Student Loan Calculator

May 19, 2025

How to use this calculator

How to make the most of this calculator

There are several ways to benefit from this student loan calculator. Here is how you can make the most of this calculator in the following situations.

Apply the results to your situation

Depending on how you're using the calculator, you can apply your results in different ways to find the best loan option or to figure out the best way to succeed with your loan. 

Here are three ways to apply the results:

1. Compare student loan lenders

It's easy to compare student loan interest rates to find the lowest one, but it's important to see how that interest rate works with other features of the loan, including loan amount and repayment term. All three will influence what you'll pay each month. 

Once you prequalify with a few lenders, you can compare their offers based on your specific information to get the most accurate estimate of what your monthly payment will be. Input the interest rate, loan amount and term each lender provides to see which offer gets you the most affordable payment. 

2. Determine your loan term

Your loan term will influence your monthly payment amount. The longer your repayment term, the lower your monthly payment may be. The shorter the term, the higher the monthly payment. 

If your lender offers a few different repayment terms, you can input different loan term options (while keeping the other fields the same) until you get the monthly payment result that best meets your budget.

3. Create a repayment strategy

Along with finding the right repayment term, you can also calculate extra payments into your plan to develop a repayment strategy. Amortization schedule results can help you see the impact extra payments – monthly, yearly or even one lump-sum payment – can affect your repayment timeline and help you plan accordingly. 

For example, if you know you can commit to paying $20 extra each month, you can see how many years you'll shave off your timeline and how much money you'll save in total interest. 

What is a good student loan interest rate?

The best student loan interest rate is the lowest interest rate. A good student loan interest rate is one that is toward the lower end of a lender's range, typically in the single digits. But rates will depend on the loan type, lender, type of interest rate and the borrower's or cosigner's credit score. 

If you want a better interest rate, there are a few ways to lower it:

• Improve your credit score by paying down debt and making on-time payments
• Use a cosigner with a strong credit profile
• Sign up for autopay, as many lenders provide a discount for doing so
• Refinance your student loans, if it makes sense for your situation

Next steps for student loans

Continue on with the next step of your student loan journey with these helpful guides and tips.

Other student loan calculators

Bankrate's collection of calculators for college students and graduates provides assistance for all your different needs, including managing your student loans and your student budget.

• Student loan refinance calculator: By inputting your remaining student loan balance, current monthly payment, remaining and new loan terms and interest rates, you'll be able to determine whether a student loan refinance is the best option for your financial goals.
• Student budget calculator: Current students can use this calculator to help budget for their school year expenses, including tuition, school supplies and living expenses. Calculating these expenses may also help students determine how much they may need to borrow.