Tools and Calculators
Generally, interest on student loans is calculated daily. Use this calculator to figure out the interest amount owed since your last payment.
Keep in mind that this calculator helps to show you how much of your payment applies to interest. The remainder of your payment goes toward the principal.
To reduce the overall interest costs of the loan, you can contribute additional funds toward the loan principal. If you do this, be sure to notify the lender that you want the extra contribution amount to apply to the principal and not as advance payments. Without notification to the lender, they may advance your due date while continuing to charge interest on the remaining balance.