Student Loan Calculator

Estimate the monthly payments and total cost of borrowing for college. You can estimate the cost of borrowing for a one-time expense or for borrowing every year.

Compared with borrowing for a home or car, borrowing for college can be complex. Many students take out multiple loans to pay for school - typically at least one per year - and there are several options for managing loan interest. How education loans are managed, both in school and after graduation, can make a big difference in the total cost of a college degree.

While in school, the repayment option you choose (see sidebar) makes the biggest difference. After leaving school, there are different repayment terms to consider. Most lenders have minimum repayment terms of either five or ten years. Here we offer a range of repayment terms so you can estimate potential savings from faster repayment - a great way to save money.

Note this calculator does not include federal graduated or income-based repayment plans. To learn more about those plans and other federal repayment options, please create an account or log in.

Have subsidized loans? To estimate your monthly payment, use the "Interest Only" repayment option. Interest that grows prior to entering repayment will be paid by your lender, not by you.


 One Time

 Every Year

 Full Deferment

 Interest Only

 Immediate Repayment

* If you are already in school, select the number of years until graduation to calculate deferred and interest-only repayment plans.

Amount Borrowed

Monthly Payment

Total Cost

Student Loan Tax Deduction

Up to certain limits, the interest you pay on student loans may be tax deductible. Unlike some other tax deductions, you do not need to itemize expenses in order to benefit from this deduction. For single filers and married couples filing jointly, up to $2,500 in student loan interest may be tax deductible.

Potentially deductible interest from the first year of repayment: .

Important Notes: In order to take advantage of this deduction, you must meet requirements set by the Internal Revenue Service. Couples filing jointly can deduct a total of up to $2,500 (not $2,500 per person). As you repay your debt, the amount of interest you could deduct shrinks each year.

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