Student
Loan Calculator
This Student
Loan Payment Calculator computes an estimate of the size of your
monthly loan payments. This loan calculator can be used with Federal
education loans, and most private student loans.
This loan
calculator assumes that the interest rate remains constant throughout
the life of the loan. The Federal Stafford Loan has a fixed interest
rate of 6.8% and the Federal PLUS loan has a fixed rate of 8.5%.
(Perkins loans have a fixed interest rate of 5%.)
This loan
calculator also assumes that the loan will be repaid in equal
monthly installments through standard loan amortization (i.e.,
standard or extended loan repayment). The results will not be
accurate for some of the alternate repayment plans, such as graduated
repayment and income contingent repayment.
Loan fees
are used to adjust the initial loan balance so that the borrower
nets the same amount after the fees are deducted.
Some educational
loans have a minimum monthly payment. Please enter the appropriate
figure ($50 for Stafford Loans, $40 for Perkins Loans and $50
for PLUS Loans) in the minimum payment field. Enter a higher figure
to see how much money you can save by paying off your debt faster.
DISCLAIMER: There is NO WARRANTY, express or implied, for the accuracy of this information
or its applicability to your financial situation. Please consult your own financial advisor.
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