Student Loan Calculator
Using a student loan calculator can help you create a student loan repayment strategy tailored to your needs, providing valuable insights into monthly payments, repayment duration, and total interest.
- A student loan calculator, such as the Bankrate tool, assists in formulating a personalized student loan repayment plan.
- It requires basic information about your current or prospective student loan.
- The calculator provides estimates for monthly loan payments, the time needed to repay the entire loan, and the total interest accrued.
- To obtain your personalized results, input your student loan details into the calculator.
What you need to know for this calculator
Before using the student loan calculator above, come prepared with a few pieces of information about your loan.
Loan amounts for student loans depend on whether they are federal or private, enrollment level, and degree program.
Federal student loan amounts:
- Undergraduate students can get up to $5,500 annually in Direct Subsidized Loans and up to $12,500 annually in Direct Unsubsidized Loans.
- Graduate students are eligible for up to $20,500 annually in Direct Unsubsidized Loans, and Direct PLUS Loans cover the school’s cost of attendance minus other aid.
- Parents of dependent undergraduates can borrow Parent PLUS loans up to the school’s cost of attendance minus other aid.
Private student loan amounts:
- Varies by lender, covering the gap between a school’s cost of attendance and other aid.
- Some lenders may have lifetime borrowing limits of up to $150,000 or more.
- Federal loans typically have a 10-year repayment term under a standard plan, but alternative plans offer 10 to 25 years.
- Private loan terms vary, ranging from 5 to 20 years, affecting monthly payments and total interest costs.
- Federal loans have fixed interest rates for all borrowers.
- Private loan rates depend on creditworthiness, with higher credit scores leading to lower rates.
- Fixed and variable rates are offered by some private lenders.
- Fixed vs. variable rates impact interest stability.
- Term length affects total interest paid.
- Credit score influences private loan interest rates.
- Compare loan options, considering interest rates, terms, and borrower benefits before making a borrowing decision.