This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. The calculator can be used with Federal education loans (Direct Subsidized, Unsubsidized, and PLUS) and most private student loans. You can also use the loan calculator to calculate auto loans or mortgage payments.
What Affects Your Loan Payments?
Various components can affect your loan payments, including credit scores, the availability of a co-signer, the loan amount, loan payoff dates, lender requirements, and more.
Below are a few of the most common factors that will affect your loan payment:
Loan Amount
The loan includes the overall amount needed for a semester or year. However, this amount will not be the final cost paid at the end of your loan term. Other factors, such as fees and loan interest rates, will make the amount paid higher than the initially requested loan total.
Interest Rate
An interest rate is the percentage of a borrower’s loan amount paid back in addition to the original loan amount. The higher the interest rate, the more money a borrower must pay the lender for a given loan size.
This loan calculator assumes that the interest rate remains constant throughout the loan’s life. The current 2024-25 fixed interest rate for Federal Direct Subsidized Loans and Direct Unsubsidized Loans for undergraduate students is 6.53%.
The Federal PLUS loan (a federal parent loan) has a fixed rate of 9.08%.
Repayment Period (Loan Term)
The calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment).
The results will not be accurate for some alternate repayment plans, such as graduated repayment and income-contingent repayment.
Type of Loan
Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Direct Subsidized, Unsubsidized, and PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment.
Types of Student Loans:
- Federal Subsidized Student Loans
Subsidized loans are given to students who demonstrate financial aid need. The government pays the loan interest while a student is in school.
- Federal Unsubsidized Student Loans
Unsubsidized loans are available to all students, regardless of financial need. Students with unsubsidized loans are responsible for paying all interest on their loans.
- Federal Direct PLUS Loans or Parent PLUS Loans
PLUS Loans are offered to biological, adoptive parent, or stepparent of a dependent undergraduate student.
- Private Student Loans
A variety of private lenders offer student loans.
Loan Fees
Loan fees, sometimes referred to as origination fees, are a small percentage of the overall loan cost. The lender establishes these fees, which serve as the processing charge to fulfill loans on the lender’s side.
Federal subsidized and unsubsidized student loans have an origination fee of 1.057%. Direct PLUS loans have an origination fee of 4.228%.
Loan fees adjust the initial loan balance, so the borrower nets the same amount after deducting the fees.
Comparing Loans
Comparing your student loan options is not just a good idea, it’s the best way to save money on the cost of borrowing. Before you borrow, project what your future payments may look like by using a loan payment calculator. This will give you a clear picture of your financial commitments.
Borrowers should research loan interest rates, terms, and conditions to pick the student loan that works best for them, ensuring they make an informed decision.
Featured Student Loan Providers
Credible
Credible offers borrowers a “kayak-style” experience while shopping for personalized prequalified rates. Similar to the “Common App,” users (and co-signers) complete a single, brief form and receive personalized prequalified rates from multiple lenders. Checking rates on Credible is free and does not impact a user’s credit score to compare offers.
Credible’s marketplace includes:
- Abe
- Ascent
- Citizens
- College Ave
- Custom Choice
- ELFI
- INvestEd
- MEFA
- Nelnet Bank
- Sallie Mae – UG
- Sofi
Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation may impact the location and order in which the companies (and/or their products) are presented.
Disclosure: Personalized Prequalified Rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you. Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Loan
Choose between personalized prequalified rates, as well as deferred and interest-only repayment options for your school loans.
Graduate and undergraduate loans for almost every degree type.
Repayment options range from immediate full repayment (principal and interest payments immediately after the loan is fully disbursed), interest only (interest-only payments while you are in school, and start making principal and interest payments after you leave school), full deferral while in school, flat payment while in-school, graduated repayment (payments increase over time).
Limits
COA-Aid (annual limit)
Borrow up to $170,000 through Credible’s marketplace.
Annual max (100% of school certified costs minus other financial aid received).
Lifetime aggregate loan amount 200K.
Rates
3.39% Fixed APR (with autopay)* and 4.75% Variable APR (with autopay) See Terms*
*Read rates and terms at Credible.com.
Fees and Terms
No fees.
5, 7, 8, 10, 12, 15 and 20 year terms available.
Student Loan Providers
Sallie Mae® – Undergraduate Student Loans
Get the money you need to pay for undergraduate, career training or trade school costs—bigger ones like tuition and housing, and smaller ones like books and a laptop.3
You have options:
- Apply once to get money for the whole year.
- Choose from multiple repayment options, including no payments while in school.1
- Borrow up to 100% of your school-certified expenses, whether you’re studying online or on-campus.3
- Add a cosigner. Last year, students were 4X more likely to be approved with a cosigner9 and it may help you get a better rate.
Choose the #1 Private Student Loan Lender in the Nation. Applying online is easy – you could receive a credit result in about 10 minutes.
More Sallie Mae Loan & Disclosure Information
Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply.
Information advertised valid as of 12/26/2024.
Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.
Loan
For undergraduate and career training students. (School Certified)
Pay now or later – choose an in-school repayment option or deferment option1:
• Make monthly interest-only payments while in school
• Make monthly fixed $25 payment while in school8
• Defer payment until after you finish school
Limits
Borrow up to 100% of school-certified expenses ($1,000 minimum)3
Rates
• Variable Rates: 30-day SOFR + 5.05% (4.79% APR) to 30-day SOFR + 16.00% (14.96% APR)1
• Fixed Rates: 3.74% (3.49% APR) to 16.53% (15.49% APR)1
• Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments by auto debit. Lowest APRs shown include the auto debit discount.1
Fees and Terms
• 10-15 years based on cumulative Sallie Mae loan balance, repayment option and year in school.8
• No prepayment penalty or origination fees. You can pay off your undergraduate student loan as early as you’d like to reduce your total loan cost.5
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
