Student Loan Calculator
Part of including a student loan in your financial aid package is knowing how to budget for your payments after you're done with school. To help students with this, we created a simple way to estimate your payments via our student loan payment calculator. Use the tool below to calculate your monthly payments based on specific interest rates or your estimated credit.
* Disclaimer: This student loan calculator provides rough estimates based on current market rates plus generalized credit ratings. It assumes an industry average 15 year loan term. For good credit, the calculator assumes 1-month LIBOR + 4%. For average credit, the calculator assumes 1-month LIBOR + 8%. For poor credit, the calculator assumes 1-month LIBOR + 12%. 1-month LIBOR is collected from Bloomberg.com's posted key ratings and is reviewed monthly. The loan payment is based on an average of many lenders' terms and does not reflect the rates or terms of any one specific lender. Your financial aid and loan terms will vary from the results provided.
Calculate your Student Loan Payment
When applying for a student loan it is very important to consider your repayment options. Many borrowers are not aware of the different types of helpful budget-friendly repayment plans offered through their lender.
Learn more about student loan repayment.
Tips for Using the Student Loan Calculator
This tool should be used to estimate your monthly payment after graduation. Students who borrow through an unsubsidized or private student loan should consider that interest will accumulate during your in-school period if you are not making payments. You should therefore estimate the amount you are borrowing plus interest that will accumulate while you are in school.
Private (alternative) student loans typically have a variable rate. Consider estimating a higher rate that what you have right now to be conservative in calculating your student loan repayment amounts. Student loan rates vary by program. Know what rates you are getting before taking out a new loan.
Know Your Credit Score
An alternative student loan is a credit-based loan. As such, it's important to know exactly where your credit stands, because it is a key factor in determining your interest rate for the loan. The higher your credit, the lower the interest rate and the smaller your monthly payments. Check your credit score now.
Learn how you can improve your credit score.