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
Links above powered by Credible
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 4.13% 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
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.*
With more than 40 years’ experience, we’re here to help you find the student loan that fits you best. Get your rate in about 2 minutes with no impact to your credit score,* and start next semester with confidence.
*https://www.citizensbank.com/promo/student.aspx
Loan
A Citizens Student Loan™ provides different repayment options that give you the freedom to pay back your loan on your schedule. Plus, it could cover up to 100% of school-certified costs. Our team of Student Lending Advisors are ready to help you through the process.
Limits
Annual Minimum: $1,000
Annual Maximum: max loan amount is $225,000, or total cost of education less aid, whichever is lower. Our lifetime debt limit includes federal and private loans combined.
Rates
Fixed rates: 3.49%-15.49% (3.49%-14.99% APR)
Variable rates: 4.99% – 15.51% (4.99% – 15.47% APR)
Fees and Terms
No application, origination, or disbursement fees. No prepayment penalty.
Flexible repayment options such as immediate, interest-only, or deferred.
Edvisors
Edvisors is your one-stop shop for comparing private student loan options. Simply enter your school to discover lenders that work with your school. On top of viewing competitive interest rates, Edvisors makes it easy for you to shop smart so that you know what other perks are offered by private student loan lenders.
Edvisors works with some of the nation’s best lenders:
- Ascent
- Citizens
- College Ave
- Earnest
- Sallie Mae
- SoFi
- And more…
Loan
Whether you are working on your first degree or your fifth, you can find out which private student loan lenders will help you fill your funding gap.
See which lenders offer benefits and features such as:
• A quick application process
• No application or origination fees
• Coverage up to 100% of your cost of attendance
Fees and Terms
Many lenders offer no origination fees, application feels, or prepayment penalties.
5, 7, 10, 15, 20 years
