loan-specific factors.
After running your calculation, scroll down for guidance on interpreting each output and for benchmarking your results against common graduate loan scenarios.
How to Interpret Your Results
The calculator produces four outputs. Here is what each one tells you and why it matters when evaluating your student loan repayment scenario.
Estimated Monthly Payment
This is the estimated amount you would pay each month based on the loan balance, interest rate, and repayment term you entered. A longer repayment term generally lowers the monthly payment but gives interest more time to accumulate.
Total Interest Paid
This is the estimated amount you would pay in interest over the full repayment period. Compare this figure with your original loan balance to see how much borrowing costs beyond the amount you initially borrowed.
Total Repayment Amount
This combines the original principal and estimated interest paid over the selected repayment term. It provides a broader picture of the long-term cost of the loan than the monthly payment alone.
Year-by-Year Amortization
The amortization summary shows how your payments are divided between principal and interest over time and how your remaining loan balance changes each year. Earlier in repayment, a larger share of a fixed payment generally goes toward interest; as the balance declines, more of the payment goes toward principal.
When comparing scenarios, look at the monthly payment and total repayment together. A longer term may make the monthly payment easier to manage while increasing the total interest paid. A shorter term generally increases the monthly payment while reducing the total cost of borrowing.
Representative Repayment Examples
The examples below show how loan balance and interest rate can affect monthly payments and total repayment costs. These examples assume fixed monthly payments over a 10-year repayment term and no additional payments, deferment, forbearance, fees, or changes to the interest rate.
| Loan Balance | Interest Rate | Term | Monthly Payment | Total Interest | Total Repaid |
|---|---|---|---|---|---|
| $20,000 | 7.00% | 10 years | $232.22 | $7,866.04 | $27,866.04 |
| $40,000 | 7.00% | 10 years | $464.43 | $15,732.07 | $55,732.07 |
| $60,000 | 7.00% | 10 years | $696.65 | $23,598.11 | $83,598.11 |
| $80,000 | 7.00% | 10 years | $928.87 | $31,464.14 | $111,464.14 |
| $100,000 | 7.00% | 10 years | $1,161.08 | $39,330.18 | $139,330.18 |
Illustrative example only: These estimates use a 7% annual interest rate and 10-year repayment term to show how repayment costs change as the amount borrowed increases. Your actual loan terms and repayment costs may differ.
How Interest Affects Student Loan Repayment
Interest is one of the biggest factors affecting how much you ultimately repay. For most student loans, interest is calculated based on the outstanding principal balance and the loan’s annual interest rate. As you make payments and reduce the principal, the amount of interest that accrues generally declines.
With a fixed-payment loan, your monthly payment may stay the same, but how that payment is applied changes over time. Earlier payments generally include more interest because the outstanding balance is higher. As the balance falls, more of each payment goes toward principal.
For example, two borrowers with the same $50,000 loan balance can have substantially different repayment costs if their interest rates differ:
| Interest Rate | Repayment Term | Monthly Payment | Total Interest | Total Repaid |
|---|---|---|---|---|
| 5.00% | 10 years | $530.33 | $13,639.31 | $63,639.31 |
| 7.00% | 10 years | $580.54 | $19,665.09 | $69,665.09 |
| 9.00% | 10 years | $633.38 | $26,005.46 | $76,005.46 |
Example: On a $50,000 loan repaid over 10 years, increasing the interest rate from 5% to 9% raises the estimated monthly payment from $530.33 to $633.38 and increases estimated total interest from $13,639.31 to $26,005.46.
What this means: A higher interest rate affects more than the monthly payment. It also increases the total amount paid over the life of the loan. When evaluating borrowing scenarios, compare total interest and total repayment, not just the monthly payment.
Federal Student Loan Interest Rates for Graduate Students
Federal student loan interest rates are set annually and apply to loans first disbursed during a specific award year. Once a Direct Loan is disbursed, its interest rate is generally fixed for the life of that loan.
If you are estimating repayment for an existing loan, enter the actual interest rate shown on your loan rather than the current rate for newly issued federal loans.
For the 2026–27 award year, the federal Direct Unsubsidized Loan rate for graduate and professional students is:
| Federal Loan Type | Interest Rate | Applies To |
|---|---|---|
| Direct Unsubsidized Loans — Graduate/Professional | 8.07% | Loans first disbursed July 1, 2026–June 30, 2027 |
Federal Student Loan Repayment Options
Federal student loan repayment options changed beginning July 1, 2026. The plans available to you depend partly on when your federal loans were first disbursed and whether you take out a new loan or consolidate existing loans after that date.
The Student Loan Calculator above estimates fixed-payment scenarios using the loan balance, interest rate, and repayment term you enter.
