Tools

Student Loan Calculator

Use the Student Loan Calculator to estimate your student loan payments for Stafford and Perkins loans.

  • The Student Loan Calculator will help you estimate your loan payments. Your actual payment amount is determined by your loan holder based on the detailed terms of your loan.
  • Your interest rate depends on your loan type and when you received the loan. To access the latest interest rates click Stafford Loan or Perkins Loan.
  • Depending on the type of loan the calculator has defaults for the term, the fees, the years to graduate, and the minimum monthly payments. You can change these defaults to analyze different scenarios.
  • Stafford Unsubsidized Loans are capitalized. Loan capitalization is the point at which all of the unpaid interest that has accrued on the principal is added to the principal. Six months after you separate from school your Stafford Unsubsidized loans will be capitalized. As an example: if you borrowed $1000 at 6% to earn a degree in five years, the capitalized loan amount would be about $1330.
  • If you are making calculations for small loans, the calculator will return the required minimum payment. It may be useful to change the Minimum Payment field to zero.

To access the Student Loan Calculator Excel worksheet click OPEN.

Enter the principal amount of the loan, the annual interest rate, and the planned number of years to graduate.

Student Loan Worksheet

Keep a record of all your student loans on the Student Loan Worksheet. Use the Student Loan Calculator to estimate the loan payments. The total of your monthly payments should not exceed eight percent of your estimated starting monthly salary. For example, if your goal is to be a schoolteacher, and you have determined that teachers in your area start at $30,000 annually, your estimated monthly salary would be $2,500. Eight percent of $2,500 is $200.

To access the Student Loan Worksheet Excel worksheet click OPEN.

Comparison of College Awards Letters

The use of the Comparison of College Awards Letters worksheet is described in the book, The Next Step. Is College Really the Right Choice?

To access the Comparison of College Awards Letters Excel worksheet click OPEN.