Student Loan Calculator

The average student loan debt is just over $37,000, according to data from the Department of Education. There is approximately $1.592 trillion in outstanding federal student loan debt as of the second quarter of 2021, and there are 42.9 million individual borrowers. Federal loans make up 92% of all student loan debt.

Average Student Loan Debt by Year

Note: All numbers are for Q4 of the year in question, except for the current year, which is the latest quarter. Numbers are rounded to the nearest hundred.

The average student loan debt is very high in fact, it's actually more than the typical personal income in the U.S., which is $36,000. Student loan debt is also the second largest form of household debt after mortgages.

Some people are hit harder by student loan debt than others, though. People in Utah, Hawaii and California have the most student loan debt on average. People in South Dakota, Pennsylvania and Wyoming have the least.

To calculate monthly payments on a loan, use a free loan payment calculator and avoid having to do any math yourself. Just input the total amount of the loan, the number of years it will last, and the interest rate in order to see the monthly payment required. A good calculator will also show you the total amount of interest you'll pay over the life of the loan and how long it will take to repay the loan in full.

How to Calculate Monthly Payments on a Loan

• Visit WalletHub's free loan payment calculator.
• Put in your total loan amount and click "Next."
• Select the length of the loan and click "Next."
• Enter the interest rate on the loan and click "Next."
• View your monthly payment.

In addition to calculating the monthly payments on your loan, WalletHub's personal loan calculator shows you the total amount of interest and total amount of money you will pay to the lender, along with your loan payoff date. The calculator page also offers some helpful tips on how to save money by increasing your payment amount or paying more often.

Plus, you can see some attractive loan offers you might want to consider, based on the results of the calculator. This is especially helpful if you haven't opened a loan yet or you're considering refinancing.

How to Calculate Monthly Payments on a Loan by Hand

If you want to do the math to calculate monthly payments on a loan, you can use the following formula: a/{[(1+r)^n]-1}/[r(1+r)^n]=p.

In this equation "a" is the loan amount, and "r" is the interest rate (as a decimal) divided by the number of payments in a year. In addition, "n" is the total number of payments you will make, while "p" is your final result, the payment amount.

The good news is you should never have to calculate monthly payments on a loan yourself. Before you get a loan, you can use WalletHub's calculator. And once you have a loan, the amount due will be laid out in the loan agreement and listed on each bill you receive.

The monthly payment on a $70,000 student loan ranges from $742 to $6,285, depending on the APR and how long the loan lasts. For example, if you take out a $70,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $742. But if you pay off a $70,000 student loan in one year at a 14% APR, your monthly payment will be $6,285.

The standard payoff period for a student loan is up to 10 years, and student loan APRs generally range between 5% and 14%. Private student loans tend to have higher maximum APRs than federal loans, however.

Below are the monthly payments that you can expect on a $70,000 student loan with different payoff periods. The table assumes you will be paying interest at an APR of 6%, which is roughly the average student loan APR.

Example Monthly Payments on a $70,000 Student Loan

If you'd like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub's free student loan calculator.

Once you get approved for a student loan, you will receive information on exactly what your monthly payment will be. And you'll be able to access that information any time through your online account or by looking at one of your monthly bills.

The monthly payment on a $60,000 student loan ranges from $636 to $5,387, depending on the APR and how long the loan lasts. For example, if you take out a $60,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $636. But if you pay off a $60,000 student loan in one year at a 14% APR, your monthly payment will be $5,387.

The standard payoff period for a student loan is up to 10 years, and student loan APRs generally range between 5% and 14%. Private student loans tend to have higher maximum APRs than federal loans, however.

Below are the monthly payments that you can expect on a $60,000 student loan with different payoff periods. The table assumes you will be paying interest at an APR of 6%, which is roughly the average student loan APR.

Example Monthly Payments on a $60,000 Student Loan

If you'd like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub's free student loan calculator.

Once you get approved for a student loan, you will receive information on exactly what your monthly payment will be. And you'll be able to access that information any time through your online account or by looking at one of your monthly bills.

The monthly payment on an $80,000 student loan ranges from $849 to $7,183, depending on the APR and how long the loan lasts. For example, if you take out an $80,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $849. But if you pay off an $80,000 student loan in one year at a 14% APR, your monthly payment will be $7,183.

The standard payoff period for a student loan is up to 10 years, and student loan APRs generally range between 5% and 14%. Private student loans tend to have higher maximum APRs than federal loans, however.

Below are the monthly payments that you can expect on an $80,000 student loan with different payoff periods. The table assumes you will be paying interest at an APR of 6%, which is roughly the average student loan APR.

Example Monthly Payments on an $80,000 Student Loan

If you'd like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub's free student loan calculator.

Once you get approved for a student loan, you will receive information on exactly what your monthly payment will be. And you'll be able to access that information any time through your online account or by looking at one of your monthly bills.