Student Loan Repayment Calculator
Written By: Holly Johnson
Published: 10/11/2022
A student loan calculator can be a valuable tool, and that's especially true if you're comparing different loan options. You can use a student loan repayment calculator to find estimated student loan payments based on different interest rates and loan amounts, and you can play around with repayment timelines to see what works the best for you and your budget.
If you've been wondering how to calculate student loan payments but you can't seem to get the math right, you're in the right place. You can use the calculator tool below to see your monthly payment based on how much debt you have, how many years you have left to pay, and your current interest rate.
Input your student loan debt amount, your current repayment timeline, and your interest rate to get a handle on your estimated student loan payments. You can also play around with the interest rate and repayment term to compare a multitude of scenarios.
Written By: Holly Johnson
Published: 10/11/2022
A student loan calculator can be a valuable tool, and that's especially true if you're comparing different loan options. You can use a student loan repayment calculator to find estimated student loan payments based on different interest rates and loan amounts, and you can play around with repayment timelines to see what works the best for you and your budget.
If you've been wondering how to calculate student loan payments but you can't seem to get the math right, you're in the right place. You can use the calculator tool below to see your monthly payment based on how much debt you have, how many years you have left to pay, and your current interest rate.
Input your student loan debt amount, your current repayment timeline, and your interest rate to get a handle on your estimated student loan payments. You can also play around with the interest rate and repayment term to compare a multitude of scenarios.
Monthly Payments
Total Principal Paid:
Total Interest Paid:
Estimated Payoff Date:
Compare Tuitions at Most Affordable Colleges
Monthly Payments
Total Principal Paid:
Total Interest Paid:
Estimated Payoff Date:
Compare Tuitions at Most Affordable Colleges
How To Find Your Student Loan Balance
At this point in the process, you probably have a few important questions. For example, what is the interest rate on my student loans? Also, how do I check my student loan balance? You may also be wondering when your final student loan payment is due, or how long you have to pay off your debts based on the current repayment schedule.
The steps you'll take to find out this crucial information will depend on whether you have private student loans or federal student loans.
If you have private student loans, you can鈥�
- Look at your most recent student loan bill to find your current loan balance, your interest rate, and your remaining loan term.
- Log in to your student loan servicer's online portal in order to find this information.
- Call your student loan company's customer service number to inquire.
If you have federal student loans, you can鈥�
- Log into , you'll find your estimated student loan payments work out to $111, and that the total costs of your student loan amount to $13,322 over the 120-month timeline.
From here, you can play around with the inputs in our calculator to explore other options. For example, refinancing your student loans into a new loan product with a 5% APR would lower your monthly payment to $106 and your total loan costs to $12,728.
If you stuck with your current loans at 6% but extended your repayment term to 15 years, on the other hand, your monthly payment would lower to $84, but your total loan costs would increase to $15,189.
Bottom Line
The way you handle your student loans can dramatically impact your ability to save money in college and after graduation. By making more than the minimum payment, you can pay lower long-term costs for your college degree and set yourself up for financial success along the way.
You may also consider refinancing your student loans to get a lower interest rate or more preferential repayment term, but you will want to understand the differences between federal student loans and private student loans before you do.
As an example, you should know you'll give up federal benefits 鈥� like deferment and forbearance 鈥� if you refinance federal student loans with a private lender. You'll also give up access to income-driven repayment programs and forgiveness programs, like Public Service Loan Forgiveness.
Before you start accruing debt, it's important to plan ahead by applying for financial aid and scholarships 鈥� regardless of whether you think you'll be approved 鈥� because it's likely you will receive some measure of financial assistance.
How To Find Your Student Loan Balance
At this point in the process, you probably have a few important questions. For example, what is the interest rate on my student loans? Also, how do I check my student loan balance? You may also be wondering when your final student loan payment is due, or how long you have to pay off your debts based on the current repayment schedule.
The steps you'll take to find out this crucial information will depend on whether you have private student loans or federal student loans.
If you have private student loans, you can鈥�
- Look at your most recent student loan bill to find your current loan balance, your interest rate, and your remaining loan term.
- Log in to your student loan servicer's online portal in order to find this information.
- Call your student loan company's customer service number to inquire.
If you have federal student loans, you can鈥�
- Log into , you'll find your estimated student loan payments work out to $111, and that the total costs of your student loan amount to $13,322 over the 120-month timeline.
From here, you can play around with the inputs in our calculator to explore other options. For example, refinancing your student loans into a new loan product with a 5% APR would lower your monthly payment to $106 and your total loan costs to $12,728.
If you stuck with your current loans at 6% but extended your repayment term to 15 years, on the other hand, your monthly payment would lower to $84, but your total loan costs would increase to $15,189.
Bottom Line
The way you handle your student loans can dramatically impact your ability to save money in college and after graduation. By making more than the minimum payment, you can pay lower long-term costs for your college degree and set yourself up for financial success along the way.
You may also consider refinancing your student loans to get a lower interest rate or more preferential repayment term, but you will want to understand the differences between federal student loans and private student loans before you do.
As an example, you should know you'll give up federal benefits 鈥� like deferment and forbearance 鈥� if you refinance federal student loans with a private lender. You'll also give up access to income-driven repayment programs and forgiveness programs, like Public Service Loan Forgiveness.
Before you start accruing debt, it's important to plan ahead by applying for financial aid and scholarships 鈥� regardless of whether you think you'll be approved 鈥� because it's likely you will receive some measure of financial assistance.