This tool will help you estimate your monthly student loan payments based on your loan details and repayment plan.
Student Loan Estimator
Use our student loan estimator to calculate the potential monthly payments, total amount paid, and interest accrued based on the loan amount, interest rate, loan term, and other parameters.
How to Use the Calculator
- Enter the loan amount you are planning to borrow.
- Specify the annual interest rate for the loan.
- Enter the term of the loan in years.
- Optionally, you can enter a grace period in months before you start repayment.
- Specify your annual income to help customize repayment plans, if applicable.
- Select the type of loan: Federal or Private.
- Click the “Calculate” button to see the results.
The results will show your estimated monthly payment, the total amount you will pay over the term of the loan, and the total interest paid.
Calculator Limitations
This calculator provides estimates based on the information you provide and assumes fixed interest rates with standard repayment plans. It does not take into account variable rates, loan forgiveness programs, or other repayment options that may be available. For precise loan details and repayment options, please consult your loan provider.
Use Cases for This Calculator
Estimate Your Monthly Payments
With the student loan estimator, you can quickly calculate what your monthly payments would be once you graduate. By entering your loan amount, interest rate, and repayment term, you’ll gain insight into your financial commitments and how they fit into your monthly budget.
Compare Different Loan Types
This feature allows you to compare federal and private loan options seamlessly. By adjusting the parameters such as interest rates and term lengths, you’ll discover which loan type offers the best balance of affordability and payback terms for your financial situation.
Understand the Impact of Interest Rates
By tweaking the interest rate in the estimator, you can clearly see how even a small change can significantly affect your total repayment amount. This helps you make informed decisions about whether to accept a loan offer or seek better terms elsewhere.
Project Total Loan Cost Over Time
The estimator not only shows your monthly payments but also calculates the total cost of your student loans over the life of the loan. This tool helps you visualize the long-term financial impact of borrowing, allowing you to plan accordingly.
Explore Income-Driven Repayment Plans
Use the estimator to simulate various income-driven repayment plans tailored to your anticipated income. By inputting your potential salary, you can see how your payment options could change based on your earnings, making it easier to plan for the future.
Calculate Loan Forgiveness Eligibility
If you’re considering a career in public service, this estimator can help assess your eligibility for loan forgiveness programs. You’ll be able to input specific criteria and see how your payments could be reduced or eliminated altogether over time.
Consider the Effect of Refinancing
Refinancing can be a great option to lower your interest rates or monthly payments, and the estimator helps analyze your current loan conditions. By entering hypothetical refinancing details, you can see potential savings and make a more informed decision about your financial future.
Assess the Financial Burden of Additional Loans
Thinking about taking out more loans for advanced studies? The estimator allows you to factor in additional loan amounts and understand how they will impact your overall debt load and monthly payments.
Keep Track of Payment Progress
Use the estimator to track your progress as you make payments over the years. By regularly updating your information, you’ll gain perspective on how much of your loan you’ve paid off and how much longer you might be committed to this financial obligation.
Plan for Life Changes After Graduation
Your financial situation may change after graduation due to employment, further education, or even family responsibilities. The student loan estimator provides a flexible platform to adjust your scenarios, helping you foresee how life changes could affect your repayment strategy.