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Calculate education loan payments for tuition plus living — see monthly, total interest and total cost with deferment.
Calculate education loan payments for tuition plus living — see monthly, total interest and total cost with deferment.
Enter values above and click Calculate — results will appear here with the formula explained.
Education loan totals combine tuition plus living costs borrowed across all years: $80,000 tuition with $40,000 living is $120,000 of principal before a dollar of interest. Payments amortize over the repayment term at the loan rate, typically after a 6-month post-graduation grace period — $120,000 at 6% over 10 years runs about $1,332 monthly with $39,900 lifetime interest.
Federal versus private is the fork that matters most: federal loans offer fixed rates set by Congress, subsidized interest options (no accrual while enrolled for subsidized), income-driven plans capping payments near 10% of discretionary income, and forgiveness paths (PSLF, 20–25 year IDR discharge). Private loans price by credit (4–14%), lack safety nets, and rarely discharge — exhaust federal eligibility first, every time.
Deferment and grace mechanics: in-school and 6-month grace deferments pause payments, but unsubsidized interest accrues and capitalizes — a $30,000 unsubsidized balance at 6% grows ~$1,800 yearly while 'paused'. Add accrued interest to the starting balance here for honest totals; the calculator's principal should be graduation-day balance, not freshman-year borrowing.
Term trade-offs mirror mortgages: 10-year standard plans minimize interest but demand high payments ($1,332 on $120k at 6%); 20–25 year extended/graduated plans halve payments while roughly doubling lifetime interest. Refinance after graduation only when credit and income support lower fixed rates — refinancing federal into private forfeits IDR, deferment and forgiveness permanently.
Borrowing discipline ahead of the loan: community-college transfer years, AP/dual-enrollment credits, employer tuition benefits, 529 front-loading, and part-time work all shrink principal — the only variable fully in your control. Every $10,000 not borrowed at 6% saves ~$13,300 in payments over 10 years.
This models fixed-rate standard amortization without subsidized-interest quirks or income-driven formulas. For federal borrowers, pair this baseline with the official loan simulator for SAVE/PAYE estimates before choosing a plan.
Calculate education loan payments for tuition plus living — see monthly, total interest and total cost with deferment. Formula: Total borrowed = tuition+living. Example: With $80k tuition + $40k living = $120k at 6% for 10 years: payment about $1,332/month, total interest ~$39,900, total paid ~$159,900.
Education loan totals combine tuition plus living costs borrowed across all years: $80,000 tuition with $40,000 living is $120,000 of principal before a dollar of interest. Payments amortize over the repayment term at the loan rate, typically after a 6-month post-graduation grace period — $120,000 at 6% over 10 years runs about $1,332 monthly with $39,900 lifetime interest.
Federal versus private is the fork that matters most: federal loans offer fixed rates set by Congress, subsidized interest options (no accrual while enrolled for subsidized), income-driven plans capping payments near 10% of discretionary income, and forgiveness paths (PSLF, 20–25 year IDR discharge). Private loans price by credit (4–14%), lack safety nets, and rarely discharge — exhaust federal eligibility first, every time.
Deferment and grace mechanics: in-school and 6-month grace deferments pause payments, but unsubsidized interest accrues and capitalizes — a $30,000 unsubsidized balance at 6% grows ~$1,800 yearly while 'paused'. Add accrued interest to the starting balance here for honest totals; the calculator's principal should be graduation-day balance, not freshman-year borrowing.
Term trade-offs mirror mortgages: 10-year standard plans minimize interest but demand high payments ($1,332 on $120k at 6%); 20–25 year extended/graduated plans halve payments while roughly doubling lifetime interest. Refinance after graduation only when credit and income support lower fixed rates — refinancing federal into private forfeits IDR, deferment and forgiveness permanently.
Borrowing discipline ahead of the loan: community-college transfer years, AP/dual-enrollment credits, employer tuition benefits, 529 front-loading, and part-time work all shrink principal — the only variable fully in your control. Every $10,000 not borrowed at 6% saves ~$13,300 in payments over 10 years.
This models fixed-rate standard amortization without subsidized-interest quirks or income-driven formulas. For federal borrowers, pair this baseline with the official loan simulator for SAVE/PAYE estimates before choosing a plan.
With $80k tuition + $40k living = $120k at 6% for 10 years: payment about $1,332/month, total interest ~$39,900, total paid ~$159,900. Stretching to 20 years drops payment to ~$860 but raises interest past $86,000 — the term trap in one comparison.
Formulas are standard public references (see our methodology). External standards are cited in the text where they apply.
Last reviewed: September 2026 · Report an error