Student Loan Calculator

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.


Student Loan Repayment Calculator

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.

Repayment Options:
$ Per month
$ Per year

Student Loan Calculator:

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. 

Federal Student Loans: These loans, offered by the U.S. Department of Education, typically come with lowered interest rates and increased flexibility when it comes to selecting repayment options.They are available to eligible students based on their financial need and do not require a credit check.

Private Student Loans: 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.


  • Begin by entering your current loan balance.
  • Specify the remaining term of your loan in years.
  • Input the interest rate on your loan
  • Click the "calculate button" to calculate

Student Loan Repayment Calculator:.


  • Enter the loan balance.
  • Enter the monthly payment amount
  • Enter the interest rate

Select Repayment Option:

  • Payoff altogether: If you want to calculate how long it will take to pay off your loan by making only the standard monthly payments.
  • Repayment with extra payments: If you plan to make additional payments on top of your standard monthly Payment.
  • Average repayment: If you want to calculate the standard repayment schedule without any extra payments.

Additional Payment (if applicable)

  • If you select "Repayment with extra payments," you'll need to enter the extra payment amount. For example, if you plan to pay an additional $150 per month, enter $150 in the "Per month" field.
  • You can also enter an annual extra payment if you make lump sum payments once a year.
  • After entering all the required information, click the "Calculate" button or similar action on the calculator.

Benefits of Student Loan Calculator:

  • Loan Comparison: It allows you to compare different loan options, including federal and private loans, to determine which one suits your financial situation best.
  • Estimate Monthly Payments: You can calculate your estimated monthly loan payments, helping you budget effectively and avoid surprises when your payments start.
  • Interest Rate Impact: You can see how changes in interest rates affect your monthly payments and the total cost of your loans, helping you make informed decisions.
  • Repayment Plans: 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.
  • Total Cost Analysis: You can see the total cost of your loans over the life of the repayment period, helping you understand the long-term financial impact.
  • Prepayment Strategies: 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.
  • Financial Planning: It aids in overall financial planning, allowing you to account for student loan payments when creating a budget and setting financial goals.

Rate this Student Loan Calculator

3.7 / 5 (3 votes)