Student Loan Calculator
Thinkforu.org Student Loan Calculator
Monthly Payment
$0.00
Total Interest
$0.00
Total Payment
$0.00
Loan Payoff Date
-
Amortization Schedule
| Payment(Month) | Payment | Principal | Interest | Remaining Balance |
|---|
How to Use This Calculator
Step 1: Enter Loan Details
Input your total loan amount, interest rate, and desired loan term in years.
Step 2: Customize Advanced Options
Adjust extra payments, payment frequency, and grace period to match your situation.
Step 3: Review Results
Analyze your monthly payments, total interest, and complete amortization schedule.
Step 4: Compare Scenarios
Try different payment strategies to find the best repayment plan for you.
Frequently Asked Questions
What is a student loan grace period?
A grace period is a set length of time after graduation before you must begin repaying your student loan. Typically, it's six months for federal student loans.
How can extra payments help?
Making extra payments reduces your principal balance faster, which means you'll pay less interest over time and potentially pay off your loan earlier.
What's the difference between payment frequencies?
While monthly payments are standard, making bi-weekly or weekly payments can help you pay off your loan faster and reduce total interest paid.
How accurate is this calculator?
This calculator provides accurate estimates based on the information you provide, assuming a fixed interest rate and consistent payments.