Important: The Student Loan Calculator on this page does not determine eligibility for a federal repayment plan or calculate income-based payments.
Tiered Standard Repayment Plan
The Tiered Standard Plan provides fixed monthly payments, with the repayment period determined by the amount owed. Borrowers with at least one Direct Loan first disbursed on or after July 1, 2026 may qualify for this plan, which then applies to their Direct Loans. Repayment terms can range from 10 to 25 years depending on the outstanding balance.
Repayment Assistance Plan (RAP)
The Repayment Assistance Plan is an income-driven repayment option introduced July 1, 2026. Payments are based on adjusted gross income and the number of qualifying dependents, rather than simply amortizing the loan balance over a fixed term. RAP can provide forgiveness of a remaining eligible balance after 30 years of qualifying repayment.
For borrowers whose Direct Loans were all first disbursed on or after July 1, 2026, RAP is the only income-driven repayment option available.
Options for Borrowers With Older Federal Loans
Borrowers whose loans were all first disbursed before July 1, 2026 may have access to additional repayment plans depending on their loan types and borrowing history. These may include Standard, Graduated, Extended, Income-Based Repayment (IBR), and, for eligible borrowers during the transition period, PAYE or ICR. PAYE and ICR are scheduled to sunset by July 1, 2028. Borrowers who receive a new Direct Loan or Direct Consolidation Loan on or after July 1, 2026 generally transition to the new repayment framework for their eligible Direct Loans.
Important: Federal repayment-plan eligibility depends on your specific loans, loan types, disbursement dates, and borrowing history. Use Federal Student Aid’s current repayment resources to determine which plans apply to your loans.
Sources: U.S. Department of Education, The Trump Administration is Making Higher Education More Affordable, Expanding Opportunity, and Simplifying Student Loan Repayment (July 1, 2026); Federal Student Aid, The Future of Federal Loan Repayment — Servicing and System Impacts (2026); and Federal Student Aid guidance on income-driven repayment-plan changes. Federal repayment-plan availability and eligibility depend on a borrower’s loan types and borrowing history and may change.
Strategies to Reduce Your Student Loan Costs
Once you understand your estimated monthly payment and total repayment cost, you can test how different borrowing and repayment decisions may affect those numbers. Not every strategy will apply to every borrower, and federal and private loans can have different rules and protections.
Borrow Less When Possible
Reducing the amount you borrow lowers both the principal you must repay and the interest that can accumulate on that balance. Scholarships, grants, employer tuition assistance, personal funds, and choosing a lower-cost program may reduce the amount you need to finance.
Explore OMC’s Financial Aid Resources for additional ways to fund graduate school.
Compare the Cost of Different Repayment Terms
A longer repayment term can reduce your estimated monthly payment, but it generally increases the total interest paid because the balance remains outstanding longer. Use the calculator to run the same loan amount and interest rate across different terms and compare both the monthly payment and total repayment cost.
Consider Additional Principal Payments
Paying more than the required monthly amount can reduce principal faster and potentially lower the total interest paid. Before making additional payments, check how your loan servicer applies payments and how additional payments will be applied to your balance.
Evaluate Your Interest Rate
A lower interest rate can reduce both monthly payments and total interest when the other loan terms remain the same. Borrowers considering refinancing should compare potential savings with any benefits or protections they could give up, particularly when refinancing federal student loans into private loans.
Reduce Borrowing Before You Enroll
If you have not yet chosen a graduate program, repayment planning can begin before you borrow. Compare tuition and total program costs, investigate financial aid and employer benefits, and estimate how much you may actually need to finance.
Use OMC’s Graduate School Cost Calculator to estimate your education costs before translating that amount into a potential loan payment.
What to Do Next
Your next step depends on whether you’re still estimating graduate-school costs, looking for ways to reduce how much you borrow, or evaluating programs based on affordability.
- Estimate the full cost of graduate school → Graduate School Cost Calculator
Estimate tuition, fees, and other education costs before determining how much you may need to borrow. - Explore ways to pay for graduate school → Financial Aid
Review financial aid, scholarships, grants, loans, and other options that may help reduce out-of-pocket costs or borrowing. - Understand student loans before borrowing → How Student Loans Work
Learn about student loan types, borrowing, interest, and repayment before deciding how to finance your degree. - Look for lower-cost degree options → Most Affordable Online Master’s Programs
Compare online master’s programs with lower total tuition and understand the factors that affect program affordability. - See whether your employer can help pay → Companies That Pay for Grad School
Explore employer tuition-assistance programs and graduate education benefits that may reduce the amount you need to borrow. - Ready to evaluate programs → Compare Master’s Programs
Compare program options side by side once you have a clearer picture of your budget and borrowing needs.
