Academics · Subject Resources · Paying for college

The interest that
grows while you
are still in class.

List each loan with its rate, type and how long until repayment starts. The calculator shows the interest that builds up while you study, the balance when the first bill comes, the monthly payment, and what you save by paying the interest early.

Estimate the interestWhat you get

The student loan interest calculator

The worked example is made up: four years of federal loans at an example 6.5% rate, repaid over 10 years. Nothing you type leaves this browser.

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What you get

Academics · Subject ResourcesFree

What you finish with
Interest before repayment, the balance at repayment, the monthly payment, total paid and total interest, loan by loan, and the saving from paying interest while in school. It prints as a summary and downloads as a spreadsheet.
Who it is for
College students and graduates, families comparing loan offers, seniors reading award letters, and school counselors.
Format
Browser calculator for a phone, tablet or computer, by touch or keyboard. Up to 20 loans. Prints a summary; downloads a spreadsheet (.csv); export and import a file.
Access
Free. No account, no sign-in and nothing to install. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The Subject Resources space in Caveat Academics.
Support
Questions, a correction or a request: team@caveatacademic.com.

How to use it

  1. Set the repayment term and how unpaid interest is treated on your loans.
  2. Add each loan with its amount, rate, type and months until repayment.
  3. Read the interest before repayment and the monthly payment.
  4. Switch to paying interest while in school to see the saving.
  5. Print the summary or download the spreadsheet.

Estimate the interest

How the estimate works

Interest before repayment, then a level payment.

The worked example: one loan, before repaymentYear 1 unsubsidized$2,000paid out in AugustRate × time6.5% × 51 ÷ 12four years plus graceInterest by repayment$552.502,000 × 0.065 × 4.25Subsidized beside it$0paid by the government in schoolThe worked example: one loan, before repaymentYear 1 unsubsidized$2,000paid out in AugustRate × time6.5% × 51 ÷ 12four years plus graceInterest by repayment$552.502,000 × 0.065 × 4.25Subsidized beside it$0paid by the government in school
Unsubsidized interest starts the day the money is paid out; the earliest loans build up the most.

Before repayment

Student loans charge simple interest on the principal. On subsidized federal loans the government pays that interest while the student is enrolled at least half time, during the grace period and in deferment. On unsubsidized and private loans it builds up from the day the money is paid out: amount × rate × months ÷ 12. Older loans have had longer to build up.

At repayment

If unpaid interest is added to principal, later interest is charged on it too. If it is kept separate, payments clear it first and it never earns interest. Federal rules changed in 2023 to end capitalization in several situations; private loans set their own terms. The level payment here pays each loan off over the term you choose; federal income-driven plans work differently.

Sources

  1. U.S. Department of Education, Federal Student Aid. Subsidized and unsubsidized loans; interest rates and fees (studentaid.gov).
  2. U.S. Department of Education, Federal Student Aid. How interest is calculated and what capitalization means (studentaid.gov).
  3. Consumer Financial Protection Bureau. Repay student debt, and comparing private student loans (consumerfinance.gov).
  4. U.S. Department of Education. Final rule on student loan interest capitalization, effective July 1, 2023 (Federal Register, November 1, 2022).

The worked example is made up, including the rate. This is an estimate; your servicer or lender has the exact figures. Your figures stay in this browser. Support: team@caveatacademic.com.