Student Loan Payment
Calculate your student loan monthly payment, total interest payable, and total repayment amount. Free student loan EMI calculator with amortization schedule.
About This Calculator
Our Student Loan Payment Calculator helps students and graduates estimate their monthly loan payments, total interest costs, and full repayment schedule. Whether you have a federal student loan in the US, an education loan from an Indian bank, or a UK Plan 2/Plan 5 student loan, this tool uses the standard amortization formula -- the same formula used by lenders worldwide -- to give you accurate payment estimates.
The calculation uses the EMI (Equated Monthly Installment) formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is your loan amount, r is your monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. The calculator also generates a yearly amortization schedule showing how each payment is split between principal and interest, and how the outstanding balance declines over time.
Regional Notes
India: Education loans from Indian banks typically have interest rates between 8.65% and 12.65% with repayment tenures of 5 to 15 years after a moratorium period covering the course duration plus 6 months to 1 year. The interest rate is linked to the bank's MCLR plus a spread. Loans up to ₹7.5 lakh under the Padho Pardesh scheme may have subsidized interest rates.
US: Federal student loan interest rates for 2024-2025 are 6.53% for undergraduate loans, 8.08% for graduate loans, and 9.08% for PLUS loans. Standard repayment term is 10 years, but income-driven repayment plans can extend terms to 20-25 years. Private student loan rates vary from 4% to 15% based on credit history.
UK: UK student loans operate on an income-contingent repayment system. Plan 2 loans have interest rates from 7.3% to 8.3% with a 30-year write-off. Plan 5 loans (from August 2023) have a £30,000 annual threshold with a 40-year write-off. Repayments are 9% of income above the threshold, collected automatically through PAYE.
Frequently Asked Questions
How is my student loan monthly payment calculated?
Your student loan monthly payment is calculated using the standard amortization formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This ensures each payment covers the interest due and reduces the principal balance over the loan term.
What is the average student loan interest rate in the US?
For the 2024-2025 academic year, US federal undergraduate student loan interest rates are 6.53% for Direct Subsidized and Unsubsidized Loans. Graduate Direct Unsubsidized Loans are 8.08%, and Direct PLUS Loans (for parents and graduate students) are 9.08%. Private student loan rates vary from 4% to 15% based on creditworthiness.
What are the student loan interest rates in India?
In India, student loan interest rates from public sector banks like SBI range from 8.65% to 11.65% for loans up to ₹7.5 lakh and 9.65% to 12.65% for loans above ₹7.5 lakh. Private banks and NBFCs charge higher rates typically between 11% and 15%. The interest rate is usually linked to the bank's MCLR plus a spread based on the loan amount and course.
How long does it take to repay a student loan?
Standard student loan repayment terms are 10 years in the US for federal loans. In India, education loan repayment periods range from 5 to 15 years, with a moratorium period covering the course duration plus 6 months to 1 year after graduation. The UK Plan 2 student loans are repaid over up to 30 years, while Plan 5 loans are repaid over up to 40 years.
Can I pay off my student loan early?
Yes, most student loans in the US, India, and the UK allow early repayment without prepayment penalties. Paying extra each month or making lump-sum payments reduces the total interest cost and shortens the loan term. In the US, federal student loans have no prepayment penalty. In India, most banks allow prepayment without charges after the moratorium period. UK student loans also permit voluntary repayments without penalty.
What is the difference between subsidized and unsubsidized student loans?
Subsidized student loans are available only to undergraduate students with demonstrated financial need. The US Department of Education pays the interest while you are in school at least half-time, during the grace period, and during deferment. Unsubsidized loans are available to both undergraduate and graduate students regardless of financial need, and you are responsible for all interest that accrues from the date of disbursement.
How does student loan repayment work in the UK?
In the UK, student loan repayment is income-contingent. For Plan 2 loans (England and Wales, post-2012), you repay 9% of income above £2,274 per month (£27,295 per year). Interest rates range from 7.3% to 8.3% depending on income. Any remaining balance is written off after 30 years. For Plan 5 loans (from August 2023), the threshold is £2,500 per month (£30,000 per year) with write-off after 40 years.
What happens if I miss a student loan payment?
Missing a student loan payment can result in late fees, damage to your credit score, and eventually default. In the US, federal student loans have a 270-day grace period before default occurs, after which the entire balance becomes due and wage garnishment may apply. In India, missed payments are reported to credit bureaus like CIBIL, lowering your credit score. UK student loan repayments are collected automatically through the payroll system, so missed payments are less common.