Student Loan Calculator
Plan your education financing with our student loan calculator. Estimate monthly payments, total interest, and find the best repayment strategy for your budget.
Category: Financial
Student Loan Calculator
Enter the total amount you need to borrow
Annual interest rate on your loan
Time period to repay the loan
Frequently Asked Questions
How do student loan interest rates work?
Student loan interest rates can be fixed (remain the same for the life of the loan) or variable (fluctuate with market conditions). Interest begins accruing when the loan is disbursed, and the rate determines how much you'll pay in addition to the principal amount borrowed.
What's the difference between federal and private student loans?
Federal student loans are issued by the government and typically offer lower interest rates, income-driven repayment plans, loan forgiveness options, and more borrower protections. Private student loans come from banks, credit unions, or online lenders and may have higher interest rates and fewer repayment options.
How can I lower my student loan payments?
You can lower your student loan payments by: extending your loan term (though this increases total interest paid), refinancing to a lower interest rate, applying for income-driven repayment plans for federal loans, or making a larger down payment if possible.
Should I pay off my student loans early?
Paying off student loans early can save you money on interest and free up your monthly budget sooner. However, if you have higher-interest debt like credit cards, or if your student loans have very low interest rates, it may be more financially advantageous to prioritize other financial goals.