Private Student Loan Repayment Calculator
Part of including a private student loan in your financial aid package is knowing how to budget for your payments after you're done with school. To help students with this, we created a simple way to estimate your payments via our private student loan repayment calculator.
* Disclaimer: This calculator provides rough estimates based on current market rates plus generalized credit ratings. It assumes an industry average 15 year loan term. For good credit, the calculator assumes 1-month LIBOR + 4%. For average credit, the calculator assumes 1-month LIBOR + 8%. For poor credit, the calculator assumes 1-month LIBOR + 12%. 1-month LIBOR is collected from Bloomberg.com's posted key ratings and is reviewed monthly. The loan payment is based on an average of many lenders' terms and does not reflect the rates or terms of any one specific lender. Your financial aid and loan terms will vary from the results provided.
Managing Your Private Student Loan Repayment
When applying for a private student loan it is very important to consider your repayment options. Many borrowers are not aware of the different types of helpful budget-friendly repayment plans offered through their lender.
Learn more about private student loan repayment.
Know Your Credit Score
A private student loan is a credit-based loan. As such, it's important to know exactly where your credit stands, because it is a key factor in determining your interest rate for the loan. The higher your credit, the lower the interest rate and the smaller your monthly payments. Check your credit score now.
- Learn more about Private Student Loans and credit.
- Learn how you can improve your credit score.
- Don't have good credit? A cosigner can increase your chances of being approved for a Private Student Loan.