Use these student loan calculators to estimate monthly payments, payoff time, total interest, and how your balance may change before repayment begins. The tools use U.S. dollars and let you adjust the loan amount, interest rate, repayment period, and extra payments.
Simple Student Loan Calculator
Use this simple Student Loan Calculator to estimate a monthly payment, loan term, interest rate, or loan balance. Enter any three values and leave the fourth blank to calculate the missing value.
Example — Simple Student Loan Calculator
For example, if you borrow $30,000 at 6.8% interest and repay it over 10 years, the estimated monthly payment is about $345.24.
You can clear any one of the four values and enter the other three to work out the missing value.
Student Loan Repayment Calculator
This calculator helps you see how long it may take to pay off a student loan. You can also add extra monthly, yearly, or one-time payments to see how they could affect the payoff time and total interest.
Example
Suppose you have a $30,000 student loan with a 6.8% interest rate and make payments of $360 per month. Try adding an extra monthly payment to see how the estimated payoff period and interest change.
Student Loan Projection Calculator
Planning for college can mean borrowing more than once. This calculator gives you an estimate of what your student loan balance could look like by graduation and after a grace period, based on your current balance, expected borrowing, interest rate, and repayment term.
Example
If you currently owe $20,000 and expect to borrow another $10,000, the calculator estimates your balance using the interest rate, time until graduation, and grace period you enter.
You can also select Pay interest during school years to see how making interest payments while in school changes the projection.
Student Loans: What to Consider
Student loans generally fall into two broad groups in the U.S.: federal loans and private loans. Federal loans are offered through the federal student aid system and have their own eligibility requirements, interest rules, repayment options, and borrower protections. Private loans are offered by banks, credit unions, and other lenders, and their terms can vary from one lender to another.
Some federal loans may offer benefits such as income-based repayment options, deferment or forbearance provisions, and other borrower protections. Certain federal loans can also be subsidized, meaning eligible borrowers may receive an interest benefit while they are in school or during certain approved periods. These benefits do not apply to every federal loan.
Before borrowing, it is worth looking at other ways to reduce the amount you need to finance. Scholarships and grants generally do not have to be repaid, while work-study programs can provide an opportunity to earn money while attending school. Paying some education costs from savings or current income can also reduce the amount you need to borrow.
If you do need a student loan, compare the interest rate, fees, repayment period, monthly payment, and other terms before choosing a loan. A lower amount borrowed can also mean less interest over the life of the loan.
These calculators provide estimates to help you understand how different loan amounts, interest rates, payment amounts, and repayment periods can affect the cost of borrowing. Your actual loan terms and payment may be different.
Frequently Asked Questions
What is a student loan?
A student loan is money borrowed to help pay for education expenses. Unlike a grant or scholarship, a loan generally has to be repaid with interest.
What is the difference between federal and private student loans?
Federal student loans are provided through the U.S. federal student aid system, while private student loans are offered by private lenders. They can have different interest rates, eligibility requirements, repayment options, and borrower protections.
How does the Student Loan Calculator work?
The calculator uses the loan balance, interest rate, payment amount, and repayment period to estimate monthly payments, total interest, and payoff time.
Can I calculate a missing loan value?
Yes. The Simple Student Loan Calculator allows you to enter any three of the four values and calculate the missing one.
Can I add extra payments?
Yes. The Student Loan Repayment Calculator allows you to add extra payments each month, once a year, or as a one-time payment.
Do extra student loan payments reduce interest?
Paying more toward a loan can reduce the outstanding balance faster, which can reduce the amount of interest that accrues over time. The actual effect depends on the loan terms and how the lender applies additional payments.
What is a student loan grace period?
A grace period is a period after certain qualifying circumstances, such as leaving school, before regular loan payments are required. The length and rules depend on the specific loan.
What happens to student loan interest while I am in school?
It depends on the type of loan. Some loans may have interest benefits during qualifying periods, while other loans can continue to accrue interest. Check the terms of your specific loan.
Does this calculator include every student loan fee?
No. These calculators focus on the loan balance, interest, payment, and repayment period. Origination fees and other lender-specific charges are not included.
Are the results exact?
No. The results are estimates based on the information entered. Your actual payment and loan cost can vary depending on your lender, loan type, interest calculation method, fees, and repayment terms.
Can I use this calculator for private student loans?
Yes. You can use the calculator with the balance, interest rate, and repayment terms for a private student loan. The result is an estimate and does not replace the terms provided by your lender.