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Our goal here at Credible is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

Use this student loan interest calculator to help you estimate your monthly payments and the total amount you’ll owe over the life of your federal or private student loans.

Enter loan information

? Enter the total amount borrowed $

? Enter your annual interest rate %

? Enter the amount of time you have to repay your loan (120 months is the standard) months

Total Payment

Total Payment

$19,091

Total Interest

$4,092

Monthly Payment

$159

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How to calculate student loan interest

Here’s how to use the calculator above to figure out your student loan interest:

  1. Enter the total amount owed
  2. Enter your interest rate
  3. Enter the loan term in months (120 is standard)

Once you enter your information, you’ll be able to see what your estimated monthly payment will be, the total you’ll pay in interest over the life of your loan, and the total you’ll pay back (including that interest).

For example, let’s say you borrowed $15,000 at a rate of 5% over the standard 10-year repayment plan. This is what your results would look like:

  • Total payment: $19,091
  • Total interest: $4,092
  • Monthly payment: $159

Frequently Asked Questions: Student loans and interest rates

Why is it important to know the interest rate and terms on my student loans?

It’s important to know your interest rate and terms on the student loans you borrow, so you can understand how much you’ll owe. If you take out $15,000 in student loans, you’re not just going to owe $15,000. You’re going to owe $15,000 plus interest over the life of your loan (how many years your term consists of).

Like the example above, if you borrowed $15,000 at a rate of 5% over the standard 10-year repayment plan, you would end up paying back $19,091 total.

Check Out: Today’s Student Loan Interest Rates

When does interest accrue on my student loans?

The interest on your student loans begins to accrue at different times, depending on the type of loans you have:

  • If you have subsidized loans: The federal government pays the interest for you while you’re in school. But once you graduate and your grace period is over, you’re on the hook for the interest.
  • If you have unsubsidized loans: Interest begins to accrue immediately when the loan is disbursed. Although you won’t have to pay while you’re in school, the interest is still your responsibility, so it’s a good idea to at least pay the interest to get ahead of your debt if you can.
  • If you have PLUS loans: These are unsubsidized loans, so the interest begins to accrue as soon as the loan is disbursed.
  • If you have private student loans: The interest also begins to accrue as soon as the loan is sent to your school.

Find Out: What Is Capitalized Interest on Student Loans?

When do I have to start paying off my student loan?

With most lenders, you can usually begin making payments as soon as you want to. You can even pay your loan off completely without penalty. But the good news is, you typically don’t need to make monthly payments while in school. You usually have until 6 months after you graduate — though there are a couple of lenders that don’t give you this grace period.

If you’re going to grad school, you’re usually able to defer your undergraduate loans, as well. Just keep in mind that interest will still accrue, so making payments — even if interest-only — is still a good idea if you can.

Most private lenders offer flexible repayment options, too, that include interest-only repayment options, deferral options, and more. Just make sure you ask your lender about the different loan repayment plans before you take out the loan.

How long will it take to pay off my student loans?

How long it’ll take you to pay off your student loans depends on your repayment plan, income, and other factors.

A standard 10-year repayment plan is 120 months, assuming you can make regular minimum monthly payments. But if you can pay more than the minimum monthly payment, or make extra payments, you could significantly cut that down. Most lenders won’t penalize you for paying off your student loan early either if you do pay more than the minimum each month.

On the other hand, if you’re having trouble keeping up with your monthly payments, you could opt for an income-driven repayment plan. IDR plans are an option if you have federal student loans, but are not offered by most private student loan lenders.

Learn More: How Long Does It Take to Pay Off Student Loans?

How can I save money on my student loans?

There are many ways you can save money on your student loans, including:

  • Making payments while in school
  • Paying more than the minimum payment
  • Taking advantage of interest rate deductions
  • And more

Some lenders will give you interest rate discounts on your student loans if you set up autopay or have a checking or savings account with them. So make sure to ask about these discounts first to ensure you’re getting the best deal on your student loans.

See More Ways: 11 Strategies to Pay Off Student Loans Fast

What if I can’t afford my student loan payments?

If you’re struggling to afford your student loan payments, there are a few ways to lower your monthly payment:

Keep in mind that if you pursue any of the above and are stretching your payments out over a longer period of time, this can cause you to pay more in interest over the life of the loan. So, make sure it makes sense for your current situation — and know how much you’ll pay — before making a decision.

If you miss a student loan payment, it isn’t the end of the world, but you need to get back on track as soon as possible to ensure you don’t get behind. If you still need help, you can consider pursuing deferment or forbearance with federal student loans:

  • Student loan forbearance: This allows you to temporarily pause your student loan payments for a set period of time. Once that period is up, any interest that accrued will capitalize. This means that the interest is added to your balance and you have to pay it back. Forbearance should be your last resort.
  • Student loan deferment: This will temporarily postpone your student loan payments. Unlike forbearance, interest won’t accrue on subsidized federal student loans or Perkins loans — but it will accrue on other types of loans. If you’re eligible, deferment is usually the better option.

See: More Ways to Lower Your Student Loan Payment

How can I limit the amount of money I need to borrow for college?

Before taking out student loans, it’s a good idea to finance your education through other means. Here are some of your best options to limit the amount of money you need to borrow in student loans:

  • Use a 529 plan: If your parents or other relatives have set up a 529 plan for you, you can use that money to help cover the costs of college.
  • Apply for scholarships and grants: One of your best bets is to research and apply for gift aid, like scholarships and grants. Gift aid is a great resource because it’s money you don’t have to pay back.
  • Fill out the Free Application for Federal Student Aid (FAFSA): Always fill out the FAFSA even if you don’t think you’ll qualify for financial aid. To be eligible for federal student loans and work-study, for example, you must have completed the FAFSA.

How can I get a lower student loan interest rate when taking out the loan?

Federal student loan interest rates are set by Congress, so they can impose rates that are as high or low as lawmakers see fit. Rates on federal student loans for new borrowers are determined each May. But once you take out a federal student loan, your rate will be set for life (unless you change repayment plans or refinance).

Private student loan rates, on the other hand, vary by lender. If you want to get a lower interest rate on private student loans, you should make sure you have good credit or get a creditworthy cosigner.

If you’re still in search of the right student loan for your situation, you’ve come to the right place. Credible makes it easy for you to compare private student loans, so you can find the right fit. Just fill out a single form and you can see prequalified rates from all of our partner lenders below in just a few minutes.

LenderFixed rates from (APR)Variable rates from (APR)
ascent3.62%+2.73%+
citizens4.25%+11.25%+1
collegeave3.99%+2,3
1.24%+2,3
discover4.84% - 12.39%61.59% - 11.37%6
edvestinu4.09%+72.04%+7
invested3.83%+81.64%+8
mefa3.95%+N/A
4.25% - 12.35%91.25% - 11.15%9
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 6Discover Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures


Citizens Bank Student Loan Rate Disclosure Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2020, the one-month LIBOR rate is 0.18%. Variable interest rates range from 1.25%-11.40% (1.25%-11.01% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.25%-11.95% (4.25% - 11.53% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co- signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
About the author
Jamie Young
Jamie Young

Jamie Young is a Credible authority on personal finance. Her work has been featured by Time, Business Insider, Huffington Post, Forbes, CBS News, and more.

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