Student Loan Calculator

Use this student loan calculator to help you estimate how much you need to borrow in private student loans, and estimate your monthly loan payments.

I want to:

Estimate how much I need

Estimate my monthly payment

Plug in the information below to figure out how much you need to borrow with a private student loan. Then, take the next step to see your estimated monthly payments.

Cost of attendance

Search for your school (optional)

School

In-state Out-of-state

Annual Tuition (required)

What is annual tuition?

Tuition is the cost of instruction at a specific school. Tuition does not include room and board, textbooks, supplies, and other fees a school may charge for attendance. To find this information, check the school's website, contact the school's Financial Aid Office, or visit nces.ed.gov/ipeds.

Room & Board

What is included in room and board?

Room and board costs vary based on whether the student is living on or off campus and dining on or off campus. To find this information, check the school's website, contact the school's Financial Aid Office, or visit nces.ed.gov/ipeds.

Fees

What are considered fees?

Fees are some of the common school charges you may incur, in addition to your tuition.

Scholarships & grants

Scholarships

What are scholarships?

Scholarships are sources of money that do not need to be paid back. Scholarships are available through colleges, states, various companies, organizations, and clubs.

Grants

What are grants?

Grants are sources of money that do not need to be paid back and can be awarded to students by the federal and state governments, or private organizations.

Financial contributions

Savings, 529 Plan, etc.

Enter the applicable amounts to calculate your total.

What counts as income?

If you plan to work part-time or accept a work-study job, use these earnings to help pay for educational expenses or items such as books or a meal plan.

What is a 529 savings plan?

The 529 savings plan allows families to set aside funds for future college costs. The account owner can invest their contributions in mutual funds or similar investment vehicles. The account goes up or down in value based on the performance of the chosen investments. The earnings generated in the account are generally not subject to income taxes each year, allowing the investments to grow tax-free. And when the funds are used for qualified education expenses, the distributions are also not subject to federal income taxes. State tax treatment varies.

Federal Student Loans

Enter the applicable amounts to calculate your total.

What are Direct Subsidized Loans?

Direct Subsidized Loans are available to undergraduate students who demonstrate financial need. The government pays the interest while they’re enrolled in school at least half-time and periods of grace and deferment.

What are Direct Unsubsidized Loans?

Direct Unsubsidized Loans are available to undergraduate and graduate students and are not based on financial need. The student is responsible for paying interest.

What are Grad PLUS Loans?

Grad PLUS Loans are available to graduate or professional students to help cover up to the full cost of education, less any other financial aid. A credit check is required. If you have adverse credit history, you may still be able to receive a Grad PLUS Loan if you meet additional requirements.

What are Parent PLUS Loans?

Parent PLUS Loans are available to parents of dependent students to help cover up to the full cost of education, less any other financial aid. A credit check is required. If you have adverse credit history, you may still be able to receive a Parent PLUS Loan if you meet additional requirements.

Calculate Next: Estimate monthly payment

Let’s see how much you will need to cover the cost of college.

Amount you need to borrow in private student loans

Scholarships & grants

Financial contributions

Federal student loans

What are the different loan types?

There are different types of private student loans based on degree program and lender. The most common types are undergraduate and graduate loans. Loans listed reflect products offered by Discover® Student Loans.

Loan Amount

How is the loan amount determined?

The loan amount is your cost of attendance as listed on your school’s website minus scholarships and grants, your financial contributions, and federal student loans.

Interest Rate

How do I determine the interest rate?

Enter an estimated annual percentage rate (APR) using the range published online by your lender of choice. The lowest APRs are available for applicants with the best credit. If you don’t have an established credit history, you may receive a lower rate if you apply with a creditworthy cosigner.

What is the repayment term?

The amount of time the borrower is scheduled to repay the principal balance and interest on a loan.

You can make a payment at any time without penalty. Repayment terms may vary across lenders.

Years Until Graduation

Why is this information needed?

This calculator assumes that payments will be deferred while enrolled in school at least half-time. When payments are deferred, interest accrues on the loan and will be added to the principal balance when the loan enters repayment.

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Let’s see how much your monthly payment will be.

Your estimated monthly payment

Amount you are looking to borrow

Amount of accrued interest

Did you know that making extra payments each month will help you pay off your student loan even faster?
Learn more about your options

This calculator provides an estimated monthly payment for a private student loan and is for illustrative purposes only. Discover® Student Loans does not guarantee the calculator's accuracy or applicability to your circumstances, and we encourage you to consult a financial advisor for assistance in analyzing your overall financial situation.

This calculator provides an estimated private student loan amount and is intended for use as a planning guide only. If you are using the school search option, values for annual tuition, room and board, and fees are prepopulated and sourced from the US Department of Education College Scorecard. The estimated amount you need to borrow in private student loans does not constitute an offer from Discover® Student Loans. We do not guarantee the calculator's accuracy or applicability to your circumstances, and we encourage you to consult a financial advisor for assistance in analyzing your overall financial situation.

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