Use our Online Student Loan Calculator to easily estimate your monthly student loan payments. Calculate the cost of your education and plan your finances wisely.
Use the calculator below to evaluate the student loan payoff options, as well as the interest to be saved. The remaining balance, monthly payment, and interest rate can be found on the monthly student loan bill.
A student loan calculator is a financial tool that helps individuals, typically students or their parents, estimate the costs and repayment terms associated with borrowing money to finance higher education.
These loans, offered by the U.S. Department of Education, typically come with lower interest rates and increased flexibility when it comes to selecting repayment options. They are available to eligible students based on their financial needs and do not require a credit check.
These loans are offered by private lenders like banks and credit unions. They may have higher interest rates and fewer borrower protections compared to federal loans. Private loans often require a credit check or a co-signer if the student has limited credit history.
Students take out loans with the expectation that they will be able to repay them after graduation, when they (hopefully) have higher earning potential. However, students need to borrow responsibly and consider the long term financial implications of their loans, as excessive debt can have a significant impact on their economic well being after graduation. That's where student loan calculators come in handy to help borrowers understand the financial commitment they are making.
Enter the Loan Amount
Begin by entering the loan amount.
Enter the Loan Terms
Enter the loan term in months and years.
Enter the Interest Rate
Enter the interest rate which might be 7% more or less it depends upon the loan scheme that you think you would avail.
Calculate
Click the "Calculate" button to calculate the loan amount and other figures. With the result, you can also know the amount of installment that you need to pay each month, the amount of interest that would be applicable, and the total payment amount.
Loan Balance
Enter the amount of loan balance of the loan that you have already acquired or of the loan term that you are planning to sign.
Monthly Payment
Enter the monthly payment amount that will be paid each month.
Interest Rate
Enter the interest rate of the specific loan term.
Repayment Options
Payoff altogether: If you want to standardized the repayment schedule, as such somehow you want to see the total amount with the interest amount added and after seeing the amounts making a schedule for the repayments by yourself.
Repayment With Extra Payments: Select this option if you want to make additional payments each month so that the loan scheme completes earlier. You will need to enter the extra payment amount that you think you can pay each month or each year. For example - if you plan to pay an additional $150 per month, enter $150 in the "Per month" field.
Normal Repayment: Select this option if you want to make repayments with standardized or disciplined installment schedule.
Calculate
After entering all the required information, click the "Calculate" button and view the result of calculations.
There are many benefits of using the student loan calculator. One main benefit to use this calculator is getting a clarity and peace of mind. When you do calculations you put your worries about study expenditures aside because you see the thoughts turned into figures and a sense of clarity develops. Therefore, using the student loan calculator can align things for you.
It allows you to compare different loan options, including federal and private loans, to determine which one suits your financial circumstances.
You can calculate your estimated monthly loan payments, helping you to budget effectively and avoid surprises when your payments start.
You can see how changes in interest rates affect your monthly payments and the total cost of your loans, helping you to make informed decisions.
Student loan calculators often offer information on various repayment plans, including standard, income driven, and graduate programs. You can see how each program affects your payments.
You can see the total cost of your loans over the life of the repayment period, helping you to understand the long term financial impact.
If you have the means to pay more than the minimum, a calculator can show you how making extra payments can shorten your repayment period and reduce interest costs.
It aids in overall financial planning, allowing you to account for student loan payments when creating a budget and setting financial goals.