Student Loan Calculator

When you're considering taking out a new student loan, or about to start paying off a current one, use this calculator to estimate your monthly payment.

How to use the student loan calculator to estimate your payment amount

To calculate your student loan payments, enter the loan amount, anticipated interest rate, and term of the loan (how many years you have to pay it back).

  1. Log in to your account and go to the loan details page.
  2. Locate your current balance, interest rate, and repayment term.
  3. When you have this information, enter your current balance in the loan amount field and your interest rate and repayment term in the remaining fields.
  4. Convert your repayment term from months to years.

If you're using this student loan calculator for multiple loans, calculate each one separately and add up the payment estimates.


Your estimated monthly payment


Note: Amounts are estimates, and some lenders may require a minimum monthly payment.

Pay for college tip

Knowing how much your monthly payments might be can help you figure out how much to borrow. Ready to apply?

See our private student loans


Please note the monthly payment amount is an estimate provided for information purposes only.footnote 1

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Your student loan repayment term

Your loan repayment term is the number of years you have to pay it back. Federal loans generally have a standard repayment schedule of 10 years.footnote 2 For private student loans, the repayment term can range anywhere from 10-20 years, depending on the loan. You'll be given a definite term for your loan when you apply.

Interest rates for federal and private student loans

The average interest rate will be different for federal student loans and private student loans. Federal student loans have a single, fixed interest rate, which means that your loan's rate doesn't change over time.

You may have noticed that there's a range of interest rates associated with a private student loan. Private student loans are credit-based. That means the rate you'll be offered depends on your creditworthiness—and that of your cosigner, if you have one—together with several other factors. When you apply for a loan, you'll be given an interest rate, either fixed or variable, depending on which is offered and which type of rate you've chosen.

How much you'll need to borrow for college

Before you can figure out how much to borrow in student loans, you need to figure out how much college will cost, how much money you can put toward it, and what the difference, or the funding gap is. Create a plan to find out how much to borrow

footnote 1. Sallie Mae does not guarantee the estimator accuracy or applicability to a person's individual circumstances. The estimated monthly payment assumes the same payment amount and fixed interest rate for the life of the loan and does not account for a variable interest rate. The estimate does not account for missed payments, the use of deferment or forbearance, or any required minimum monthly payment amount for a particular loan. For new loans, this estimate does not account for any payments made during the in-school and separation or grace periods, or any interest that accrues or capitalizes during that time. For Sallie Mae loans entering principal and interest repayment, this estimate does not factor in accruing interest or any payments made between now and when the loan enters principal and interest repayment. 

footnote 2. This information was gathered on 3/30/2023 from