Student Loan Calculator

After entering your information, the calculator shows your future obligations:

• Monthly payment: What you'll pay each month within the chosen term.
• Total repayment amount: What you'll pay back over the loan's life.
• Interest paid: How much you'll pay in interest alone over the repayment time
• Principal paid: The original loan amount you'll have paid off at the end of the loan term.
• Amortization schedule: This shows how each payment is divided between principal and interest. This timeline illustrates how your balance decreases and how much of your payments are applied to reducing your debt versus paying interest.

• Repayment plan: Standard plans divide the loan into equal monthly payments. Income-driven plans adjust payments based on your income and family size.
• Additional payments: Extra payments directly reduce your principal amount, lowering the overall interest.
• Fees and penalties: Some loans include origination fees, late fees or prepayment penalties.
• Grace periods and deferments: Some loans offer grace periods or deferments, letting you pause payments temporarily.

You have two main options for financing your education: private and federal student loans. Each has distinct features, benefits and drawbacks.

Banks, credit unions and other financial institutions offer private student loans. Interest rates can be fixed or variable and are determined by your credit score, because higher scores secure better rates. Private loans may require a co-signer if you don't have an established credit history.

Repayment for private student loans is less flexible, with fewer opportunities for deferment, forbearance or income-driven plans.

The federal government funds federal student loans and offers more standardized terms and protections. They come with lower, fixed interest rates and various repayment plans.

Federal loans provide options for deferment, forbearance and loan forgiveness.

• Direct subsidized loans: Available to undergraduate students with demonstrated financial need. The government pays the interest while you're in an in-school, grace or deferment period.
• Direct unsubsidized loans: Available to both undergraduate and graduate students without requiring demonstrated financial need. You're responsible for all accrued interest from loan disbursement.
• Direct PLUS loans: For graduate students or parents of dependent undergraduate students. They have higher interest rates and require a credit check, but let you borrow up to the full cost of attendance.
• Direct consolidation loans: Let you combine multiple federal student loans into a single loan with a fixed interest rate. This rate is based on the weighted average of the combined loans.

Student loan payments can burden your finances, but strategies exist to make them more manageable. Here are ways to lower your monthly payments:

• Income-driven repayment plans: Income-Based Repayment (IBR), Pay As You Earn (PAYE), Saving on a Valuable Education (SAVE) and Income-Contingent Repayment (ICR) adjust your monthly payments based on your income and family size. Available for federal student loans, these plans forgive any remaining balance after a set number of years.
• Refinancing: Take out a new loan with a private lender to pay off your existing loans, ideally at a lower interest rate. Refinancing lowers your monthly payments but you lose federal loan benefits like income-driven repayment plans and loan forgiveness options.
• Extended repayment plans: Extending your loan term reduces your monthly payments considerably. This eases immediate financial strain but results in more interest paid over the loan's life. You're trading short-term relief for long-term cost.
• Student loan forgiveness programs: Various programs forgive part or all of your federal student loans, often in exchange for certain employment or public service. Qualifying for these programs reduces or eliminates your monthly payments.

We answer common questions about student loans.