Student Loan Calculator
Calculate payments, explore repayment options, and project future loan balances
Student Loan Calculator
Calculate student loan payments, evaluate repayment strategies, and project future loan balances. Our comprehensive calculator helps you understand your education financing options and plan for successful loan repayment.
Quick Navigation
𧎠Simple Student Loan Calculator
Please provide any three values below to calculate the fourth.
đ Result
đ° Student Loan Repayment Calculator
Use the calculator below to evaluate student loan payoff options and the interest to be saved. Compare different repayment strategies to find the best option for your situation.
Repayment Results
đ Student Loan Projection Calculator
Use the calculator below to estimate the loan balance and repayment obligation after graduation. This calculator is mainly for those still in college or who haven't started yet.
Projection Results
đ Understanding Student Loans
Federal Student Loans
Federal loans typically offer lower interest rates, flexible repayment options, and borrower protections. They include Direct Subsidized, Unsubsidized, and PLUS loans with different eligibility requirements.
Private Student Loans
Private loans from banks and lenders may have variable rates and require credit checks. They should be considered after exhausting federal aid options.
Repayment Strategies
Making extra payments toward principal can significantly reduce total interest paid. Consider income-driven repayment plans if you're struggling with payments.
Student Loan Tips
Student loans are a significant financial commitment that can impact your financial future for years to come. Understanding your options and making informed decisions is crucial for successful loan management.
Key Considerations
- Borrow only what you need: Consider all costs including tuition, fees, books, and living expenses
- Understand interest rates: Fixed vs. variable rates can significantly impact total repayment
- Know your grace period: Most loans have a 6-month grace period after graduation
- Make payments during school: Even small payments can reduce total interest
- Explore repayment options: Income-driven plans can help manage payments after graduation
- Consider loan forgiveness: Public Service Loan Forgiveness and other programs may be available
Repayment Strategies
The calculations above provide a baseline for understanding your student loan obligations. Consider working with a financial advisor to develop a comprehensive repayment strategy that fits your career goals and financial situation. Remember that loan terms can often be modified through consolidation, refinancing, or changing repayment plans.