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Estimate how much you will pay for a student loan with our student loan calculator.

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? 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

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Need to finance your next semester?

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Frequently Asked Questions about student loans

How do lenders calculate interest on student loans?

Your student loan interest rate is calculated as a percentage of your loan principal and is compounded daily.

Your daily interest rate is determined by multiplying your loan balance by your interest rate and then dividing that by the number of days in the year.

Say your loan balance is $10,000 with a 5% interest rate. This means your daily interest is $1.369. So in a typical month, you’ll owe about $41 ($1.396 x 30).

Learn More: Choosing a Fixed or Variable Rate Student 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.

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.

If you’re still looking for 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 the lenders below in just 3 minutes.

LenderFixed rates from (APR)Variable rates from (APR)
discover5.09% - 12.49%3.15% - 11.37%
4.74% - 11.85%92.87% - 10.75%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 | 7SunTrust Bank Disclosures | 8EDvestinU 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 November 1, 2019, the one-month LIBOR rate is 1.80%. Variable interest rates range from 2.83%-11.16% (2.83%-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 4.40%-12.19% (4.40% - 12.04% 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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