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When does interest accrue on my student loans? Like the example above, if you borrowed $15,000 at a rate of 5% over the standard 10-year repayment plan, you would end up paying back $19,091 total.Ĭheck Out: Today’s Student Loan Interest Rates You’re going to owe $15,000 plus interest over the life of your loan (how many years your term consists of). If you take out $15,000 in student loans, you’re not just going to owe $15,000. It’s important to know your interest rate and terms on the student loans you borrow, so you can understand how much you’ll owe. Why is it important to know the interest rate and terms on my student loans?
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Interest rate type: All federal student loans come with fixed interest rates while private loans could have fixed or variable rates.In general, the higher your credit score, the better your rate will be - and the less you’ll pay in interest over the life of your loan. A good credit score is usually considered to be 700 or higher. You’ll typically need good to excellent credit to qualify for the most optimal interest rates. But if you apply for a private student loan, the lender will review your credit to determine your creditworthiness as well as your interest rate. Credit score: Most federal student loans don’t require a credit check.Here are a few other factors that could also affect how much you pay in interest: This is what your results would look like:Īdditional features to consider when calculating interest Once you enter your information, you’ll be able to see what your estimated monthly payment will be, the total you’ll pay in interest over the life of your loan, and the total you’ll pay back (including that interest).įor example, let’s say you borrowed $15,000 at a rate of 5% over the standard 10-year repayment plan. Enter the loan term in months (120 is standard).Here’s how to use the calculator above to figure out your student loan interest: 100% free!Ĭhecking rates won't affect your credit score How to calculate student loan interest Compare rates without affecting your credit score.