To estimate your monthly student loan payment under the various repayment options—Standard, IBR, PAYE, and ICR—use our free student loan calculator. For the suggested Repayment Assistance Plan (RAP), use this calculator. Student Loan Calculator
Keep in mind that the SAVE plan will probably expire within the next six to twelve months. The amount you would have paid under this now-expired plan is still visible to you.
You do need some basic information about your loan or loans, such as the interest rate and payment amounts, in order to use the student loan calculator. Add up all of your loans and find the average interest rate. Alternatively, you can deal with each loan separately. The student loan calculator takes care of the rest Student Loan Calculator
What You Need To Know For Our Student Loan Calculator
When you are planning the details of your student loan repayment, there are definitely a few things you need to know.
Loan Amounts
You need to know your student loan balance to accurately use the calculator. For this calculator, you should either combine all your loans into one amount, or calculate each loan individually. We recommend you calculate each loan individually, which can then help you setup the best debt payoff method – either the debt snowball or debt avalanche. Student Loan Calculator
Loan Term
Beyond the loan amount, how much time is left on your loans plays a huge part in your monthly payment amount. The standard repayment plan for Federal loans is 10 years. However, if you opt into another repayment plan for student loansmay be longer (up to 25 years). Student Loan Calculator
On the flip side, if you’ve been paying your student loans for several years, your loan term may be shorter.
This calculator assumes the full loan term, so if you’ve already been in repayment for a bit your numbers on the Standard Plan, Extended Plan, and Graduated Plan may vary. Student Loan Calculator
Interest Rate
A lot of people are concerned about their student loan interest rate – and it does play a big factor (especially for private student loans). However, for Federal loans, it plays a much smaller factor.
In fact, recent loans may have a rate as low as 2%, while those a few years old may still see rates around 6%. Old loans could see rates pushing 8-10%. Those loans may be better being refinanced, unless you’re seeking student loan forgiveness.
Related: How Much Does Your Student Loan Interest Rate Really Matter? Student Loan Calculator
Repayment Plan Options
The output of the calculator will show you the various monthly payments under different repayment plans. Here’s what those plans are: Standard 10-Year, Graduated, Extended, IBR, PAYE, and ICR.
Does Student Loan Refinancing Make Sense?
Student loan refinancing can make sense for some borrowers, especially those with private student loans. If you have Federal student loans, refinancing typically only makes sense if you are NOT going for any type of loan forgiveness and plan to pay off your loan within 5 years. Student Loan Calculator
Remember, you’re going to get the best rate on a short-term (5 years or less) variable student loan. The longer the loan, the higher the rate typically will be. It may not even be much better than your current loans. Student Loan Calculator
You can shop for options to refinance your student loans here.
ors To Consider
The important thing to remember with student loans (especially Federal loans) is that payment isn’t the only factor to consider.
Federal loans specifically have a lot assistance options that can be very beneficial. For example, student loan forgiveness options, hardship deferment options, and income-driven repayment plans. These benefits are likely worth more than some extra interest.
However, for private student loans, you typically do not have any of these options available, and in this case, the interest rate and term length of the loan are important factors. Student Loan Calculator
Finally, if you are considering refinancing your student loans, credit score and debt-to-income ratio play a big factor in getting the best rate. Make sure you know your credit score before applying so you know what to expect. Student Loan Calculator