7 Top Student Loan Calculators That Do Money-Saving Math For You

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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You’ve probably heard the cliche ignorance is bliss. But is it? In most cases, knowledge is power — especially with student loans.

Knowing how much you owe, how long it will take to pay off your student loans and ways to compare repayment plans can help you decide the best strategy for you.

If math is not your thing or you’re looking for something beyond Microsoft Excel tracking, there are student loan calculators that can help you do the heavy lifting.

How refinancing your student loans can save you money

If you’ve gotten a salary boost, are living in a less expensive city or are interested in reallocating your budget to prioritize paying off student loans, it can pay to try calculator tools to assess different scenarios. In many cases, refinancing your student loans can save you money.

For example, let’s say you have $40,000 in student loans at a 6.5% interest rate on a 20-year repayment period. Over the course of the loan, you’d pay $31,575 in interest. But if you refinanced the loan to pay it off over 15 years at a 5.5% interest rate, you’d instead pay $18,830 in interest. In the first scenario, you’d pay $298 a month; in the second one, you’d pay $327 a month.

If you can funnel more cash toward your student loan, it makes sense to do so. It also makes sense to compare interest rates across loan offers and see if it’s possible to refinance to a lower interest rate. After all, in this situation, paying an extra $29 a month would add $12,745 in savings, so it may be worth taking a look at your budget and seeing where there’s some wiggle room.

Here are some great student loan calculators from around the web that can help you to make smart, informed decisions concerning your repayment strategy.

  1. Repayment Estimator from U.S. Department of Education
  2. Student Loan Prepayment Calculator from Student Loan Hero
  3. Student Loan Calculator from The New York Times
  4. Student Loan Refinancing Calculator from Student Loan Hero
  5. Student Loan Calculator from The Washington Post
  6. Cost of Interest Capitalization Calculator from FinAid
  7. Student Loan Payoff vs. Invest Calculator from Student Loan Hero

1. Repayment Estimator from U.S. Department of Education

What it does: Compares repayment plans for student loans

Why it’s helpful: Uses your loan and income information to show monthly payments and amounts paid on various repayment plan options

The Repayment Estimator is handy for determining how much of your student loans could be forgiven if you’re on an eligible plan. The estimator uses your specific loan information, only sharing the repayment plans you’re eligible for.

It’s important to know that the Repayment Estimator takes your current income and assumes that your discretionary income will grow by 5% a year.

The estimator is provided by Federal Student Aid, which is an office of the U.S. Department of Education. It also offers other resources, such as information about the Public Loan Forgiveness Program, or PSLF.

2. Student Loan Prepayment Calculator from Student Loan Hero

What it does: Shows you the effects of adding extra payments or paying off your student loans in a certain period

Why it’s helpful: Increasing your monthly repayments will likely help you save money and pay off your loans more quickly

The Student Loan Prepayment Calculator from Student Loan Hero makes calculations easier.

For example, say you have $30,000 in student loans on a 10-year repayment plan. Your interest rate is 5.5%, so you’re paying $325 a month. If you added $50 to your payment each month, you’d save $1,634 in interest while shaving off 20 months from your total repayment.

If you’re making extra student loan payments, it’s important to make sure they’re calculated correctly.

3. Student Loan Calculator from The New York Times

What it does: Compares the average student loan debt at specific colleges and repayment

Why it’s helpful: Automatically imports data by college and tells you what income you’ll need to make after college to make payments

If you don’t know the average debt load of the college you’re attending or considering, the Student Loan Calculator from The New York Times will import a value automatically. All you have to do is type in the school’s name.

Say you’re paying $304 a month toward student loans. How much do you need to earn to afford this? In this case, the calculator says you’ll need to earn at least $36,500 a year to keep student loans at 20% or less of your discretionary income.

4. Student Loan Refinancing Calculator from Student Loan Hero

What it does: Compares the savings of refinanced loans to current loans

Why it’s helpful: Shows how much you can save by refinancing

Many of these calculators show you what happens when you change your monthly payments and/or the length of your loan term. But there’s a way to reduce the total cost of your loans and reduce monthly payments at the same time: refinancing.

