When borrowing for college, it is important to know if you are financially able to afford the monthly payments that are required to pay off the loan.

When you borrow money for college, you’ll pay it back later, plus interest. This means you’ll actually pay back more than you initially borrowed. The overall cost of your loan is directly affected by your interest rate and the amount of time that it takes you to repay your loan.

Use the Student Loan Calculator to see an estimate of your monthly and total payments. Plug in the amount of money you’re looking to borrow, your interest rate, and the length of your loan. Try different numbers to see how small changes can make a big difference!


Tip: Try increasing the “Minimum Monthly Payment” value above and recalculate to see how the increase affects the number of payments and total interest paid over the life of the loan.

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