What does this calculator do?
The calculator shows you what your monthly payments and interest payment would be like under different repayment plans. If you're able to compare different plans, you'll be able to choose the best repayment plan for you.
Will this calculator tell me what my loan payments will be like if I consolidate them?
No. SMS Hawaii® provides a separate Loan Consolidation calculator on this Web site.
What will you need?
To start using this calculator, gather all your federal loan information. You'll also need to collect information about your private education loans.
Step-by-Step Instructions
Step 1
Gather information about your various federal and private education loans.
For your first loan, select the type that best describes your loan. Enter the principal balance for that account, then enter the annual interest rate.
If you have another loan, click on the button that says "Add Another Loan." A new set of blanks will pop up, and you can now enter the next set of information for your next loan in these new fields.
If you made a mistake on a loan that had already been entered, just delete the loan and reenter it.
Stafford and PLUS loans first disbursed since July 1,
2006, carry fixed interest rates. Stafford and PLUS loans issued prior to July 1, 2006, as well as many private loans, carry variable interest rates. You can get the latest rates online.
You can now proceed to Step 2.
Step 2
Enter your income information if you want to see your monthly payments under an income-sensitive repayment plan. This step is optional.
Once you are done, you can calculate your results.
Summary of Results
The calculator automatically will estimate monthly payment amounts for various repayment options. Check with your lender or loan servicer about the availability of these repayment options. Payment schedules will be based on the maximum payback period allowed for borrowers who are just entering repayment. All results are estimates only.
This calculator is designed to estimate repayment schedules for Stafford and PLUS loans that have not been consolidated. To estimate your payments under a Federal Consolidation Loan, use the Loan Consolidation Calculator.
Links are provided that will allow you to view more detailed information about each repayment option.
Income-Based Repayment
To estimate
your eligibility for and payment details under the Income-Based Repayment
option, select "Calculate" next to "Income-Based Repayment" on the results
screen. You will be asked for your Adjusted Gross Income, household size and state of residence to obtain this estimate.
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