Monthly payment and total interest. The second number tends to be larger than people expect.
Using this calculator's default example, a $60,000 student loan at 7% interest over a 10-year term costs about $697 a month and $23,598 in total interest, as of 2026. Enter your own numbers below for your actual payment.
Estimate only. Actual loan terms depend on your rate and servicer.
Student loan payments follow standard amortization: the monthly payment is calculated from the loan amount, the monthly interest rate, and the number of payments in the term, so the balance is fully paid off by the end of the term. Total interest is everything you pay above the original loan amount over the life of the loan, and it grows with a longer term even though the monthly payment shrinks. In the default example above, a $60,000 loan at 7 percent interest over a 10-year term carries a monthly payment of about $697 and $23,598 in total interest, for $83,598 repaid in all. Compare the monthly payment to your expected salary increase; if the raise covers it comfortably, the degree cash-flows from day one. Federal loan rates are set annually by Congress and fixed for the life of the loan; private loan rates vary by lender and may be variable, so check the exact terms on your paperwork.
Know the monthly bill before you borrow a dollar.
Real loans round differently, may add origination fees to the balance, and can carry a variable rate that changes your payment mid-term. Use this as a planning figure and confirm the exact numbers on your loan documents.
It is a reasonable planning rate for many private and Direct PLUS loans, but federal Direct Unsubsidized rates for graduate students are set annually and can run lower. Check the current published rate for your loan type before you borrow.
Usually yes, since a shorter term cuts total interest substantially even though the monthly payment is higher. Compare the total interest column, not just the monthly number, before you pick a term.
Total interest belongs in your real cost of the degree. Add it to your tuition net cost before running the ROI calculator, so the payback period reflects what you actually paid, not just what you borrowed.
When you finance tuition, the monthly loan payment is a real, recurring cost that reduces the net value of the salary bump. This calculator uses standard amortization to show the monthly payment and the total interest paid over the term. That interest figure belongs in any honest accounting of the degree's return, and most program marketing materials omit it.
A longer term lowers the monthly payment and raises total interest. Compare the monthly payment to your expected salary increase. If the raise covers the payment comfortably, the degree cash-flows from day one. If it does not, the ROI is thinner than the tuition figure alone suggests. Run the numbers both ways, at your current term and at one a few years shorter, before you sign.
