What to Know About Student Loans
Estimate Your Monthly Payment
You can estimate your monthly student loan payments, including principal and interest, using this handy loan calculator. Or you can visit the U.S. Department of Education’s Repayment Estimator to compare repayment options.
Explanation of Terms:
- Loan amount
What you borrowed; also known as the principal.
- Term of the loan
How long you have to repay your loan.
- Annual interest rate
The annual rate you’re charged on the principal balance.
- Amortization table
This table illustrates what portion of your payment goes towards interest and what portion goes toward the principal balance of your loan.
Note: The standard repayment period for a student loan is 120 months, or 10 years. Before obtaining a loan, you should discuss specifics about student loans with your financial aid counselor.