Before using the student loan calculator above, come prepared with a few pieces of information about your loan. Loan amounts for private student loans can vary by lender. Each lender sets its own borrowing criteria, annual borrowing limits, interest rates and repayment terms.
Regardless of whether you borrow federal or private student loans, borrow only the amount you need per school year after exhausting all grant and scholarship options. If you must take out loans to finance educational gaps, consider maximizing federal student loan limits before turning to a private student loan, as federal student loans come with additional benefits like income-driven repayment plans and standardized hardship programs.
Your loan term is the amount of time you have to repay the loan in full. For federal student loans under a standard repayment plan, the default loan term is 10 years. However, student loans that are under an alternative payment plan offer terms from 10 to 25 years. Like private student loan amounts, private student loan repayment terms vary by lender.
Terms for private student loans can be as short as five years and as long as 20 years. A shorter loan term can help you save more money on interest charges during your repayment period but result in a larger monthly payment. Some lenders offer lower interest rates as an incentive for a short term length. If you're using this student loan payment amount estimator for multiple loans, calculate each one separately and add up the payment estimates.
Knowing how much your monthly payments might be can help you figure out how much to borrow. Ready to apply? See our private student loans.
Please note the monthly payment amount is an estimate provided for information purposes only. Your loan repayment term is the number of years you have to pay it back. Federal loans generally have a standard repayment schedule of 10 years.
You'll be given a definite term for your loan when you apply. The average interest rate will be different for federal student loans and private student loans. Federal student loans have a single, fixed interest rate, which means that your loan's rate doesn't change over time.
You may have noticed that there's a range of interest rates associated with a private student loan. For debt and budget assistance, call to speak with an MMI counselor. Estimate your student loan payment repayment calculator Estimate your student loan payments under a standard repayment plan equal payments using the calculator below. This is only an estimate! Your actual payment amount is determined by your loan holder based on the amount that you borrowed.
Your interest rate depends on your loan type and when you received the loan.
0コメント