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. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (The loan calculator can be used to calculate student loan payments, auto loans or to calculate your mortgage payments.) Want to find your interest rate? Credible lets you compare rates from multiple lenders to find your best prequalified rate.
Calculating Interest
This loan calculator assumes that the interest rate remains constant throughout the life of the loan. Currently the 2020-2021 Undergraduate Federal Stafford Loan has a fixed interest rate of 2.75% (a record low) and the Federal PLUS loan has a fixed rate of 5.3%. (Perkins loans have a fixed interest rate of 5%.). The calculator can also be used for auto loans and mortgages.
Calculating Monthly Payments
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 of the alternate repayment plans, such as graduated repayment and income contingent repayment.
Educational Loan Minimum Monthly Payments
Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for 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.
Loan Fees
Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.
Loan Payment Calculator
Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented.
Comparing Loans
Need to compare several loans? Get the benefit of comparing loans (monthly payments, interests rates, loan terms, fitting your budget and what is best for you) when you use our Loan Comparison Calculator or connect directly with the lenders below to compare today’s rates.
Featured 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 7/27/2024.
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 + 5.63% (5.37% APR) to 30-day SOFR + 16.75% (15.70% APR)1
• Fixed Rates: 4.24% (3.99% 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.
Student Loan Providers
Citizens – Undergraduate Student Loans
Citizens offers student loan options for undergrad, grad students and parents with competitive rates and flexible terms. We also offer these interest rate discounts:
- Loyalty Discount* of 0.25 percentage point interest rate discount if you have a qualifying account with Citizens.
- Automatic Payment Discount* of 0.25 percentage point interest rate discount.
After applying for a Citizens Student Loan™, you may qualify for Multi-Year Approval. If eligible, prior to each academic year, simply log in to your account and request funds with no application and no hit to your credit score.*
Plus, adding a qualified cosigner could increase your likelihood of loan approval and help you borrow more money or get a lower interest rate – meaning lower monthly payments and less interest paid over the life of the loan.*
Our easy application could help get you on the path to funding your education and with more than 40 years’ experience, we’re here to help guide you to the student loan that fits you best. Plus, get your rate in about 2 minutes with no impact to your credit score.*
*https://www.citizensbank.com/promo/student.aspx
Loan
A Citizens Student Loan™ lets you choose from competitive rates and repayment options that give you the freedom to pay back your loan on your schedule – along with a team of Student Lending Advisors to help you through the process.
Limits
Minimum: $1,000
Maximum: Maximum qualified loan amount or the total cost of education, whichever is lower (Maximum loan limit: $225,000 and Aggregate limit: $225,000 applies)
Rates
Fixed rates: 4.24%-15.61% APR (Including all available discounts)*
Variable rates: 5.99%-16.61% APR (Including all available discounts)*
Fees and Terms
No application, origination, or disbursement fees. No prepayment penalty.
Multiple repayment options such as immediate or interest-only payments with Citizens Student Credit Builder™* or deferred repayments
Flexible terms available ranging from: 5, 10, 15-year options.