Bank Balancing Tool

Estimate your student loan payment (repayment calculator)

Estimate your student loan payments under a standard repayment plan (equal payments) using the calculator below.

  • This is only an estimate! Your actual payment amount is determined by your loan holder based on the amount that you borrowed. However, most student loan programs require at least a $50 payment each month, no matter how small your loan amount.
  • Your interest rate depends on your loan type and when you received the loan. Click here for a chart with Direct Loan interest rates.
  • The calculator is preset to 120 months and an interest rate of 6.8 percent. You may adjust these.
  • It is recommended that your student loan payment be less than 8 percent of your gross income. The minimum salary field is based on this recommendation.
  • If you have not made payments while in school or during your grace period, you may have capitalized interest Accrued interest that is added to the principal of your loan that will be added to the principal amount of your loan. This amount should be included in the principal amount in the calculator below in order to give a more accurate estimate of the loan repayment information.

Enter your Principal Amount of Loan, Simple Interest Rate, and Number of Monthly Payments.

Principal Amount of Loan
Number of Monthly Payments
Simple Interest Rate
Your Monthly Payment Will Be
Your Total Interest Cost Will Be
Minimum annual salary to handle these payments:

Mapping Your Future is part of Money Management International's family of services to assist students, parents, educational institutions through person-to-person counseling services. For debt and budget assistance, call 1-877-929-9723 to speak with an MMI counselor.