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Student Loan Calculator

How long will it take you to pay off your student loan? AssetBrief’s simple student loan calculator helps you estimate your monthly payments.

Asset Brief is an independent publisher focused on helping you improve your financial decisions. Some of the products featured may be from our partners. This does not influence our reviews, which are based on many hours of research.

$
%
years
Monthly payments
$89.84
Total payment
$5,390.61
Total interest payment
$390.61
7% of total payment 8% of loan amount
Total payment breakdown
Your total payment of $5,390.61 is comprised of your $5,000 loan amount (principal) and $390.61 in interest payments.
Loan amount
$5,000
Total interest
$390.61

Loan amount
93%
of total payment
Total interest
7%
of total payment

How much does an education cost?

How much college or graduate school costs can vary significantly. Costs depend on length of study, whether the school is public or private, and where you are attending a school in your state. To get a sense, consider the following cost of college.

AssetBrief.com

Source: The College Board’s Trends in College Pricing 2019

Tuition and Fees Room and Board Books and Supplies Transportation Other Expenses Total
Private Nonprofit Four-Year On-Campus $36,880 $12,990 $1,240 $1,060 $1,810 $53,980
Public Four-Year Out-of-State On-Campus $26,820 $11,510 $1,240 $1,230 $2,170 $42,970
Public Four-Year In-State On-Campus $10,440 $11,510 $1,240 $1,230 $2,170 $26,590
Public Two-Year In-District Commuter $3,730 $8,990 $1,460 $1,840 $2,400 $18,420

How much do you need to borrow?

Student loans are not the only way to finance your college or graduate school costs. According to Sallie Mae, 24% of the cost of college is funded by student and parent loans.

The remainder come from scholarships and family savings.

How does the average family pay for college (average) As a percent of the total cost of college
Grants & scholarships $8,177 31%
Relatives & friends $417 2%
Student income & savings $3,502 13%
Parent income & savings $7,801 30%
Parent borrowing $2,585 10%
Student borrowing $3,746 14%
Total $26,226 100%

What are typical student loan terms?

The average student loan debt for college graduates is around $29,000.

The federal student loan interest rate is 4.53% for the 2019-20 school year. For unsubsidized graduate student loans and parent loans, the federal interest rates are 6.08% and 7.08%.

The average student loan term is between 10 to 30 years.

Try putting in different loan amounts, interest rates, and loan terms to see what your estimated monthly payments are.