Monthly Loan Repayment Calculator
Instructions:
Enter amounts into the first three boxes below (outlined in orange) and then hit
Calculate Payment
to estimate your monthly payment. Next to each field are helpful tips to assist you. The
Clear
button clears values.
Amount Borrowed
Review your actual loan history on
NSLDS
Sign in to
StudentLoans.gov
to use your actual loan history in the federal government's repayment calculators.
Review average loan debt on
The Project on Student Debt
Repayment Years
10 years is standard and has been pre-populated; revise as needed
Review other repayment plans at
StudentAid.Gov
Interest Rate
A 5% rate has been pre-populated.
Review historical
interest rates
to estimate yours and change the 5% as needed.
Review
NSLDS
to view your actual interest rates.
Monthly Payment
Your actual payment may be higher or lower.
Comments:
© Christine Auman
Other Tips
As a rule of thumb, do not borrow more in loans than your expected starting salary upon graduation.
Review starting salaries:
Occupational Outlook Handbook
The Federal Government offers many
repayment plans
and
forgiveness
options to best suit a students need.
Use the federal government's
Repayment Plan Calculator
to compare your monthly payments under the various repayment plans.