Student Loan Calculator

Simple Student Loan Calculator

Please provide any three values below to calculate.

Student Loan Repayment Calculator

Enter your loan details in the tool below to see different repayment scenarios and estimate the interest you could avoid. You’ll find the current balance, monthly installment, and rate on your latest loan statement.

Student Loan Projection Calculator

Plug your anticipated figures into the tool below to forecast post‑graduation loan balances and monthly payments. It’s aimed at current students or prospective borrowers. For a quick sense of overall college expenses, you might first check our College Cost Calculator.

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College Cost Calculator | Loan Calculator

Across the United States, student financing comes from two main sources: government programs and private lenders. Federal and state agencies fund the bulk of borrowing and typically offer subsidized terms, meaning students don’t incur interest while enrolled. Consequently, public subsidized loans are generally cheaper than private alternatives. Federal loans often feature some of the nation’s lowest rates and don’t require a co‑signer—just proof of school admission. As a result, over 90 % of outstanding student debt is federal.

Before turning to student loans—whether federal or private—explore other financing routes. Grants and scholarships don’t need to be repaid and can sometimes cover the entire cost of attendance. Work‑study positions provide earnings for students with financial need. If you have spare cash, applying it to tuition early can shrink the eventual loan balance and shorten repayment. Ideally, only after assessing these options should you consider the loan products listed below.

Federal Student Loan

Direct Subsidized and Direct Unsubsidized Loans (sometimes referred to as Stafford Loans)

Direct Subsidized Loans are need‑based and calculated using the Expected Family Contribution (EFC). Because they’re subsidized, they grant a six‑month grace period after graduation before interest payments begin. Direct Unsubsidized Loans, in contrast, are not need‑based and start accruing interest as soon as they’re disbursed.

Direct PLUS Loans

These loans target graduate or professional students enrolled at least half‑time, as well as parents of dependent undergraduates meeting the same enrollment criteria. Borrowers should possess solid credit histories. The maximum amount equals the cost of attendance minus any other aid, such as scholarships. Direct PLUS loans typically carry higher rates than Stafford loans and include an origination fee of roughly 4 % of the borrowed sum.

Direct Consolidation Loans

Borrowers with several federal loans can merge them into a single Direct Consolidation Loan. Reasons to consolidate include simplifying payments to one monthly amount, potentially lowering each payment (though extending the term), and unlocking additional income‑driven repayment options. Keep in mind trade‑offs: a longer term means more interest overall, and consolidation may forfeit perks like rate discounts, principal rebates, or loan‑cancellation benefits.

State Student Loan

Every state runs its own loan programs, often administered by state agencies or nonprofit groups chartered by the state. Because each program is tailored locally, the options differ widely from one state to another. To see what’s available, students should check with their state’s higher‑education department for a complete list of state‑specific loan opportunities.

Some state loan schemes also include forgiveness provisions, but typically only for borrowers who stay and work within the state after graduating. The criteria for forgiveness vary by state and are usually aimed at critical sectors such as nursing or teaching, where graduates may qualify for loan cancellation.

State‑based applications often close earlier than the federal deadline, so applicants should track the earliest date that applies. Eligibility can differ, but generally the borrower must either be a resident of the state or an out‑of‑state student enrolled in a college located in that state.

Private Student Loan

Private student loans are usually issued by banks or specialized lenders, which means borrowers must undergo a full underwriting review, including credit checks and debt‑to‑income analysis. These loans are typically unsubsidized, requiring interest payments throughout the term, and carry rates that are higher than federal subsidized loans, though still moderate compared with other private credit products.

Because federal loans are generally cheaper, private financing is used only when federal aid is insufficient or unavailable. Private loans can fill the remaining cost gap, but they often come with higher, sometimes variable, interest rates. Some colleges operate their own loan funds that may offer lower rates than commercial lenders. Creditworthiness heavily influences terms, so a parent co‑signer can secure a better rate. Unlike most federal programs, private loans rarely include forgiveness options.

Nevertheless, private loans have certain advantages: the application process is usually quicker, funds can be disbursed almost immediately, interest may be tax‑deductible, and qualification is not based on financial need.

Student Loan Repayment Options

Many recent graduates find it difficult to stay on top of their loan payments, especially during weak job markets or economic downturns. For federal loans, several alternatives exist to ease the burden. Income‑driven repayment plans adjust monthly payments to a percentage of discretionary income, which can lower payments but extend the loan term. Graduated repayment schedules start with lower payments that increase over time, matching expected salary growth, and can be stretched up to 25 years. Some income‑based programs also provide loan forgiveness after a set period, particularly for borrowers employed in public service.

The major repayment plans for federal student loans are listed below.

Plans	Loan Length	Monthly Payment	Qualified For	Loan Forgiveness?*
Standard	10 years	Fixed	All	No
Graduated	10 years	Increase every two years	All	No
Extended	25 years	10% or 15% of discretionary income	Direct and Federal Family Education Loans with $30,000 or more outstanding	No
Income-Based Repayment	20 or 25 years	10% or 15% of discretionary income, never more than under Standard plan	Partial financial hardship, or standard loan payments exceed 10% of discretionary income	Yes
Pay As You Earn (PAYE)	20 years	10% of discretionary income, never more than under Standard Plan	Direct Loan borrower after Oct. 1, 2007 with partial financial hardship	Yes
Revised Pay As You Earn	20 or 25 years	10% of discretionary income	Any Direct Loan borrower	Yes
Income-Contingent Repayment	25 years	The lesser of 20% of discretionary income or the amount on a 12-year fixed payment plan	Any Direct Loan Borrower	Yes
Income-Sensitive Repayment	10 years	Based on annual income	Low-income borrowers with Federal Family Education Loans	No

While the table shows many repayment options, most borrowers ultimately fall back on the standard repayment plan, which also serves as the default when no alternative is selected.

All student loans in the United States, whether federal or private, can be prepaid without incurring penalties. Once graduates have stable incomes, they can accelerate repayment to reduce overall interest costs.

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