Student Loan Payment Calculator FAQs
1. What student loan repayment plan does this calculator use?
This calculator assumes that the entire loan balance will be repaid within the specified repayment term. For a 10-year repayment term, this calculator should provide similar monthly payment and interest amounts to the 10-Year Standard federal student loan repayment plan or a 10-year term for private student loans.
2. What if I’m planning to use other repayment plan options, like Income-Based Repayment?
Please see our full list of student loan calculators, which include an Income-Based Repayment calculator and many more.
3. How do I calculate my average interest rate?
If you have multiple student loans, check out our Weighted Average Interest Rate calculator to get your average interest rate.
4. Yikes! I didn’t realize my monthly payments would be so high! What can I do?
One option is to consider student loan refinancing, which can potentially decrease your interest rates as well as your monthly payments. You may also want to check out income-driven repayment plans for federal student loans.
Interested in refinancing student loans?
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Student Loan Hero Advertiser Disclosure
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.