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Key takeaways
- check_circleThe formula: M = P[r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1] gives the monthly payment.
- check_circleExample: A $30,000 loan at 6.5% over 10 years is about $340 a month.
- check_circleTerm and rate: A longer term lowers the payment but raises total interest; the tables show both by loan amount and rate.
Formula
Formula: M = P[r(1+r)^n] / [(1+r)^n−1] A $30,000 loan at 6.5% over 10 years = $340/month.
→ Use our free Student Loan Calculator for your exact payment
1. Student loan monthly payment table
| Loan Amount | 5.50% — 10yr | 6.50% — 10yr | 7.05% — 10yr | Total Interest (6.5%) |
|---|---|---|---|---|
| $10,000 | $109 | $113 | $116 | $3,600 |
| $20,000 | $218 | $227 | $233 | $7,200 |
| $30,000 | $326 | $340 | $349 | $10,800 |
| $50,000 | $544 | $567 | $582 | $18,000 |
| $75,000 | $815 | $851 | $873 | $27,000 |
| $100,000 | $1,085 | $1,136 | $1,163 | $36,000 |
2. How repayment term affects your payment (on $30,000 at 6.5%)
| Term | Monthly Payment | Total Interest |
|---|---|---|
| 5 years | $587 | $5,200 |
| 10 years (standard) | $340 | $10,800 |
| 20 years | $224 | $23,700 |
What is the monthly payment on a $30,000 student loan?expand_more
At 6.5% over 10 years: $340/month, with $10,800 total interest. At the current federal rate of 5.5%: $326/month.
Is it better to pay off student loans early?expand_more
Yes. On a $30,000 loan at 6.5%, paying $100 extra/month saves ~$2,800 in interest and shortens repayment by 2.5 years. Federal loans have no prepayment penalty.