Add up your loan costs before you commit

It can be very tempting to sign up for a student loan, but before you make that big decision, it's important to know three very basic things:

  1. What your loans will cost you to pay back
  2. If you’ll be able to afford those loans over time
  3. The number of years you’ll need to borrow money for college

How much will your loan really cost you?

The time chosen by most students for paying back their student loans is 10 years after graduation. Choose any loan amount to see what it will cost you to pay it back in that time, using today’s interest rates.

 
How much will it cost to pay back your student loan?
Choose a loan amount
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Your monthly payment*
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(every month for 10 years)
The amount you pay in interest
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The total cost of your student loan
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$5,000
$56
$7,527
$12,527
$10,000
$114
$13,644
$23,644
$15,000
$170
$20,466
$35,466
$20,000
$227
$27,288
$47,288
$27,000
$306
$36,839
$63,839
$30,000
$346
$41,596
$71,596
$35,000
$411
$49,525
$84,525
$40,000
$478
$57,454
$97,454

*Assumptions: Assumes a 10 year payback; interest rate of 6.53 for the first $27,000, then 10% for amounts above $27,000. Interest rates calculated on Bankrate student loan calculator. • Assumes no payments made while in school. • Assumes interest rates stay the same for all years of borrowing. • Does not account for interest accrued during school, so numbers are understated.

How your monthly payments affect how much you can borrow

Choose any monthly payment to see how much your loan will cost you to pay back in ten years, and how much of that money actually goes to pay for your education, using today’s interest rates.

 
What kind of monthly payment can you afford?
Choose a monthly payment*
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The size of your student loan
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(ie, how much goes to your college)
The amount you pay in interest
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The total cost of your student loan
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$50
$4,398
$1,602
$6,000
$100
$8,795
$3,205
$12,000
$150
$13,193
$4,807
$18,000
$200
$17,590
$6,410
$24,000
$250
$21,988
$8,012
$30,000
$300
$26,385
$9,615
$36,000
$307
$27,000
$9,840
$36,840
$350
$30,254
$11,746
$42,000
$400
$34,037
$13,963
$48,000

*Assumptions: Assumes a 10 year payback; interest rate of 6.53 for the first $27,000, then 10% for amounts above $27,000. Interest rates calculated on Bankrate student loan calculator. • Assumes no payments made while in school. • Assumes interest rates stay the same for all years of borrowing. • Does not account for interest accrued during school, so numbers are understated.

How will a  Parent PLUS Loan fit into your family budget?

This calculator is for parents looking to support their child’s college education with a Parent PLUS Loan. Notice that at the current Parent PLUS interest rate of 9.08%, the amount you pay in interest for a 10 year loan is more than half the amount that goes to your child’s college. To learn more about these loans, visit this page: Parent PLUS college loans: How much is too much love?

 
How will a Parent PLUS Loan fit into your family budget?
Choose a loan amount
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Your monthly payment
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(every month for 13 years)*
The amount you pay in interest
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The total cost of your Parent PLUS loan
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$5,000
$55
$3,536
$8,536
$10,000
$109
$7,071
$17,071
$15,000
$164
$10,606
$25,606
$20,000
$219
$14,142
$34,142
$27,000
$295
$19,090
$46,090
$30,000
$328
$21,212
$51,212
$35,000
$383
$24,747
$59,747
$40,000
$438
$28,282
$68,282

*Assumptions: Assumes a 13 year payback; as payments start upon the student entering college. • Interest rate of 9.08%. Interest rates calculated on Bankrate student loan calculator. • Assumes interest rates stay the same for all years of borrowing.

Simple Student Loan Calculator

This calculator will help you estimate what a loan of any amount will cost you over time. But remember, each year that you're in college can mean another loan – and a different interest rate, too. So do the math for one year and four years.

Try the Student Loan Calculator

Detailed Student Loan Calculator

This link takes you to a calculator on FinAid.org, a site run by recognized FAFSA expert, Mark Kantrowitz. Please note: the information you provide on the FinAid site may be used for marketing purposes.

FinAid.org calculator