Student Loan Calculator — federal rates by loan type

How it works

Pick the loan type and the statutory rate applies — this page reads it from a reviewed data pack of Federal Student Aid's published table for the current disbursement window, never a guess. The payment is M = P·r(1+r)ⁿ ⁄ ((1+r)ⁿ − 1) at that rate over the term you choose; the term is yours to set because which federal repayment plan applies is a program question, not arithmetic. Daily interest uses Federal Student Aid's own convention verbatim: the interest rate factor is the rate divided by 365.25 (to account for the leap year), and one day's interest is the balance times that factor. Direct Loans are daily- interest loans, which is why the per-day figure is worth seeing next to the monthly payment.

Federal rates — loans first disbursed Jul 1, 2026 – Jun 30, 2027 (Federal Student Aid, read 2026-07-21)

Source: studentaid.gov, Interest Rates and Fees for Federal Student Loans. Rates are fixed for the life of the loan; earlier disbursements carry their own window's rate.

Worked example

Take the default: $20,000 of undergraduate Direct loans at the statutory 6.52%, repaid over 10 years. This calculator amortizes it to about $227 a month with roughly $7,300 of total interest, and the daily accrual on the full balance starts at $20,000 × 0.0652 ÷ 365.25 ≈ $3.57 a day — the rate and the 365.25 convention are Federal Student Aid's published figures; the payment and totals are this calculator's amortization of them.

Frequently asked questions

What rate does my federal student loan carry?

The statutory rate for its type and disbursement window — the table above for loans first disbursed July 1, 2026 through June 30, 2027, fixed for the life of the loan. Loans disbursed in earlier windows keep their own window's rate; check your servicer's records for the exact figure.

Who sets federal student loan rates?

Federal law — Federal Student Aid states the rates are set by statute, not by the Department of Education, and a new window's rates take effect each July 1. That is why this page's rates carry a review date: the pack is re-read when the next window is announced.

How does daily interest work?

Direct Loans accrue interest every day: the balance times the interest rate factor, which is the rate divided by 365.25. On a $20,000 balance at 6.52% that is about $3.57 a day. Payments cover accrued interest first — no payment reduces principal until unpaid interest is paid.

Why do I choose the repayment term?

Because the plan is a program choice, not arithmetic: federal Standard, Graduated, Extended, and income-driven plans schedule payments differently. This page amortizes at a level payment over whatever term you set; the strategy question — extra payments across loans — is the student-loan-payoff calculator's job.

Does this cover income-driven repayment or forgiveness?

No. Income-driven plans compute payments from income and family size, and forgiveness terms are program rules that change with legislation — asserting them here would go stale silently. This page prices the fixed-rate amortization; check studentaid.gov for the current plans.

Are private student loans the same?

No — private lenders set their own rates by credit, often variable, and Federal Student Aid notes federal rates and fees are generally lower. This page's rates apply only to the federal types listed; for a private loan, enter its quote into the plain loan calculator instead.

How accurate is this, and what does it exclude?

The rates are the issuing authority's published table applied exactly; the payment is standard amortization. It excludes origination fees, in-school and grace-period accrual and capitalization, income-driven plans, and forgiveness — each a program rule with its own conditions. Confirm your loans' specifics on your studentaid.gov dashboard.