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Student Loan Calculator

repaying your loan

When considering a loan, it is important to understand the cost in repaying the amount borrowed. Loans accrue interest, and as time passes, the amount owed may be considerably more than what was borrowed.

The loan calculator helps to understand the repayment cost as a borrower. Please keep in mind, this is simply a tool to get a better sense of the full cost. After borrowing a loan, a loan servicer (an agency employed by the Department of Education to manage loans) will be assigned to the borrower to help manage the repayment of the loan(s). For additional information, please visit Student Aid Repayment.

How to use the calculator

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The degree the student is pursuing the loan for.

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Undergraduate Students

Undergraduate students can borrow either a subsidized or unsubsidized loan depending on the student’s financial need as determined by that year’s FAFSA. Subsidized loans are need based and will not accrue interest while the student remains enrolled for at least 6 credits unlike unsubsidized loans which begin accruing interest the moment the loan disburses. There are limits to loans to keep in mind. The annual limit is dependent both on whether you are considered an independent or dependent student on the FAFSA and your academic year (sophomore, junior, or senior). There are also aggregate limits to consider, so if you have borrowed loans in the past, and are not sure how much you have already borrowed, it is a good idea to log into www.studentaid.gov to look over your loan history.

Graduate Students

Graduate students can borrow unsubsidized or graduate plus loans. There are limits, both yearly and aggregate to graduate unsubsidized loans. The annual limit is $20,500. The aggregate limit is $138,500 and this includes all loans borrowed while pursuing prior degrees. If you have borrowed loans in the past, and are not sure how much you have already borrowed, it is a good idea to log into www.studentaid.gov to look over your loan history. Note, graduate plus loans do not have limits, although they cannot exceed your semester’s cost of attendance, and require a credit check.

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Enter the anticipated number of years to pay off the loan.

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Enter the borrowed loan amount for the semester (fall or spring term) or the academic year.

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Interested in borrowing two loans to cover education expenses? As an example, an undergraduate degree student can enter a subsidized loan as the first borrowed loan and enter a second unsubsidized loan as the additional borrowed loan and calculate the total cost for each loan.