Florencia Basavilbaso
Content Writer At Gradehacker
Figuring out how much money you need to borrow can be a challenge, but fortunately, there are a variety of websites to calculate student loans to help you.
At Gradehacker, we care about providing the best resources for our student community. This is why as the non-traditional student #1 resource, we are giving you a list of calculators and other supplies to help you find the best loan for your needs.
From estimating monthly payments to researching and comparing interest rates, these websites can help you have a better picture of your situation and requirements and help you make the best decision for yourself.
In this blog post, we’ll take a look at some of the best websites for calculating loan fees.
Let’s start!
How To Use Student Loan Calculators
Getting a student loan can be a smart investment in your future, but it’s important to understand the long-term financial implications before you commit.
One tool that can help you do this is a student loan calculator. Here’s how to use one:
Step 1: Gather your loan information
Before you use any of these calculators, you’ll need some basic information about educational loans. This includes:
- Total amount you plan to borrow
- The interest rate
- Length of your repayment term
Step 2: Find a student loan calculator online
Luckily, there are many free calculators available. You can check any of the calculators we mention below. We’ll also go over their features and what the website is about so you can choose the best one for your investment!
If you want to clearly understand how student loans work and how to pick one, watch our video!
Step 3: Input your loan information
Once you’ve found a calculator, you can put your loan information into the appropriate fields. Be sure to double-check your numbers and information to ensure they are accurate.
Step 4: Review the results
Once you’ve entered all of your loan information, the calculator will generate a detailed breakdown of your loan. This will include how much you can expect to pay in total for the loan, as well as your monthly payments.
Step 5: Adjust as needed
If you’re unhappy with your results, you may need to adjust some information in your loan application, whether that is the range of money you are planning to borrow or other specifics that can give you the desired results.
Using a student loan calculator can help you understand the process and your investment better. Be sure to take advantage of this helpful tool before you commit to any loans. For that, we are providing you with the 6 best free platforms to help you!
Bankrate offers a range of free online tools to help you calculate your student loan payments and any extra payments.
It was created in 1976 by Robert K. Heady as a print publisher for the banking industry with the intention of making better financial decisions and making this process clear and easier for people.
This calculator is an easy-to-use tool that allows you to put data such as the loan amount, interest rate, and length of term in order to estimate your monthly loan payments.
You can also use Bankrate’s College Loan Comparison Tool to compare different types of student loans and determine which one is the best for you.
The website is clear when giving information. First, you have the calculator where you need to provide information like:
- Loan amount
- Loan term in years
- Loan term in months
- Interest rate per year
And on the same page below, you have a simple savings calculator where you select:
- Initial deposit amount
- Monthly contributions
- Number of years
Plus, it calculates an investment’s return, considering the impact of compounding interest, known as the Annual Percentage Yield (APY), and compares the result with three different banks.
Below these two calculators (almost at the bottom of the page), you’ll see a comparison chart with the best student loan rates for the month and year you are at.
You’ll also have information comparing the differences between federal student loans and private ones.
Bankrate doesn’t offer private loans or resources specifically for students as other websites do.
Pros and Cons of Bankrate:
Sallie Mae is one of the largest and most well-known student loan lenders.
It was created as a government entity in 1972 by former President Richard Nixon and, since 2013, has been retail banking owned by SLM Corporation.
They offer a range of online calculators to help you evaluate your loan payments and check different repayment options.
Their calculator is simple to use. You’ll only need to fill up:
- The loan amount
- Internet rate
- Years to repay
However, they clarify that the amounts are just estimates, and some may require a minimum monthly payment.
Next to the calculator, Sallie Mae lets you see their private student loans, and below, you’ll find valuable information on how to approach this investment.
The good thing about this site is that they have information available on student loan debt and how to get ready to borrow as a student.
They also provide financial aid for college, different types of student loans, college scholarships, and tools.
Pros and Cons of Sallie Mae:
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SmartAsset is a free online resource that offers different types of loans, money investment, and advice like retirement, taxes, and home buying.
It was created in 2012 by Michael Carvin and Philip Camilleri with the goal of providing financial advice and tools to help people make smart decisions about their money.
SmartAsset can help you calculate your monthly payments, compare payment plans, and estimate the total cost of your loan for as long as it lasts.
To use their calculator, on their website, you’ll need to fill up information about:
- Loan Amount
- Interest Rate
- Loan Term
- Monthly Prepayment
If you want, you can add more loans to calculate and see their charts of the loan balance over time below your results.
