The 7 Best Student Loan Calculators of 2019 - Make Lemonade

The 7 Best Student Loan Calculators

By Make Lemonade Staff | Updated March 4, 2019

When it comes to student loan repayment, it’s critical to have the best student loan payment calculator. A student loan payment calculator helps you calculate automatically how much money you owe for student loans each month and overall. Whether it’s a student loan refinance calculator or a student loan monthly payment calculator, make sure you understand your monthly payment, principal balance, interest and total payments.

Here’s our review of the 7 best student loan calculators.

1. Student Loan Payment Calculator

A student loan payment calculator, as its name suggests, is a student loan calculator that calculates three things for you:

  • Monthly Payment
  • Total Interest
  • Total Payment

To use a student loan payment calculator, you enter your current student loan balance, the interest rate and the loan term. With these data points, the student loan monthly payment calculator will automatically calculate your total payment. The best student loan payment calculator will summarize for you the monthly payment and total payment so you have a clear understanding of how much you owe.

2. Student Loan Refinance Calculator

A student loan refinance calculator is essential for you to see how much money you can save through student loan refinance. Student loan refinance is the process of lowering your interest rate on your federal student loans, private student loans or both. Student loan refinancing helps you receive a new student loan at a lower interest rate so you can lower your monthly payment and save money. The key benefit of student loan refinance is the ability to pay off student loans faster. You can also simplify your monthly payments so you can make one student loan payment and have one student loan servicer.

The best student loan refinance calculator will compare the student loan payments on your current student loan and your new student loan through student loan refinance. The student loan refinance calculator shows you your monthly savings and lifetime savings after student loan refinancing.

With a student loan refinance calculator, you enter your current student loan balance, average interest rate of your student loans and your remaining loan term. Then, you enter your new interest rate and loan term, assuming you refinance student loans. If you don’t know what your new interest rate will be, you can check the latest student loan refinancing rates.

The student loan refinance calculator will automatically calculate your monthly savings and lifetime savings so you can see clearly why student loan refinance can save you so much money.

3. Student Loan Consolidation Calculator

A student loan consolidation calculator shows you the impact of student loan consolidation for your student loans. Student loan consolidation is the process of combining your federal student loans into a single student loan called a Direct Consolidation Loan. Student loan consolidation can be helpful to organize your federal student loans. However, student loan consolidation doesn’t lower your interest rate. Rather, the interest rate for a Direct Consolidation Loan is equal to a weighted average of the interest rate on your current student loans.

The best student loan consolidation calculator compares how much money you can save with student loan consolidation compared to student loan refinance. The best student loan consolidation calculator shows you how much money you can save each with student loan refinancing compared to your current student loans, and compared to student loan consolidation. This provides a fuller picture of your options.

The student loan consolidation calculator does all the work. All you enter is your federal student loan balance, average interest rate and loan term. For student loan refinance, enter your new interest rate and new loan term.

Typically, student loan refinance is a better choice than student loan consolidation if your goal is to lower your interest rate, reduce your monthly payment and pay off student loans faster.

4. Income Based Repayment Calculator

An Income Based Repayment Calculator shows you how much student loan forgiveness you can receive through an income based repayment plan. An income based repayment plan is a type of student loan repayment plan for federal student loans that is offered through the federal government. Several types of student loans qualify such as Subsidized Direct Loans, Unsubsidized Direct Loans, Federal Stafford Loans and many other types of federal student loans.

A student loan income-based repayment calculator helps you understand how much money you will pay under student loan income-based repayment. With a student loan payment calculator, you can see what your monthly student loan payment and total student loan payment will look like. With a student loan payment calculator, you can also see how much student loan forgiveness you will receive under the student loan income based repayment plan.

The best income based repayment calculator will compare your monthly savings and total savings when comparing the standard repayment plan with the income based repayment plan. An income based repayment plan is based on your income, state of residence, family size and other factors.

5. Student Loan Prepayment Calculator

A student loan prepayment calculator helps you calculate how much money you can save through student loan repayment. Student loan prepayment is when you pay off your student loans early. Unlike mortgages or other consumer debt, there is no prepayment penalty for paying off your student loans. Therefore, you can pay off your student loans anytime at no additional cost. A student loan prepayment calculator shows you how much interest you can save.

The best student loan calculator for student loan prepayment is a student loan prepayment calculator. A student loan prepayment calculator calculates your monthly savings and total savings. Plus, a student loan prepayment calculator shows you how much time you will save by paying off your student loans early.

You can enter your current student loan balance, average interest rate and current monthly payment. Then, you can enter your prepayment goal. You can either enter an extra monthly payment amount. Or, you can enter when you want to pay off your student loans, and the student loan prepayment calculator will automatically calculate how much money you can save.

6. Student Loan Lump Sum Payment Calculator

A student loan lump sum payment calculator is helpful to pay off student loans early. With a student loan lump sum payment calculator, you can easily calculate how much money you can save by making a one-time, lump sum payment on your student loans. A lump-sum payment is any amount of money you may have in savings, received in a bonus or even money you received as a gift. When you apply that money to your student loans, you reduce the principal balance and save money on interest.

For this student loan payment calculator, you can enter your student loan balance, average interest rate and current monthly payment. Then, you can choose the amount of your lump sum amount. The student loan lump sum payment calculator shows you how much money you can save for your student loans and how much sooner you can pay off your student loans.

7. Private Student Loan Consolidation Calculator

The final student loan payment calculator is a private student loan consolidation calculator. Private student loan consolidation is the same thing as student loan refinancing. Through private student loan payment consolidation, you can combine your existing private student loans into a new, single student loan with a lower interest rate. Private student loan consolidation enables you to make one monthly payment at a lower interest rate and a single student loan servicer.

A private student loan consolidation calculator shows you how much money you can save through private student loan consolidation (also known as student loan refinance). A lower interest rate saves you money each month and can help you pay off your student loans faster by lowering your monthly payment.

With a private student loan consolidation calculator, you enter your student loan balance, average interest rate and remaining loan term. Then, you enter your new interest rate and loan term through student loan refinance. If you don’t know your new interest rate, you can check your new interest rate for free in two minutes.

The best private student loan consolidation calculator will calculate automatically both your monthly and lifetime savings.

Final Thoughts

When it comes to finding the best student loan payment calculator, these are the 7 best student loan payment calculators. From monthly payments to student loan refinance, these student loan payment calculators will save you time, save you money and help you pay off your student loans faster.

Compare The Best Student Loan Refinance Rates For 2019

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.43% - 7.21%
Fixed Rates:3.50%- 7.82%
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5-20 years
Borrower Residency:All States except DE, KY, NV
Unemployment Protection:Yes
Co-signer Option:No

Overview

Variable Rates:2.43% - 6.65%
Fixed Rates:3.49% - 8.07%
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.43% - 6.65%
Fixed Rates:3.50% - 7.02%
Minimum Credit Score:660
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.44% - 6.87%
Fixed Rates:3.64% - 7.50%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 4.45%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 4.45%
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$25,000 with graduate degree ($40,000 with undergraduate degree)
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

Advertiser Disclosure

The 7 Best Student Loan Calculators
5 (100%) 4 vote[s]