Student Loan Calculator

Use our student loan calculator to estimate your student loan.1

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Estimate a Student Loan with College Ave:

The above calculator only simulates a basic student loan. Check out one of our other advanced student loan calculators to help you understand and estimate your own private student loan options with College Ave:

Understanding Your Results

Based on how you adjust your loan variables, you’ll notice changes in how much you’ll pay each month, the amount of interest you’ll pay and how long you’ll need.

Below are breakdowns of what each result means for you:

  • Monthly payment – Once you start to pay back your student loan, this is the amount due each month. The longer the term, the lower your monthly payment but you’ll pay more overall.

  • In School Payment – If you choose to make in-school payments, this is the monthly amount to pay while in school. Student loan repayment can be deferred until after graduation but making payments during school is a great way to reduce the total cost of your loan.

  • Principal – The total amount you will borrow. As you make payments, you will start to pay down the principal amount of your loan, reducing the total interest that accrues each month.

  • Total Interest – The total amount in interest you’ll pay on your loan.

Once you’ve experimented with your results, you can see if you prequalify specifically for a College Ave loan or learn more about shopping for student loans.
 

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How Much Do You Need to Borrow for College?

How much money you need for college can vary depending on many different factors including whether your school is private or public, in-state or out-of-state and whether you’re receiving financial aid like scholarships and grants.

Before taking out a private student loan, it’s a good idea to exhaust all options for financial aid. Applying for scholarships and grants, using any savings you have, and applying for federal aid by filling out the FAFSA can help make your private student loan as small as possible.

We’ve combed through the latest research to give you an estimated cost of college, based on national averages:

Average Costs of College 2019 - 20

Tuition & Fees

Room & Board

Books & Supplies

Travel & Other Expenses

Total

Public college (two-year, in-district)
$3,730
$8,990
$1,460
$4,240
$18,420
Public college (four-year, in-state)
$10,440
$11,510
$1,240
$3,400
$26,590
Public college (four-year, out-of-state)
$26,820
$11,510
$1,240
$3,400
$42,970
Private college (not-for-profit)
$36,880
$12,990
$1,240
$2,870
$53,980

Source: The College Board's Trends in College Pricing 2019-20, Full-Time Undergraduate Budgets

Tuition & Fees

$3,730
$10,440
$26,820
$36,880

Room & Board

$8,990
$11,510
$11,510
$12,990

Books & Supplies

$1,460
$1,240
$1,240
$1,240

Travel & Other Expenses

$4,240
$3,400
$3,400
$2,870

Total

Public college (two-year, in-district)

$18,420

Public college (four-year, in-state)

$26,590

Public college (four-year, out-of-state)

$42,970

Private college (not-for-profit)

$53,980

Source: The College Board's Trends in College Pricing 2019-20, Full-Time Undergraduate Budgets

How Are Student Loan Interest Rates Calculated?

Student loan interest rates can vary from lender to lender as well as whether you’re looking at federal loans vs private student loans.

In the student loan calculator above, interest is calculated in a few steps. To get a better understanding, let’s take a look for this example: If your loan balance is $20,000 with a 5% interest rate, your daily interest is $2.80.

1. First we calculate the daily interest rate by dividing the annual student loan interest rate by the number of days in the year.
.05 / 365.25 = 0.00014, or 0.014%

2. Then we calculate the amount of interest a loan accrues per day by multiplying the remaining loan balance by the daily interest rate.
$20,000 x 0.00014 = $2.80

3. We find the month interest accrued by multiplying the daily interest amount by the number of days since the last payment.
$2.80 x 30 = $84

So in a first month, you’ll owe about $84 ($2.80 x 30) in monthly interest. Until you start making payments, you’ll owe about $84 in interest per month.

Also keep in mind – as you pay off your principal loan balance, the amount of interest you’re paying each month will decrease.

Learn more about how student loan interest rates work.

How Can I Calculate a Student Loan to Lower Monthly Payments?

There are several ways students can lower their monthly payments. For example, College Ave reduces your interest rate by 0.25% if you sign up for automatic payments. If you’re looking for additional ways to lower your monthly payment or interest rate, you may want to consider student loan refinancing. Use our refinance calculator to see if this is a good option for you.

How Can I Calculate a Student Loan to Lower the Overall Cost?

Making payments while in school (even as little as $25 a month) can help you save a considerable amount of money. Choosing a shorter loan term and making extra payments on your principal can also reduce the total cost of your loan. College Ave does not charge any penalty or fees for additional payments.

What’s the Fastest Way to Pay Back My Student Loan?

Some people recommend the snowball method to pay off your loans the fastest, while others recommend making a payment every other week. The reality is that there are various strategies for paying off your student loans quickly, but there is no one-size-fits-all option. Do your research, budget wisely, and do what works best for you and your financial situation.

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