Student Loan Calculator
With our student loan calculator, you can easily get an estimate of your monthly payments, to help you plan your budget.

Student loans are a serious financial responsibility that can often seem daunting, and there are a number of ways in which to manage them. A student loan calculator can be a useful tool, helping you to calculate your monthly payments quickly and easily. Our simple-to-use calculator can help you identify different scenarios so you can figure out the best monthly payment that suits your budget. By adding in the amount you need to borrow, the interest rate, and the repayment term, you can check how much you will need to pay every month.
Using the Student Loan Calculator and the Information Required
When calculating your student loan payments, you’ll need to know the loan amount, term (length of repayment period), and interest rate.
Loan Amount
The loan amount is the total amount you have borrowed or are planning to borrow. Ideally, the loan amount should match the amount that you require to cover your tuition costs. Borrowing more than you actually need can put you in a deeper financial debt, so try and keep your loans to the minimum amount needed.
Interest Rates
The interest rate on student loan calculators is the amount of money that you will pay in interest costs over the life of your loan. These generally include all additional fees. It is important to know the exact interest rate on your loan, as a slight difference in these numbers will change the monthly payment to be paid. Some interest rates are fixed while others offer variable rates, so check with your lender that you have the exact interest rate they are offering based on your loan amount and repayment term.
Always compare interest rates before making a decision about which loan to take out. Some lenders may also offer promotional rates or discounts on student loans, so check with your lender about any potential savings opportunities.
Repayment Term
The repayment term of your student loan calculator is the length of time you have chosen to pay off your loan. The standard repayment term is 10 years, but some lenders may offer longer or shorter terms depending on your specific situation. Generally, the repayment term is 5–15 years for private loans and up to 30 years for federal loans.
You can use a student loan calculator to estimate what your monthly payments would be under different repayment terms, helping you determine which option would be best for your budget. Additionally, consider whether or not the loan has a prepayment penalty so that you can determine if making additional payments will help save you money in the long run.
Additional Costs
When calculating student loans, make sure to factor in any additional costs associated with repayment such as origination fees. The interest on the loan is typically charged on a monthly basis, which can vary based on the particular loan as well as your credit score. An origination fee is a one-time fee that’s often charged at the time of disbursement of the loan and is usually a percentage of the total amount borrowed. Remember to check with your lender regarding additional costs such as this so that you can factor it into your payments.
Additional Payments and Their Impact
If your budget allows, you can make additional payments to the loan every month. This can help reduce the amount of interest you will pay over the life of the loan because each extra payment reduces the principal balance, which in turn reduces the amount of interest charged going forward. For example, if you make an additional $100 payment towards your student loan at the start of each month, you will pay off the loan faster and save money on interest costs.
There are lenders that may also charge a penalty fee for paying off loans early, so it’s best to discuss all costs with your lender before calculating your monthly payment or making any additional payments.
Reading Calculator Results
Once you have used the student loan calculator to estimate the total cost of your loan, including the interest rate and repayment terms, the next step is to interpret the results. For instance, your monthly payment amount represents how much you will need to pay each month towards your loan in order to repay it within the specified term length.
Your total payment represents the total amount (principal + interest) that you would have paid off over the life of your loan. Your total interest represents the amount of money you will pay in interest costs over the course of repayment.
Types Of Student Loans And Their Effect On Student Loan Calculation
There are various types of student loans available to students – both government and private. Your total payment, total interest, and monthly payments on the student loan calculator may vary depending on which loan your get. This is because every loan has a different maximum principal amount, different interest rates and the repayment periods may differ too. Federal or government loans usually have the cheapest interest rates which reduce the amount of monthly payments to be made. Moreover, smaller loan terms can also reduce the total loan payment; however, the monthly payments would increase. Nevertheless, your individual situation may affect the overall cost of the loan which may be sometimes independent of the type of loan you opt for.
Federal Student Loan
Federal loans include different categories of loans including Direct Subsidized loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans. Between them, the interest rates may vary from around 4.99% to 7.54%.
- Direct Subsidized Loans
These loans are need-based and offer a 6 months grace period after graduation. They are calculated on the basis of your expected Family Contribution (EFC) and are available to ungraduated students generally. Direct Subsidized loans offer low interest rates that help reduce the monthly cost of a loan. Undergraduate federal loans usually have lower interest rates than graduates.
- Direct Unsubsidized Loans
These are available to both graduates and undergraduates. They are not based on need and the monthly payments begin immediately after approval of the loan. Direct Unsubsidized Loans also offer lower interest rates comparatively.
- Direct PLUS Loans
Direct PLUS Loans are generally available to graduates or professional students that are enrolled at least half-time at an eligible institution. There are also Parent PLUS loans that are given to parents of dependent undergrads enrolled at least half-time at an eligible institution. These loans do require a favorable credit history and the loan amount depends on the Cost of Attendance (COA) minus other financial aid. These loans can return higher monthly payments on the calculator as they usually have a higher interest rate than Direct Subsidized and Unsubsidized Loans. The interest rates are around 7.54% on these loans.
- Direct Consolidation Loans
These loans allow you to combine all of your federal loans into one single one. This helps simplify the monthly payments as you will be required to make only one direct payment instead of multiple. They do however increase the time period on loans which usually increases the total repayment amount of the loan but decreases the monthly payments. Moreover, by consolidating, you might have to forgo interest rate discounts that you might be enjoying on separate loans, this will mean you might have to pay higher interest comparatively which again might affect your student loan amount calculation.
Private Student Loans
These loans are available to both graduate and undergraduate students. However, private student loans are usually more expensive than federal ones, meaning they have a higher interest rate. Their fixed rates may vary from around 5.99% to 13.78% and the variable rates can be around 5.61% to 13.27%. This would result in a higher monthly payment as compared to federal loans on a student loan calculator.
Moreover, private lenders do require a good credit score at the minimum to approve loans which is why you most probably would need a cosigner to get private loans. The higher your credit or your consigner’s credit would be, the lower the interest rate offered. The repayment options are also limited on these loans and the loan limits are usually stricter. There are also various types of other fees associated with private loans which will increase their total payment.
FAQs
How much student loan can I get in the USA?
The total amount you can borrow depends on various factors such as your financial need, cost of attendance at the school, the type of loan you are applying for, and your year in school. Generally, undergraduate students can borrow up to $31,000 per year in federal student loans, whereas graduate students can borrow up to $138,500 over the course of their studies, including any undergraduate debt. Depending on your credit history and other factors, some private lenders may offer additional funds. Speak to a financial aid advisor at your school for detailed information based on your situation.
How much is a $100k student loan per month?
The answer can vary based on your repayment term and interest rate. For example: If you assume a 10-year repayment period and an interest rate of 6%, then the monthly payment on a $100k student loan would be approximately $1,074. Please note that this can change based on your interest rate, and repayment term and does not include any additional fees or costs.
Can international students get a loan in the US?
Yes, some international students may be eligible for a loan in the US, but only through private lenders. International students must have an established credit history to qualify, as well as provide proof of financial resources to cover the cost of attendance. Most international students are not eligible for federal student loans.
Final Thoughts
A student loan calculator can be a great tool in helping you make smart decisions about your loan. It can help you compare APRs, estimate your total costs, and determine the best repayment option for your budget. With this financial tool, it’s easier to plan and budget your monthly expenses so you can decide if getting a student loan is the right option for you.