Estimate the monthly payments and total cost of borrowing for college. You can estimate the cost of borrowing for a one-time expense or for borrowing every year.
Compared with borrowing for a home or car, borrowing for college can be complex. Many students take out multiple loans to pay for school - typically at least one per year - and there are several options for managing loan interest. How education loans are managed, both in school and after graduation, can make a big difference in the total cost of a college degree.
While in school, the repayment option you choose (see sidebar) makes the biggest difference. After leaving school, there are different repayment terms to consider. Most lenders have minimum repayment terms of either five or ten years. Here we offer a range of repayment terms so you can estimate potential savings from faster repayment - a great way to save money.
This calculator does not include federal graduated or income-based repayment plans. To learn more about those plans, please create an account or log in. To see how those options could work for your situation, please use the Repayment Estimator at StudentLoans.gov.
Considering a student loan? Always borrow federal loans first. Loans from banks or credit unions can be helpful when federal loans aren't enough, but those loans do not include the benefits of federal loans.
