To calculate your student loan payments, enter the loan amount, anticipated interest rate, and term of the loan (how many years you have to pay it back).
This calculator does not take into account the time spent in school and the loan's grace period, the interest that accrues during that time, or whether or not the unpaid interest is capitalized (added to the principal) when the loan enters repayment.
If you're using this student loan calculator for multiple loans, calculate each one separately and add up the payment estimates.
Your estimated monthly payment
Note: Amounts are estimates, and some lenders may require a minimum monthly payment.
Pay for college tip
Knowing how much your monthly payments might be can help you figure out how much to borrow. Ready to apply?
Please note the monthly payment amount is an estimate provided for information purposes only. footnote 1
Your loan repayment term is the number of years you have to pay it back. Federal loans generally have a standard repayment schedule of 10 years. footnote 2 For private student loans, the repayment term can range anywhere from 10-15 years, depending on the loan. You'll be given a definite term for your loan when you apply.
The average interest rate will be different for federal student loans and private student loans. Federal student loans have a single, fixed interest rate, which means that your loan's rate doesn't change over time.
You may have noticed that there's a range of interest rates associated with a private student loan. Private student loans are credit-based. That means the rate you'll be offered depends on your creditworthiness—and that of your cosigner, if you have one—together with several other factors. When you apply for a loan, you'll be given an interest rate, either fixed or variable, depending on which is offered and which type of rate you've chosen.
Fixed interest rates stay the same for the life of the loan. Federal student loans only offer fixed rates, while most private student loans offer a choice of fixed or variable rates. One of the pros of fixed interest rates is that you’ll get predictable monthly payments with an interest rate that doesn’t change over time. Fixed rates can provide stability because the payment won’t change— these are good for borrowers who don’t have a lot of wiggle room to account for an adjusting interest rate. All new federal student loans have fixed interest rates, and fixed rates are typically an option with private lenders.
Variable interest rates are tied to market conditions, so they may go up or down due to an increase or decrease to the loan's index. Lenders typically tie the loan’s variable rate to a benchmark rate, like the prime rate or the Secured Overnight Financing Rate (SOFR) index, plus a fixed margin. With a variable interest rate, while you might start with a lower payment than you would with a fixed-rate loan, your interest rate—and monthly payment—could rise later on.
Do you have private student loans or unsubsidized loans? If you do, you can make monthly interest payments while you’re in school to help lower your total loan cost and your monthly payments. You could also choose to make a lump sum payment of your total interest that has accrued before your repayment period begins.
You always have the option to pay more than your monthly minimum—which can help you pay off your student loan quicker. Paying your loan off faster could help you save money.