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To see how to calculate student loan interest in practice, get out your pen and paper and follow along using the following example. Not a math person? Our student loan interest calculator below does the calculation for you.
For this example, say you borrow $10,000 at a 7% annual interest rate. On a 10-year standard repayment plan, your monthly payment would be about $116.
1. Calculate your daily interest rate (sometimes called interest rate factor). Divide your annual studen loan interest rate by the number of days in the year.
Eric Han's Portfolio