Education Loan Calculator

Use our free education loan calculator to estimate monthly payments, total interest, and total cost of education loans. Includes origination fees and supports multiple modes including Payment, Fee Analysis, and Total Cost.

Financial

Currency

Mode

Total Education Cost

Amount to Borrow

Annual Interest Rate (%)

Loan Term (years)

years

Origination Fee (%)

Formula

Education loans help finance higher education costs. This calculator accounts for the total cost of education, the amount borrowed, interest rate, loan term, and origination fees to provide a complete picture of your education financing.

M = P[r(1+r)^n] / [(1+r)^n - 1]

Percentage: The percentage value you want to apply

Number: The original number or value

Result: The calculated result

How It Works

1Enter the total cost of your education (tuition, fees, room, board).
2Enter the amount you plan to borrow (may be less than total cost if you have savings or scholarships).
3Enter the annual interest rate and loan term.
4Include any origination fees charged by the lender.
5Switch to Total Cost mode to see the full cost of borrowing.

Examples

$50,000 education, $40,000 borrowed, 6%, 10 years

1.Loan amount = $40,000, rate = 6%/12 = 0.5%
2.n = 10 x 12 = 120 months
3.Monthly payment = $444.08
4.Fee = $40,000 x 1% = $400
5.Net received = $39,600

Result: $444.08

Frequently Asked Questions

An education loan is borrowed money used to pay for higher education expenses including tuition, fees, books, and living expenses.

Federal loans offer fixed rates, income-driven repayment, and forgiveness programs. Private loans have variable or fixed rates based on credit.

Some federal education loans qualify for forgiveness programs like Public Service Loan Forgiveness (PSLF) after 120 qualifying payments.

A fee charged by the lender, typically 1-4% of the loan amount, deducted from the disbursement.

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Education Loan Options Explained

CalculateMe Team

Last updated: 2026-07-15

How It Works

1Enter the total cost of your education (tuition, fees, room, board).

2Enter the amount you plan to borrow (may be less than total cost if you have savings or scholarships).

3Enter the annual interest rate and loan term.

4Include any origination fees charged by the lender.

5Switch to Total Cost mode to see the full cost of borrowing.

Frequently Asked Questions

An education loan is borrowed money used to pay for higher education expenses including tuition, fees, books, and living expenses.

Federal loans offer fixed rates, income-driven repayment, and forgiveness programs. Private loans have variable or fixed rates based on credit.

Some federal education loans qualify for forgiveness programs like Public Service Loan Forgiveness (PSLF) after 120 qualifying payments.

A fee charged by the lender, typically 1-4% of the loan amount, deducted from the disbursement.

Education Loan Calculator

Formula

How It Works

Examples

$50,000 education, $40,000 borrowed, 6%, 10 years

Frequently Asked Questions

What is an education loan?

What is the difference between federal and private education loans?

Can education loans be forgiven?

What is an origination fee on an education loan?

Related Calculators

Related Articles

Education Loan Calculator

Formula

How It Works

Examples

$50,000 education, $40,000 borrowed, 6%, 10 years

Frequently Asked Questions

What is an education loan?

What is the difference between federal and private education loans?

Can education loans be forgiven?

What is an origination fee on an education loan?

Related Calculators

Related Articles