Student Loan Calculator
Student Loan Terms
Results
| Balance After Grace | — |
|---|---|
| Monthly Payment (after grace) | — |
| Total Interest | — |
| Total Cost | — |
How to Use This Student Loan Calculator
Graduation comes with a six-month grace period—and interest that keeps clocking even when no bill arrives. The payment quote on your servicer letter rarely matches what you expect because capitalization silently inflates the balance. I use this to see the real number after grace ends.
- Enter loan balance. Total principal outstanding at graduation or today.
- Enter interest rate. Your fixed annual rate from the promissory note.
- Enter repayment term in years. Standard federal repayment is often 10 years after grace.
- Enter grace period in months. Months with interest accrual but no payments—enter 0 if none.
- Press Calculate. Review balance after grace, monthly payment, total interest, and total cost.
Compare standard vs extended timelines with the Loan Calculator, or project total education cost with the College Cost Calculator.
Student Loan Formulas and Practical Applications
During grace, interest accrues on the outstanding balance each month without payment. At repayment start, that accrued interest typically capitalizes—gets added to principal—so you pay interest on interest going forward.
Grace-period accrual
Monthly Interest = Balance × (Rate ÷ 100 ÷ 12)
Balance After Grace = Balance + (Monthly Interest × Grace Months)
On $35,000 at 5.5% with a 6-month grace, about $962 accrues, bringing the starting repayment balance to roughly $35,962.
Payment after grace
M = B × [ i(1 + i)ⁿ ] / [ (1 + i)ⁿ − 1 ]
That post-grace balance amortized over 10 years at 5.5% yields about $390/month.
Total cost planning
Total interest includes grace accrual plus all repayment-period interest. Making interest-only payments during grace prevents capitalization and lowers the lifetime cost—this calculator shows the cost when you do not.
Frequently Asked Questions
How does the grace period affect my payment?
Interest accrues monthly during grace with no payments. That accrued interest is added to the balance when repayment starts, raising the monthly payment compared to starting immediately.
What is balance after grace?
Balance after grace equals the original loan balance plus all interest that accrued during the grace period months.
Does this model income-driven repayment plans?
No. This calculator uses standard fixed payments over the repayment term you enter. Income-driven, deferment, and forbearance plans are not modeled.
What repayment term should I enter?
Enter the standard repayment period after grace ends—typically 10 years for federal loans, though private lenders vary.
Does total interest include grace-period accrual?
Yes. Total interest covers both grace-period accrual and all interest paid during the repayment term.