Using a student loan calculator can help you create a student loan repayment strategy that’s right for you. With some basic information about your existing or prospective student loan, the Bankrate student loan calculator shows you the monthly loan payment you can expect, how long it’ll take you to repay your entire loan and how much interest you’ll pay overall.
Enter the details of your student loan into the calculator below to see your personal results.
Before using the student loan calculator above, come prepared with a few pieces of information about your loan.
Loan amounts vary depending on whether you’re exploring a federal or private student loan. The loan amount you’re offered might also be limited based on your enrollment level (e.g., undergraduate versus graduate or professional student) or degree program.
Parents of dependent undergraduate students:
Loan amounts for private student loans can vary by lender. Each lender sets its own borrowing criteria, annual borrowing limits, interest rates and repayment terms.
In general, private student loan lenders offer loan amounts that cover the gap between a school’s cost of attendance and any other financial aid a student receives. Some lenders also impose lifetime borrowing limits, which may be up to $150,000 or more for some degrees.
Regardless of whether you borrow federal or private student loans, borrow only the amount you need per school year after exhausting all grant and scholarship options. If you must take out loans to finance educational gaps, consider maximizing federal student loan limits before turning to a private student loan, as federal student loans come with additional benefits like income-driven repayment plans and standardized hardship programs.
Your loan term is the amount of time you have to repay the loan in full. For federal student loans under a standard repayment plan, the default loan term is 10 years. However, student loans that are under an alternative payment plan offer terms from 10 to 25 years.
Like private student loan amounts, private student loan repayment terms vary by lender. Terms for private student loans can be as short as five years and as long as 20 years.
A shorter loan term can help you save more money on interest charges during your repayment period but result in a larger monthly payment. Some lenders offer lower interest rates as an incentive for a short term length. On the flip side, a longer term for your student loans will lower your monthly payment but will accumulate more interest charges over time.
Before borrowing student loans, make sure you know all of the term options your lender offers so you can choose the right path for your financial needs.
The interest rate you're offered depends on the type of lender you're pursuing and your financial picture. Federal student loans offer the same interest rate to all borrowers, regardless of credit score or income. Private student loans, on the other hand, will often do a credit check and set interest rates according to your creditworthiness. The higher your credit score, the lower your interest rates.
Keep in mind that the lowest interest rates advertised on lender websites may not be available to you. To find out what interest rates you'll receive, take advantage of lenders' prequalification features, if available. Prequalification allows you to input basic details about yourself and your desired loan in exchange for a snapshot of the rates and terms offered.
When calculating your student loan interest, keep in mind that there are a few other key factors at play:
Students who need to borrow a student loan for the upcoming school year should always compare a handful of loan options. Examine interest rates, terms and borrower perks or benefits between various lenders before making a decision.
If you’re looking for ways to save money on interest for a student loan you already have, refinancing your student loan might be an option. A student loan refinance is a type of private loan. Lenders will pay your original loans (federal and private), and you’ll repay the new private lender for the total loan balance it paid on your behalf, plus interest.
How can you get out from under that debt quickly? Here are five of the fastest ways to pay off that student loan.
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Learn about all the options available before taking out a private student loan. Here is what you need to know about private student loans.