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Private Student Loan Calculator
Calculate private student loan payments under immediate, interest-only, or deferred in-school repayment plans.
About Private Student Loans
Private student loans are issued by banks and credit unions with terms determined by creditworthiness rather than federal guidelines.
Frequently Asked Questions
Why do deferred private loans grow so fast?
Unpaid interest capitalizes (adds to principal) upon leaving school, generating interest on interest.
What is the benefit of interest-only payments during school?
Paying interest each month prevents balance growth and avoids interest capitalization at graduation.
Do private student loans offer income-based repayment?
Generally no. Private lenders require fixed monthly payments and rarely offer income-linked repayment plans.
Is a cosigner required for private student loans?
Most undergraduate applicants require a creditworthy cosigner to meet private lender approval criteria.
How to use
Calculate in three steps
- 1Enter your valuesUse the fields above and check the units shown beside each input.
- 2Run the calculationSelect Calculate to refresh the result with your latest values.
- 3Review or shareCompare the result, reset the form, print it, or share this page.
Inputs
What you need
Loan Amount Borrowed$
Interest Rate (APR)%
Repayment Term After School (Years)yrs
In-School Payment OptionValue
Years in School Remainingyrs