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:
- What your loans will cost you to pay back
- If you’ll be able to afford those loans over time
- The number of years you’ll need to borrow money for college
Interest calculations reflect the current 6.53% rate for Federal Student Loans, up to the maximum $27,000 for 4 years. Any amounts over $27,000 are calculated at a representative private lender rate of 10%. Note: Interest rates are subject to change.
Interest calculations reflect the current 6.53% rate for Federal Student Loans, up to the maximum $27,000 for 4 years. Any amounts over $27,000 are calculated at a representative private lender rate of 10%. Note: Interest rates are subject to change.
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.
Interest calculations reflect the current 9.08% rate for Parent PLUS loans. Note: Interest rates are subject to change.
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.
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.