Skip links

Private Student Loan Calculator

A student loan calculator will assist you in determining the best student loan repayment arrangement for you. 

The Financeive’s student loan calculator uses some basic information about your current or potential student loan to calculate your monthly payment, the length of time it will take to repay your loan, and the total amount of interest you will pay. 

To view your personal findings, enter your student loan information into the calculator below.

$
$
$

Best private lenders:

Fixed APR: 3.97-11.89%. Variable APR: 1.47% To 9.05%. Min. Credit Score: 540

5

Financeive Rate
Interest Rates
5/5
Loan Amounts
5/5
Customer Experience
5/5
Availability
5/5
Approval Rate
4.9/5

What you Need to Know About The Calculator 

Prepare a few details regarding your loan before using the student loan calculator above.

Private Student Loan amount

The amount of a private student loan varies depending on the lender. Each lender establishes its own borrowing requirements, yearly lending limits, interest rates, and terms of repayment

Private student loan lenders often provide loan amounts that cover the difference between a school’s cost of attendance and any other financial help a student gets. 

Some lenders also have lifetime loan limitations, which can be as high as $150,000 or more

Borrow just the amount you need every school year after exhausting all grant and scholarship possibilities, whether you take out federal or private student loans.

If you need to borrow money to cover a gap in your schooling, consider using federal student loans first, as they come with extra perks like income-driven repayment plans and standardized hardship programs.

Loan Term

The term of your loan is the period of time you have to return it in full. Private student loan payback periods differ by lender, just as they do with private student loan amounts. 

Private student loans are available with terms ranging from 5 to 20 years

A shorter loan term will help you save money on interest costs over your payback time, but it will result in a higher monthly payment. Some lenders provide reduced interest rates as an inducement for a short-term loan. 

A longer-term for your student loan, on the other hand, may reduce your monthly payment but will accrue higher interest charges over time. Before you take student loans, be sure you understand all of the term choices available from your lender so you can pick the best loan for your financial status.

Interest Rate

The interest rate you’ll be offered is determined by the sort of lender you’re looking for as well as your financial situation. 

Regardless of credit score or income, federal student loans have the same interest rate for all borrowers. In contrast, private lenders check if you have a job, conduct credit checks, and establish interest rates based on your creditworthiness. 

Your borrowing rates will be cheaper if you have a good credit score. Keep in mind that the lowest quoted interest rates on lender websites may not be accessible to you.

Use the lender’s prequalification options, if available, to find out what interest rates you’ll receive. Prequalification enables you to provide basic information about yourself and the loan you want in exchange for a glimpse of the rates and conditions available.

Additional Considerations for Calculating Student Loan Interest

Remember that there are a few other important elements to consider when calculating your student loan interest:

  • Choosing fixed vs. variable interest rates: Unlike government student loans, which have set interest rates solely, some private lenders provide variable or fixed interest rates on student loans. Variable rates might drop or increase depending on market circumstances, but fixed rates will not fluctuate throughout your loan period.
  • Length of the term: The amount of total interest you’ll pay depends on how long your student loan is and how short it is. In addition to calculating total interest paid, the student loan calculator above shows how much of your monthly payment goes toward interest.
  • Credit checks are required for private student loans: The better your credit, the better your chances of being provided competitive, low-interest rates. Borrowers looking for negative credit student loans may be authorized at a higher interest rate, resulting in more money spent on interest charges overall.

How To Pick the Best Private Student Loan For your Situation

Compare private loans from a number of lenders, including banks, credit unions, and online marketplaces.

If you come into financial troubles, think about fees, interest rates, and repayment periods, as well as payment stop options.

Due to a lack of credit, the majority of private student loan borrowers will be required to apply with a co-signer. 

A competent co-signer can help speed up the application process, improving the borrower’s chances of approval and decreasing the interest rate.

Your co-signer is equally as accountable as you are for repaying your debt.

Look for a private lender that provides a co-signer release program, which allows your co-signer to be released after a specified number of payments.

How Much Should You Borrow for Student Loans?

Borrow an amount that will maintain your monthly payments at 10% of your expected post-college wage to avoid taking on too much debt.

Frenqaly Asked Questions