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Okay CloseStudent Loan Repayment Calculator
Trying to figure out how to budget toward your current or future loan payments? This student loan calculator estimates how much you’ll pay each month so you can better prepare for your upcoming bills.
Low refi rates you just can’t beat. Terms apply. Learn more about student loan refinancing with SoFi.
Quickly estimate your monthly student loan payments by entering three key details:
Enter the total loan amount you owe. If you owe multiple loans, enter the total value of all of the loans.
Enter the interest rate on your loan. If you are adding the cumulative total of multiple loans, average the interest rate on all the loans.
Enter the remaining loan term in months.
Our student loan calculator breaks down your repayment timeline and costs, helping you plan with confidence
This is an estimate of the monthly payment you’ll owe each month, including the principal and interest on the loan.
This is an estimate of the total value you’ll be responsible for repaying over the life of the loan. This calculation assumes that you make on-time payments each month and do not make any overpayments to accelerate the loan’s payoff.
This is an estimate of the total interest you’ll owe over the life of the loan. Interest is calculated as a percentage of the loan amount. On most student loans, except Federal Direct Subsidized Student Loans, the interest begins accruing as soon as the loan is disbursed.
See what you’ll owe each month so you can budget more confidently and avoid surprises.
Know how much interest you’ll pay over time—and how much your loan term or rate affects the overall amount you owe.
Adjust inputs like loan amount, interest rate, or term to compare payoff outcomes.
Use your estimates to borrow more strategically and avoid overextending yourself.
Identify whether refinancing or making extra payments could help reduce your debt faster and save on interest.
Borrowing a student loan is a big financial commitment. Here are some of the important factors to consider.
Student borrowers can choose between federal and private student loans.
Fixed interest rates remain the same for the life of the loan. Variable interest rates change in line with benchmark rates over the life of the loan.
Federal student loans have fixed interest rates that are set annually by Congress. Private student loans may have either fixed or variable interest rates. When choosing between a fixed or variable rate loan, consider factors like how long you’ll be repaying the loan and your personal financial situation.
For example:
Borrowers with federal student loans can choose from the federal repayment plans, including income-driven repayment options. Borrowers are able to change their repayment plan at any time with no required fees.
Private student loans will generally detail the repayment terms up front. Depending on the lender they choose, borrowers with private student loans:
If federal student loans aren’t enough to cover your college costs, private student loans can be an option to consider. Generally, private lenders will allow students to borrow up to the cost of attendance, less any other financial aid they’ve received.
Private student loans with SoFi have no fees required and offer competitive interest rates to qualifying borrowers. In addition to getting a student loan, becoming a SoFi member qualifies you for other perks, such as the Good Grades Bonus.2
Use this calculator to get an idea of when your student loan payoff date will be.
Use this calculator to see how much you could save by refinancing your student loans.
Fixed rates are set for the life of the loan and will not change over time.
Variable rates may fluctuate over time based on the prevailing interest rate. Most variable rate loans will have a rate cap, which is the maximum interest rate on the loan.
It depends on your situation. All federal student loans have a fixed interest rate. Private student loan borrowers may choose between a fixed or variable rate loan. If you plan to repay the loan in a relatively short period of time, a variable rate loan may result in lower interest costs, depending on current market conditions and how rates change over time. A fixed rate loan can provide security if you will be repaying for longer period of time because it will not change.
A loan term is the amount of time you have to repay the loan. These terms are generally set when you take out the loan.
Generally speaking, federal student loans should be prioritized over private student loans. If you have exhausted all your federal student loan options, private student loans may be another solution. To choose a private student loan, consider factors like the lender’s reputation and customer service, the interest rate, any fees associated with the loan, repayment terms, and any other conditions.
To reduce the overall cost of your student loan, making overpayments on your loan could help you reduce the amount of money you’ll owe in interest and expedite your repayment.
Another option is to consider refinancing the student loan, which could help you secure a lower interest rate. As long as the loan repayment term is not extended, lowering your interest rate could save you money in interest over the life of the loan.
Interest on federal student loans accrues on a daily basis. At the end of a period of non-payment, such as the grace period, the accrued interest will be capitalized on the loan amount. This means the accrued interest will be added to the principal value of the loan. This new total will be considered the new principal value of the loan and interest will continue to accrue based on this new total.
Generally, interest on private student loans also accrues on a daily basis. Confirm with your lender or by reviewing your loan’s terms and conditions.
To apply for a federal student loan you’ll need to fill out the FAFSA, which requires personal and financial information.
To apply for a private student loan, you’ll fill out an application directly with the lender of your choice. The exact requirements may vary, but you’ll likely need to know how much you want to borrow and provide personal information like your address, income, employer, and more. Private lenders will also generally conduct a credit check.
Federal student loans do not require students enrolled at least half time to make payments on their student loans while they are in school. Private lenders may or may not require payments while the borrower is still in school.
Making payments on your student loan before you graduate (if these payments aren’t required) could help you accelerate the loan repayment, which could ultimately help you save money over the life of the loan.
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