The Student Loan Refinancing Calculator from Student Loan Hero helps you to decide whether this decision could be right for you based on potential loan offers you’ve received. Enter your current loan balance, term and interest rate, and the one you’re considering, and the calculator will estimate your savings.

If you’re unsure of what rates are available, we provide recommendations on the best student loan refinancing options so that you can get accurate savings estimates.

5. Student Loan Calculator from The Washington Post

What it does: Shows you how much you need to afford your student loans

Why it’s helpful: Imports salary information for your profession

The Student Loan Calculator from The Washington Post is quite helpful for comparing student loan debt to income in a given profession.

It imports data from the Bureau of Labor Statistics, which compiles information on wage estimates. But beware: The salary is the median salary regardless of experience — not the median starting salary.

Your individual salary will depend on specifics, including the company you work for, the region where it’s located and your own experience. You can use this calculator as more of an estimate to help you get a sense of which jobs may help you pay back your student loans in the time period you desire.

6. Cost of Interest Capitalization Calculator from FinAid

What it does: Calculates the cost of deferring loans

Why it’s helpful: Indicates how much extra you’ll pay by deferring loans

The Cost of Interest Capitalization Calculator from FinAid is the simplest on the list, yet it still applies to everyone who takes out student loans. It answers the question of how much deferring loans will cost you.

You should know this number since interest charges don’t stop with unsubsidized loans in deferment. Instead, interest will keep adding up on top of your principal balance, and you don’t want to be surprised when your principal turns out to be higher than your initial balance. This calculator can help you find out whether deferring loans makes sense for you.

7. Student Loan Payoff vs. Invest Calculator from Student Loan Hero

What it does: Helps you determine if it’s better to pay off debt or invest first

Why it’s helpful: Assists to settle the age-old question of paying off debt or investing based on your situation

Which will be better off for you in the long run: paying more toward your student loans or investing that money? The Student Loan Payoff vs. Invest Calculator from Student Loan Hero helps you to figure it out.

Simply input your current loan info, including balance and interest rate, and your current investment info, including retirement savings and years of contribution, among other things.

For example, say you have a student loan balance of $35,000. You’re making monthly payments of $383 at an interest rate of 5.7%. At the same time, you have $5,000 in retirement savings at an annual rate of return of 6%. Your current monthly contribution is $200 and you plan to contribute for 20 more years.

The calculator will show you how much quicker you’d pay off your student loans if you paid an extra $317 a month — or $700 total. But it would also show you how your retirement fund would grow if you invested that $317. Then, it’ll show you the long-term results.

Use these calculators to formulate a plan

While paying off your student loans can feel insurmountable, calculators help you formulate a plan.

By inputting different payment options and comparing the differences in total costs, you can come up with a smart strategy that works with your budget to pay off your student loans.

Based on this info, you can automate payments for the monthly amount you choose. It’s also a smart idea to get into the habit of considering your monthly loan repayment amount whenever you get a salary bump or find yourself with more expendable monthly income.

Understanding just how much you’ll save in the long run can motivate you to pay more now.

Anna Davies contributed to this article

Interested in refinancing student loans?

Here are the top 6 lenders of 2020!
LenderVariable APREligible Degrees 
1.99% – 5.64%1Undergrad
& Graduate

Visit Earnest

1.89% – 5.90%2Undergrad
& Graduate

Visit Laurel Road

2.25% – 6.09%3Undergrad
& Graduate

Visit SoFi

1.89% – 6.77%4Undergrad
& Graduate

Visit Splash

2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

1.99% – 5.41%5Undergrad
& Graduate

Visit CommonBond

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of July 31, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 7/31/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of September 9, 2020. Information and rates are subject to change without notice.
 


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 2.99% APR to 6.09% APR (with AutoPay). Variable rates from 2.25% APR to 6.09% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.18% plus 2.32% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 

4 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of September 10, 2020.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective August 10, 2020.

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.