Loan Repayment Calculator
Graduation will bring you new opportunities and increased responsibilities, including student loan repayment. Use this calculator to estimate how much your monthly student loan payments may be.
 Loan Repayment Calculator1
Loan Amount – Fill in the loan amount for each individual student loan that you have. Depending on the loan program, your loan amount may include an origination or guarantee fee. When entering your loan amount, be sure to include any unpaid, accrued interest you have on your unsubsidized Stafford or private loan. You can check your Stafford loan information at ELMNet.
Note: See important disclosure information at the bottom of the screen.2		 $
Loan Term – Fill in the loan term for each individual student loan that you have. The maximum loan term for a Stafford loan is 10 years.
Interest Rate – Fill in the interest rate for each individual student loan that you have. Many educational loans have . %
Monthly Payment – This calculator assumes that you'll repay the loan in equal monthly installments. Some educational loans have a minimum monthly payment. Even if your monthly payment amount calculated is less than the minimum monthly payment for your educational loan you still must pay the minimum monthly payment. This will lower the length of your loan term. The minimum monthly payment for a Stafford loan is $50. $
Total Amount Paid – The total amount paid is the total interest paid plus the original loan amount. $
Total Interest Paid – This calculator assumes that the interest rate remains constant throughout the life of the loan. However, many educational loans have . Use the current maximum rate when using this calculator. The federal government pays interest while you're in school on subsidized Stafford loans. $
Suggested Monthly Income – It is suggested that you allocate 8% of your monthly income to your loan payments. You may wish to allocate as little as 5% or as much as 15% depending on your individual situation. For example, if your monthly loan payment is $100, your suggested income level is $15,000 per year ($1,250 per month). $

1The results provided by this calculator are intended for comparative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisors. This calculator is not intended to offer any tax, legal or financial advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other financial institution. The terms and conditions of products offered by financial institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation.

2Bank of America is not affiliated with ELMNet, and does not offer or guarantee the products or services. By selecting the ELMNet site you will be leaving the Bank of America site and will be taken to a third party site that may offer a different privacy policy and level of security. The third party vendor/partner is responsible for web site content and system availability.
Bank of America logo