Estimate your monthly payments and the total cost of borrowing for college, whether you're taking out a one-time loan or borrowing each year.
While you're in school, your repayment option (see sidebar) matters most. After leaving school, there are different repayment terms to consider. Federal repayment plans start at 10 years and other lenders have a variety of term options. Here we offer a range of repayment terms so you can estimate potential savings from faster repayment.
This calculator does not include federal graduated or income-based repayment plans. To learn more about those plans, please create an account or log in. To see how those options could work for your situation, please use the Repayment Estimator at StudentLoans.gov.
Considering a student loan? Always borrow federal loans first. Loans from financial institutions can be helpful when federal loans aren't enough, but those loans don't include the benefits of federal loans.
If you're in school, select the number of years until graduation to calculate deferred and interest-only options.
Up to certain limits, the interest you pay on student loans may be tax deductible. Unlike some other tax deductions, you do not need to itemize expenses in order to benefit from this deduction. For single filers and married couples filing jointly, up to $2,500 in student loan interest may be tax deductible.
Potentially deductible interest from the first year of repayment: .
Important Notes: In order to take advantage of this deduction, you must meet requirements set by the Internal Revenue Service. Couples filing jointly can deduct a total of up to $2,500 (not $2,500 per person). As you repay your debt, the amount of interest you could deduct shrinks each year.