You’ll find a comparison chart with the best student loan refinance rates and explain why the answer and how they got to it.
On this same page, SmartAsset provides complete information about student loans, like how long it will take you to pay it off, types and payoff programs, and an interactive map highlighting the best colleges for each state.
On their website, you’ll also find student loan refinance rates and a guide to help you.
Pros and Cons of SmartAsset:
- High-quality resources and information even when they aren't fully oriented to students
- Easy-to-use calculator
- The results are clear and easy to understand
- You can use multiple calculators at the same time to compare
- Compares refinance rates with different companies
- They offer useful advice on how to prepare for a loan and the payoff
- Has financial advisor
Calculator.net is an online service that simply offers a wide range of calculators for personal, business, and educational use.
This platform was created by Maple Tech International LLC in 2007 with the purpose of providing complete information and making its resources available to everybody.
Their website offers calculators for:
- Financial
- Fitness & Health
- Math
- Housing/Building
- Electronics
- More!
It can help you estimate your monthly payments on all types of student loans, repayment, and college cost. You can also compare repayment plans and estimate the total cost of your loan throughout its duration of it since the estimated payments may fluctuate.
Besides, Calculator.net has math calculators that can help students with geometry, science, and statistics.
To use their student loan calculator, you’ll need:
- The loan amount
- Remaining Term
- Interest rate
- Monthly Payment
And in the results, you’ll find an answer for repayment, total interest, and total payment, with a graphic showing you the percentage of the principal amount and the interest.
If you’re still worried about how you are going to pay for it, we have tips to relief you and help you pay loans without feeling broke!
Below the calculator, you’ll find the:
- Repayment calculator
- Projection calculator.
On this same page, you can see at the bottom information about different loans as well as the major repayment plans for federal student loans.
Pros and cons of Calculator.net:
NerdWallet is a resource that offers financial advice and tools to help people make smart decisions about their money.
It was created in 2009 by Tim Chen and Jacob Gibson with the intention of providing clarity on financial decisions.
Their website is easy to use since you don’t have to fill out information; they have a slider button that automatically changes the number to what you want.
On NerdWallet, you can select:
- Loan amount
- Term
- Annual Interest rate
- Interest paid
Bellow this section, you can start the FAFSA application and compare private student loans. If you don’t know and want to dive deeper into it, we have the tips and information you need before applying.
You can also add loans to calculate the payment you can expect. For that you’ll fill up information about:
- First year: Loan #1 amount
- Interest rate (APR)
- Select if it's a subsidized federal loan or not
- Add more if you want or be done
They also share brief information in sections explaining the meaning of certain words or functions within a loan.
NerdWallter has other calculators for student loans like:
These calculators can help you get a more accurate result.
Finally, they have guides and tips that can be useful in knowing how to manage this situation.
Pros and Cons of NerdWallet:
Finaid is an online platform that, with its resources, wants to help students finance their education.
It was created in 1994 by Mark Kantrowitz and got recognition from important associations and resources. They won awards from the College Board and the National Association of Student Financial Aid Administrators.
To use this calculator correctly, you’ll need to fill up with information about:
- Loan amount
- Interest Rate
- Loan term
- Loans fees
- The minimum payment
Then you press “calculate,” and it loads the result. If you want to change any information, you can press recalculate.
Finaid offers more information about financial aid topics like college applications and FAFSA guides.
As additional resources for students, they offer scholarships and private student loans.
Pros and Cons of Finaid:
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Get Your Ideal Result With These Loan Calculators
These platforms can greatly help any student when making decisions involving loans.
However, having a handful of resources and loan options to compare is important before settling on one. In this case, the best decision may depend on the type of loan you are considering, so do your research before applying!
We hope these calculators are useful and help you kick off your college journey.
If you want to focus more on your life and finish college faster, remember you can trust Gradehacker to help you accelerate your degree and achieve your goals faster!
And if you want one-on-one tips for your college application, book a meeting with our team and see how we can help you!
You can also check our articles that can give you a better insight into financial assistance:
Florencia Basavilbaso
Florencia Basavilbaso is a content creator passioned for writing, music, films, and the arts. At Gradehacker, she helps to improve non-traditional students life’s by finding and providing the most useful information, so they can always progress. You can find her on LinkedIn.
