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The decision to acquire any form of debt is a serious obligation. It is helpful to anticipate your present and future funding needs, and monitor your level of debt at any given time.
The information presented here will help you keep track of your education loan obligations (both undergraduate and graduate) and assist you in estimating your repayment costs.
Your monthly student loan payment is based on the loan amount, the interest rate, the fees, the repayment period, and the repayment plan chosen.
To find this information, review your copy of the promissory note or your loan disclosure statement that you received when your loan was disbursed. If you have questions, contact your school's financial aid office or your loan servicer.
Our online loan repayment calculator estimates your monthly payments, total payments (principal plus interest) for the life of the loan, and total interest paid over the life of the loan. Have the following information on hand when using the calculators:
- Amount Borrowed
- Years to Repay Loan
- Interest Rate
- Month and Year Loan was First Dispursed
- Expected Month and Year of Graduation
- Number of Months of Grace Period or Deferment after Graduation
- Standard Repayment Plan — You make fixed (level) monthly payments for the life of the loan.
- Graduated Repayment Plan — Your monthly payments increase at scheduled increments during repayment, and typically start with interest-only payments.
- Extended Repayment Plan — Borrowers must have FFELP loan debt (outstanding principal and interest) in excess of $30,000. Repayment can be extended over a maximum of 25 years, with either standard or graduated payments.
- Income-Sensitive Repayment Plan — Your monthly payment is based on your expected total monthly gross income and total federal loan debt. As your income increases or decreases, so do your payments. Your repayment period can be extended by up to 5 years with this plan.
- Income-Based Repayment Plan — (Available beginning July 1, 2009) Your monthly payment is based on your household AGI, household size, and the annual poverty guideline. Your repayment period can extend up to 25 years.
- Federal Loan Consolidation — Refinance all or a portion of your federally guaranteed student loans into one loan that has a longer repayment period and lower monthly payments. There is no grace period with the Federal Consolidation Loan and the maximum repayment period is 30 years.
- Pay in full each month
- Communicate with your lenders, loan holders, and/or servicers
- Review all correspondence and notification you receive
During school and after graduation, you are responsible for repaying your education loans. Thus, it is essential that you keep an accurate record of each loan you have acquired. You need to know your lender, loan holder (if different), loan servicer, your interest rate, the total amount borrowed, and the amount of your payment. |
