Enter the loan amount you are considering taking for an upcoming school year.

For a loan just entering repayment, the loan amount is the original principal loan amount and any capitalized and accrued interest, and all applicable fees.

Your loan may be a federal or private education loan.

Enter your estimated interest rate.

Please note that the calculator does not adjust for variable rates which may increase or decrease your monthly payment when the rate changes.

Current fixed interest rate for undergraduate Federal Direct Student Loans: 4.99%

The above rate for federal loans is for loans first disbursed on or after 7/1/2022 and before 7/1/2023. Loans taken out at a different time are likely to have a different rate.

Some loans, including private loans, may have variable rates (or a choice of fixed and variable rates) that change with a common index rate. Estimates are fine for this calculator.

On subsidized federal student loans, the federal government pays the interest while the student is in school. On most other loans, interest will accrue while the student is in school.

Generally, students may defer paying the interest until after graduation plus a six-month grace period or they may pay the interest while in school and during the grace period. The calculator can show how much money you can save by paying interest while in school versus deferring interest payments.

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Tips and Perspectives
  • Minimizing student loan debt is important. Savings, scholarships, grants, payment plans, and student and parent income used during the school year to offset expenses will reduce the amount you may need to borrow.
  • When considering the amount to borrow for this school year, also consider how much TOTAL borrowing may be necessary for all years of college, as well as, an estimate of starting salary after graduation.
  • One generally accepted rule of thumb for student borrowing: a student’s total college debt should be less than their expected starting salary.
  • If the student is the borrower, consider the Federal Direct Student Loan program first.