Knowing how much your monthly payments might be can help you figure out how much to borrow. Ready to apply?
Student Loan Calculator
When you're considering taking out a new student loan, or about to start paying off a current one, use this calculator to estimate your monthly payment.
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.
- Log in to your account and go to the loan details page.
- Locate your current balance, interest rate, and repayment term.
- When you have this information, enter your current balance in the loan amount field and your interest rate and repayment term in the remaining fields.
- Convert your repayment term from months to years.
If you're using this student loan calculator for multiple loans, calculate each one separately and add up the payment estimates.
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Your estimated monthly payment
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Note: Amounts are estimates, and some lenders may require a minimum monthly payment.
Pay for college tip
Please note the monthly payment amount is an estimate provided for information purposes only.footnote 1
Your student loan repayment term
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.
Interest rates for federal and private student loans
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
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
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.
How to use your results to save money
Pay your interest while in school
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.
Pay more than the minimum required
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.
Frequently asked questions about Student Loan Repayment
Our student loan payment calculator can estimate both federal and private student loan payments. 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). If you're using the student loan calculator for multiple loans, calculate each one separately and add up the payment estimates. Note: This is just an estimate and is not guaranteed. This calculator does not take into account your time spent in school, the loan’s grace period, the interest that accrues during that time, and whether or not the unpaid interest is capitalized (added to the principal) when the loan enters repayment.
Your student loan repayment term is the total number of years it will take for you to pay back your loan. Federal loans generally have a standard repayment schedule of 10 years.footnote 3 For private student loans, the repayment term can range anywhere from 10-15 years on average, depending on the loan. You'll be given a definite term for your loan when you apply. Keep in mind that your loan repayment term will affect your monthly payments. Typically, the longer you take to repay your loan, the lower the monthly payments will be, but it may increase the total loan cost.
Interest rates can increase the total cost of your student loan. When you apply for a loan, you’ll be given an interest rate, which is the rate charged to borrow money. When you borrow money, you pay it back with interest, so you end up paying back more than you borrowed. Interest starts to accrue (grow) the day your student loan funds are disbursed (sent to your school).
There are two types of interest rates—variable and fixed. A variable interest rate may go up or down due to an increase or decrease to the loan's index, so your monthly student loan payments may vary over time. A fixed interest rate stays the same for the life of the loan. This means you’ll have predictable monthly student loan payments.
It’s important to look at both the APR (Annual Percentage Rate) and interest rates when comparing student loans.
An interest rate is the percentage charged to borrow money from a lender. It’s what you agree to pay for the amount you’re borrowing. The annual percentage rate (APR) includes interest plus any fees and other charges, like an application fee or origination fee (a percentage charged for processing your loan), that you’ll pay to get the loan. So, unlike an APR, an interest rate doesn’t consider the amount of the loan; whether unpaid interest will be capitalized (added) to your principal balance; whether you make in-school payments or defer until you leave school; and how long your repayment term is (the amount of time it’ll take you to pay back your loan).
You generally can’t negotiate your student loan interest rate. This is especially the case with federal student loans because federal interest rates are set by Congress each year.
If you have private student loans, it’s not common practice to negotiate your rate either. There is a slim chance that your lender might be willing to negotiate your rate. Another way to potentially get a better rate is by refinancing your student loans.
Student loan payments are calculated based on the details of your loan. When you take out a private student loan, the lender will base your monthly payment amount on your repayment period, the total amount you borrowed, and your credit score. With federal student loans, your monthly payment amount will be calculated based on the amount your borrowed and the interest rate through the default standard repayment plan, which is 10 years.
Typically, the higher your interest rate and loan amount, the higher your monthly payment will be. And typically, the longer the loan repayment term, the lower your monthly payment will be.
If you can’t afford your current monthly student loan payments, you have options. If you have a cosigner, chat with them first to see if they can help. You should also reach out to your student loan lender to see what your options are. If you have federal student loans, check to see if you qualify for an income-driven repayment plan, a graduated repayment plan, or an extended payment plan. If you have private student loans, your lender might have repayment plans for you, too. It never hurts to ask. You should do everything you can to not default on your student loan—that means you’ve failed to repay your student loans. Once your student loan is in default, the entire Current Balance becomes due, and your default may be reported to the consumer reporting agencies, where it can stay on your credit report for up to seven years.
You may be able to suspend your student loan payments for a period of time through deferment or forbearance depending on your situation, but keep in mind that this may increase your total loan cost. Reach out to your lender to see what your options are.