Student Loan Calculator
See Exactly What You'll Pay Before You Borrow.
Important Loan Rules & Reference
The Golden Rule of Student Loans
Never borrow more in total student loans than you expect to earn in your first year after graduation. If a nursing degree pays $60,000 starting, do not borrow more than $60,000 total.
| Student Type | Annual Limit (max) | Lifetime Limit |
|---|---|---|
| Dependent Undergrad | $5,500 - $7,500 | $31,000 |
| Independent Undergrad | $9,500 - $12,500 | $57,500 |
| Graduate/Professional | $20,500 (unsub only) | $138,500 |
| Undergraduate (Subsidized & Unsub) | 6.53% |
| Graduate (Unsubsidized) | 8.08% |
| Grad/Parent PLUS | 9.08% |
Rates are set annually by Congress each June and apply to new loans for the upcoming academic year.
Private student loans from banks are significantly riskier than federal loans because they lack federal protections:
- No Income-Driven Repayment: If you lose your job, they still expect full payment.
- No Forgiveness: They are not eligible for PSLF or other federal forgiveness programs.
- No Deferment Flexibility: Limited or no options to pause payments during hardship.
- Variable Rates: Many have variable rates that can skyrocket over time.
Always max out federal subsidized and unsubsidized loans before considering private loans.
Private loans may make sense if you have exhausted federal options, have excellent credit for a low fixed rate, and are pursuing a high-earning field. Shop multiple lenders and never accept the first offer.
Disclaimer: All calculations are estimates for planning purposes only. Actual loan terms, interest rates, and repayment amounts may vary. Consult your loan servicer for exact figures.