Student Loan Payment Calculator

Student Loan Balance

Student Loan Balance

Annual Interest Rate

Loan Term (Years)

Calculator Results

Monthly Payment
Total Interest Paid
Total Cost of Loan

A student loan balance with an average interest rate of paid over a year term will have a monthly payment of . In total, the loan will cost with in interest.

How to use this student loan payment calculator

It’s important to understand how student loans work and what your monthly payments will be after graduation. This student loan payment calculator allows you to see your student loan payments based on your loan amount, interest rate, and loan term in two easy steps:

1. Input your total student loan balance, interest rate, and repayment term into the calculator.
2. See your monthly payment, the total interest paid over the life of the loan, and the total cost of the loan, including principal and interest payments added together.

How are student loan payments calculated?

Student loan payments, like many other loan payments, are calculated based on the following:

1. How long you plan to be in repayment on the loan
2. Your interest rate
3. The total amount you borrowed

The higher your interest rate and balance, the higher your monthly payment will be. The shorter your repayment term, the higher your monthly payment will be, and vice versa.

In the first several years of a student loan repayment term, you pay more toward interest accrued than you do the principal balance. However, as you continue to make the same monthly payment, your principal balance will reduce more quickly.

• How to reduce your student loan burden if you haven’t borrowed yet
• How to decrease your student loan rates if you’ve already borrowed
• How to calculate your minimum student loan payment

How to reduce your student loan burden if you haven’t borrowed yet

For students planning to borrow for their education, the concern over how much student loan debt they’ll have might be pressing.

You can take these steps to help ensure your student loan obligation is manageable.

1. Consider interest rates

The most important factor in reducing your student loan burden is a low interest rate. Federal student loans may offer the best option for those with no credit history. Federal student loans include protections such as income-driven repayment plans, forbearance options, and forgiveness opportunities for those who meet eligibility requirements.

Borrowers with an established credit history and steady income—or a creditworthy cosigner—may qualify for a lower interest rate on a private student loan. Getting the lowest possible interest rate on your loan means more of your payments go toward principal, lowering your total cost of borrowing.

2. Pay interest while in school

In addition to getting the lowest possible rate, you may opt to pay the interest accruing on your loan while you’re in school—or, even better, make full principal and interest payments, which helps you pay off the loan as soon as possible.

Most student loan lenders defer your payments until you’ve left college, but interest still accrues on the balance. Left unpaid, this can add a significant amount to your total debt burden when you begin repayment. Think about your ability to make interest payments even during your deferment period.

3. Comparison shop

If you’re looking for a student loan, comparing your options is important. Here are some of our top choices, each of which lets you check your eligibility without affecting your credit score:

To further compare the options above, check out our guide to the best private student loans.

How to decrease your student loan rates if you’ve already borrowed

If you’re one of the millions of borrowers with student loan debt, you have options to manage your repayment.

1. Refinance

You may consider refinancing your federal or private student loans through a private lender to obtain a lower interest rate on your debt. This can help immediately reduce your monthly obligation.

If you’re looking to refinance your student loans with a private lender to lower your interest rate, check out our picks for the best student loan refinance companies.

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Tip

Refinancing federal student loans to a private loan removes all federal protections, such as income-driven repayment plans and forgiveness opportunities.

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2. Consolidate

Consolidation may also be beneficial to better manage your student loan payments for federal loans. The Direct Consolidation Loan from the federal government allows you to combine multiple loans under a single new loan.

This will not lower your total interest but allow you to take advantage of income-driven repayment plans or an extended repayment plan that can ease the cash flow burden each month.

Talk to your loan servicer to learn more about federal consolidation. To see your payments under the most popular income-driven plan, the Income-Based Repayment Plan (IBR), check out our IBR Calculator.

Read More

How to Pay Off $100K in Student Loans