Calculate Monthly Student Loan Payment
Enter the following information in the form to calculate your monthly student loan payment:
The principal is the amount you owe, or the amount that you have borrowed. It’s also the amount you must pay back each month, and it’s the minimum payment amount on student loans. Principal is also known as “principal balance,” or “original balance.”
Interest Rate (%)
The interest rate is the cost of borrowing money. The interest rate is usually expressed as a percentage.
The interest rate can be thought of as the amount you pay to use someone else’s money for a period of time. For example, if you borrow $100 from your friend for one year at an agreed upon 8% annual percentage rate (APR), then you will owe him/her $108 at the end of one year (assuming no additional fees).
Length of repayment (months)
The length of repayment is the time you will be repaying your student loan. The longer the repayment period, the lower your monthly payment; conversely, shorter repayment periods mean higher monthly payments. The maximum length of a federal student loan repayment program is 10 years.
Monthly Student Loan Payment
The monthly student loan payment is the total amount of money that you have to pay each month. The monthly student loan payment is calculated based on the principal, interest rate, and length of repayment.
Your monthly student loan payment amount can vary depending on which repayment plan you select (income-driven or standard).
The different types of repayment plans available include: Standard Repayment Plan – may result in higher payments over time but require less upfront money; Graduated Repayment Plan – offers lower initial monthly payments but increases every two years; Extended Repayment Plan – helps borrowers with high debt levels by allowing them to repay their loans over 25 years or more; Income-Driven Repayment Plans (IDR) – take into consideration your income when determining how much should be paid each month
Enter these fields to calculate your monthly student loan payment.
The main factors that will influence your monthly student loan payment are the principal and interest rate of your loan, how much you borrowed, and how long it will take you to repay the loan in full.
Enter these fields to calculate your monthly student loan payment:
- Principal: The amount of money borrowed from the student loan lender; this is also referred as “principal sum”.
- Interest Rate: The annual rate of interest charged on the principal sum; expressed as a percentage per year (%).
The student loan calculator is an easy tool to use, but you can always work with a financial professional for personal advice and assistance. If you’re looking for help with your student loans or other debt, contact us today!