Student loan calculation

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 amount

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.

Loan term:

  • 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.

Interest rate:

  • 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.

Additional factors:

  • Fixed vs. variable rates impact interest stability.
  • Term length affects total interest paid.
  • Credit score influences private loan interest rates.

What’s next:

  • Compare loan options, considering interest rates, terms, and borrower benefits before making a borrowing decision.