Student Loan Calculator
Estimate your monthly payment, total interest, and payoff date.
Loan Details
Your Estimated Monthly Payment
$0.00
Projected Payoff Date
–
Total Interest Paid
$0
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Understanding Your Student Loan
How to Use This Student Loan Calculator
Navigating student debt can be overwhelming, but our Student Loan Calculator is designed to bring clarity to your financial picture. By entering your loan details, you can see a clear estimate of your monthly payments and the total cost of your debt over time. The most powerful feature is the “Extra Monthly Payment” field, which lets you see how much faster you can become debt-free and how much interest you can save.
Key Factors Affecting Your Student Loan
- Loan Amount: The total principal you borrowed. The higher the amount, the higher your monthly payment will be.
- Interest Rate: This is the percentage charged for borrowing the money. Federal student loan rates are fixed, but private loan rates can vary widely based on your credit score.
- Loan Term: The standard repayment term for federal student loans is 10 years, but other plans can extend this. A longer term lowers your monthly payment but increases the total interest you’ll pay.
Frequently Asked Questions
What’s the difference between federal and private student loans?
Federal student loans are issued by the government and come with benefits like fixed interest rates and access to income-driven repayment plans and forgiveness programs. Private student loans are offered by banks and credit unions, and their terms are based on your creditworthiness. They often have variable interest rates and fewer borrower protections.
How can I pay off my student loans faster?
The best way is to pay more than the minimum payment each month. As you can see with our Student Loan Calculator, even a small extra payment can shave years off your loan term and save you a significant amount in interest. Always ensure your extra payments are applied to the principal balance.
What is interest capitalization?
Interest capitalization occurs when unpaid interest is added to your principal loan balance. This can happen after periods of deferment or forbearance. When interest capitalizes, you start paying interest on a larger total amount, which can increase the overall cost of your loan.