Student Loan Interest Calculator FAQs
1. Why do these numbers matter?
Whether you’re looking to lower your monthly payment, pay off your loan faster, or both, knowing how much interest you pay per month is an important first step. Every dollar you spend on interest is one more dollar that could be used to pay down the principal amount of your loan or on other monthly bills.
2. How are these estimates calculated?
This calculator takes the total amount of interest you’ll pay over the life of your loan and spreads it evenly over the number of months on your loan. This can help show you if you’re on track for the most cost effective, fastest way to become debt free. To find out how much money a new interest rate could save you, use our Student Loan Refinancing Calculator. And for an exact account of how much you’re paying in interest month by month, ask your lender for your loan amortization schedule.
3. What if I have more than one student loan?
Figuring out the average interest rate of more than one loan only takes a few seconds using our Weighted Average Interest Rate Calculator. Once you have that number, plug it into the calculator above to get an averaged estimate of how much you’re paying in interest every month for all of your loans combined.
4. I’m paying a lot in interest. What can I do?
Refinancing your loan could get your interest rate down and can be a fairly simple process. Not only can a lower interest rate shorten how long it takes to pay off your loan, it usually saves thousands of dollars. Estimate how much with our Student Loan Refinancing Calculator.
We’ve also partnered with these Top 6 Refinancing Banks based on their ability to provide real-time, personalized rates using only a “soft credit pull” (which means it won’t affect your credit in any way). Checking your rate typically takes less than 2 minutes.
5. I have more questions. Is there someone I can email?
Figuring this stuff out on your own can be overwhelming! Please don’t hesitate to drop us a line.