Know your loan costs and payments before you borrow

If you're looking at colleges where the price would require you to take out a student loan, it's important to know how much that loan could cost you. 

After all, whenever you borrow money, you have to pay interest on it.  And the longer it takes you to pay your loan back, the more interest you pay. What's more, that interest portion doesn't go to your college. It's just money that goes to whoever provides the loan – money you could be using for other things.

So if you're thinking of getting a student loan, it's good to do the math first. We've even provided some good ways for you to do that.  Just try out the different calculators below.  

And while you're at it, think about whether you can get a quality education at a lower-priced school – one that might not require you to take out a loan at all, or at least a smaller amount in loans.

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 your loan really cost you?
Click on the loan amount below to find out.
Your loan amount
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This is how much goes to your college.
Your interest payments
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This is how much goes to the lender.
Your loan cost
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This is how much comes out of your wallet.
$5,000
$2,225
$7,225
$10,000
$4,450
$14,450
$15,000
$6,675
$21,675
$20,000
$8,900
$28,900
$27,000
$12,015
$39,015
$30,000
$14,178
$44,178
$35,000
$17,782
$52,782
$40,000
$21,386
$61,386

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 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.

 
How much can you afford to pay each month – and how will that affect your loan costs and loan amount?
Click on the monthly payment below to find out.
Your monthly payment
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Choose how much you’re willing to pay each month for 10 years.
Your total loan cost
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This is how much your payments add up to over 10 years
How much goes to your college
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This is how much actually goes to your school (the rest goes to the lenders).
$50
$7,200
$4,983
$100
$14,400
$9,965
$150
$21,600
$14,948
$200
$28,800
$19,930
$250
$36,000
$24,913
$271
$39,015
$27,000
$300
$43,191
$29,426
$350
$50,391
$33,610
$400
$57,591
$37,794

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. 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?
Click on the loan amount below to find out.
Loan amount
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This is how much goes to your kid’s college.
Your monthly payment
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This is how much your loan will cost you every month – for 10 years.
Total interest
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This is how much of your payments go to the lenders.
Your total loan cost
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This is how much your loan will take out of your family savings over time.
$5,000
$64
$2,627
$7,627
$10,000
$127
$5,253
$15,253
$15,000
$191
$7,880
$22,880
$20,000
$254
$10,506
$30,506
$27,000
$318
$13,133
$40,133
$30,000
$381
$15,759
$45,759
$35,000
$445
$18,386
$53,386
$40,000
$508
$21,012
$61,012

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.

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