# Calculate Student Loan Repayment

## Calculate Student Loan Repayment

If you’ve got a student loan, it’s important to know how much money you’ll be paying and when. This calculator can help you determine your loan balance and payment amount so that you can get an idea of what your total student loan repayment will be over time.

### Calculate how much you can expect to pay each month.

You can use the student loan repayment calculator to see how much you will pay each month.

- Input the amount of your loan in the first box
- Input the interest rate for your loan in the second box
- Choose your repayment plan from “Standard” and “Graduated” or select other if applicable (i.e., extended, income-based)
- If applicable, input a payoff date and/or change any of those fields accordingly by clicking on them

### Input the amount of your loan.

Input the amount of your loan. This is the total amount you have borrowed, not including any interest. For example, if you took out a $100,000 loan to pay for college and didn’t make any payments yet, enter a “0” in that field.

If you are making more than one payment per month, enter an “N/A” for each extra payment you’re making each month (for example, if you’re paying $1,200 per month but plan to increase it by $200 every few months).

### Input the interest rate for your loan.

The interest rate is the amount of money paid to borrow money. It’s calculated on a daily basis and is based on the outstanding balance of your loan. The smaller this number is, the less you’ll pay in interest over time. For example, if you have an $8,000 balance and an 8% annual percentage rate (APR), then your monthly payment would be $150 ($8,000 x .08). If that same borrower had a 5% APR instead of 8%, his monthly payment would only be $130 ($8,000 x .05). This means he’d pay off his loan faster and save thousands of dollars in interest payments over time.

The formula for calculating student loan interest rates is:

### Choose your repayment plan.

The repayment plan you choose will determine how much your monthly loan payments will be. Here are the different options:

- Monthly payments: You make a single payment each month, which is usually the most common method of repayment.
- Bi-weekly payments: You make half of a normal monthly payment every two weeks, but there’s no difference in total cost compared to a 12-month plan (see below). This is a good option if you want lower payments and don’t mind making them more often than once per month.
- Weekly payments: You make one week’s worth of regular bi-weekly paychecks’ worth of loans every seven days instead of the usual 14 days between checksâ€”again with no difference in total cost. If you’re able to do this, it might be preferable for its ease and convenience over traditional bi-weekly plans since it only involves paying half as often; however, many people find that they lose track or forget about their weekly nonpayment period until it rolls around again! Remember that this option is not available at all schools or for all types/sizes loans (and sometimes not even once enrolled), so check before proceeding just in case!

### Input a payoff date.

Input a payoff date.

The payoff date is the date on which you want to pay off your student loans. The first step in calculating your student loan repayment is to choose a payoff date, which for most people will be more than 10 years away. Ideally, you should choose an amount that’s more than the loan term (the amount of time before the loan must be repaid) and less than the expected time until retirement or last day of employment.

### Hit `calculate`.

Calculating your student loan repayment will help you understand your options and make a plan to pay off your student loans. Your results will include:

- A breakdown of the principal and interest amounts on each loan, as well as total principal and interest due at the end of each month or year.
- The number of months it will take to pay off each loan based on an annual payment amount that you specify in the calculator.

### You can use this calculator to help start managing your student loan repayment now!

You can use this calculator to help start managing your student loan repayment now!

- The calculator will help you get started.
- It will give you an idea of how much you can expect to pay each month.
- It will also help you understand your options and what is available.

We hope this student loan repayment calculator has given you some ideas about how much money you can expect to pay each month. The best way to manage your financial situation is by knowing all the facts and making informed decisions, so we encourage you to use this free tool whenever needed!