College Loans: A Cost Calculator
How much will monthly payments be on a college loan?
Explanation of Terms
Loan Amount: The initial amount you borrowed. Also known as the "principal."
Term of the Loan: The timeframe given to you by the lender to repay the loan.
Annual Interest Rate: The annual rate the lender will charge on your principal balance until you repay your loan in full.
Amortization Table: This table shows what portion of each loan payment goes toward interest and what portion goes toward the principal balance of your loan.
Note: This calculator is provided for estimation purposes only. The standard repayment period for a student loan is 120 months. Borrowers with standard repayment plans are held to a $50-per-month minimum payment. You should discuss specifics about loans with your financial aid counselor and find out details about individual loan payments, repayment schedules, alternative payment plans, and other repayment options from your lender before obtaining a loan.
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