Frequently Asked Questions About Student Loan Repayment
For a fixed-payment loan, the estimated monthly payment depends primarily on your loan balance, annual interest rate, and repayment term. The calculator converts the annual interest rate to a monthly rate and calculates the payment needed to repay the balance and accrued interest over the selected number of monthly payments.
A larger balance or higher interest rate generally increases the monthly payment, while a longer repayment term generally lowers the monthly payment but increases the total interest paid.
A longer repayment term generally lowers your monthly payment because the balance is spread across more payments. However, keeping the loan outstanding longer usually means paying more interest over the life of the loan.
Use the calculator above to compare the same loan balance and interest rate across 10-, 15-, 20-, and 25-year repayment scenarios.
If you are estimating repayment for an existing loan, enter your current outstanding balance and current interest rate. If you are estimating repayment before borrowing, enter the amount you expect to borrow.
If you have multiple loans with different interest rates, calculating them separately will generally provide a more accurate estimate than combining them under a single interest rate.
No. This calculator estimates fixed-payment repayment scenarios based on the loan balance, interest rate, and repayment term you enter. It does not calculate payments under federal income-driven repayment plans or determine your eligibility for a federal repayment plan.
Income-based federal repayment calculations can depend on factors such as income, family size, loan type, and borrowing history. Check current Federal Student Aid guidance for repayment-plan eligibility and official payment estimates.
For Direct Unsubsidized Loans first disbursed to graduate and professional students between July 1, 2026, and June 30, 2027, the fixed interest rate is 8.07%. Federal student loan rates are set annually, so loans first disbursed in different award years can have different fixed rates.
If you already have federal student loans, check the interest rate assigned to each loan rather than using the current rate for new loans. When using the calculator above, enter the rate associated with the loan you want to model.
Read the full breakdown →How Do Student Loans Work?
Paying more than your required monthly payment can help you repay your student loans faster and reduce the total interest you pay. The potential savings depend on your outstanding balance, interest rate, remaining repayment term, and how much extra you pay toward the loan.
Before making extra payments, confirm how your loan servicer applies amounts above your required payment. If you have multiple loans, consider their interest rates and terms when deciding where additional payments may have the greatest impact. Also consider whether putting extra money toward your loans makes sense alongside other financial priorities.
Federal student loans are funded by the U.S. Department of Education and generally have fixed interest rates and borrower protections established under federal law. Depending on the loan and borrower, these may include access to federal repayment options, deferment or forbearance, and certain loan-forgiveness programs.
Private student loans are issued by banks, credit unions, and other private lenders. Interest rates may be fixed or variable, and repayment terms, eligibility requirements, cosigner requirements, fees, and borrower protections vary by lender. Private loans generally do not provide the same federal repayment and forgiveness options available to eligible federal borrowers.
When comparing federal and private loans, consider the interest rate, repayment term, estimated monthly payment, total repayment cost, and borrower protections rather than comparing interest rates alone.
Yes. Some private lenders allow borrowers to refinance federal student loans into a new private loan, potentially with a different interest rate, repayment term, or monthly payment.
However, refinancing federal student loans with a private lender means the refinanced debt is no longer a federal student loan. As a result, you generally give up federal benefits and protections associated with those loans, including access to federal repayment plans, federal deferment and forbearance provisions, and federal loan-forgiveness programs such as Public Service Loan Forgiveness.
A lower interest rate can reduce borrowing costs, but compare the potential savings with the federal benefits you would permanently give up before refinancing.
Read the full breakdown →How Do Student Loans Work?
Both deferment and forbearance can temporarily pause or reduce required federal student loan payments, but they differ in eligibility and how interest may be treated.
With deferment, borrowers must meet specific eligibility requirements. Interest generally continues to accrue on unsubsidized loans during deferment, while borrowers with certain subsidized loans may not be responsible for interest that accrues during qualifying deferment periods.
With forbearance, payments may be temporarily paused or reduced, but interest generally continues to accrue on the loan. Because accrued interest can increase the cost of repayment, borrowers should review the financial consequences with their loan servicer before choosing either option.
Deferment or forbearance can also affect progress toward certain loan-discharge or forgiveness programs, depending on the circumstances.
Read the full breakdown → How Do Student Loans Work?
Public Service Loan Forgiveness (PSLF) can forgive the remaining balance on eligible Direct Loans after a borrower makes the equivalent of 120 qualifying monthly payments under an accepted repayment plan while working full-time for an eligible government or nonprofit employer. Graduate-level Direct Loans can qualify if the borrower and loans meet the program requirements.
PSLF eligibility is based on your employer, eligible loan type, repayment plan, and qualifying payment history. Federal Student Aid recommends using the PSLF Help Tool to check employer eligibility, submit PSLF forms, and track qualifying-payment progress.
Read the full breakdown →How Do Student Loans Work?