Student Loan Calculator
Estimate Your Payments and Savings
Our Student Loan Calculator is a useful tool that can help you estimate your monthly loan payments and savings based on your loan amount, interest rate, and repayment term. With this calculator, you can compare different repayment options and find the most affordable one for your budget.
To use the calculator, simply input your loan information, including the amount you need to borrow, the interest rate, and the length of your repayment term. The calculator will then show you an estimated monthly payment, the total amount of interest you’ll pay over the life of the loan, and the potential savings you could achieve by making extra payments.
By using our Student Loan Calculator, you can get a better understanding of the costs associated with borrowing money for your education, and make a more informed decision about your student loan options. Whether you’re a current student, recent graduate, or a parent of a college-bound student, our calculator can help you plan and budget for your future education expenses.
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What you need to know for this calculator
Before using the student loan calculator above, come prepared with a few pieces of information about your loan.
Loan Amount: The loan amount is the total amount of money that you will be borrowing to cover your education expenses. You will need to input this amount into the calculator to get an estimate of your monthly payments and total interest paid.
Interest Rate: The interest rate is the percentage that the lender will charge you for borrowing the money. This rate can vary depending on the lender, the type of loan, and your credit score. Inputting the interest rate into the calculator will help you estimate the cost of borrowing the money.
Repayment Term: The repayment term is the length of time you have to pay back the loan. This can range from 5 to 20 years depending on the lender and the loan type. The repayment term will also impact your monthly payments and the total interest paid.
Monthly Payment: The monthly payment is the amount you will need to pay each month to pay off the loan within the repayment term. This amount is calculated based on the loan amount, interest rate, and repayment term. It’s important to consider this amount when budgeting for your education expenses.
Total Interest Paid: The total interest paid is the amount of money you will pay in interest over the life of the loan. This amount is calculated based on the loan amount, interest rate, and repayment term. It’s important to consider this amount when deciding on a loan, as it can significantly impact the total cost of your education.
Potential Savings: The calculator can also show you the potential savings you could achieve by making extra payments towards your loan. By making additional payments, you can pay off your loan faster and save money on interest. The calculator can help you see the impact of these additional payments on your total interest paid and repayment term.
