Discover Student Loans
Discover Student Loans
Student Loan Calculator

Student Loan Calculator

Use this student loan calculator to help estimate how much you need to borrow in private student loans, as well as your monthly payments. To use the Discover student loan calculator, be prepared with your school's cost of attendance and an award letter listing scholarships, grants, and federal student loans.

 

I want to:

Estimate how much I need

Estimate how much I need

Estimate my monthly payment

Estimate my monthly payment

Plug in the information below to figure out how much you need to borrow with a private student loan. Then, take the next step to see your estimated monthly payments.

Cost of attendance
SearchSearch for your school (optional)

What is annual tuition?

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Tuition is the cost of instruction at a specific school. Tuition does not include room and board, textbooks, supplies, and other fees a school may charge for attendance. To find this information, check the school's website, contact the school's Financial Aid Office, or visit nces.ed.gov/ipeds.

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What is included in room and board?

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Room and board costs vary based on whether the student is living on or off campus and dining on or off campus. To find this information, check the school's website, contact the school's Financial Aid Office, or visit nces.ed.gov/ipeds.

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What are considered fees?

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Fees are some of the common school charges you may incur, in addition to your tuition.

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Scholarships & grants

What are scholarships?

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Scholarships are sources of money that do not need to be paid back. Scholarships are available through colleges, states, various companies, organizations, and clubs.

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What are grants?

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Grants are sources of money that do not need to be paid back and can be awarded to students by the federal and state governments, or private organizations.

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Financial contributions
Federal student loans
Let’s see how much you will need to borrow to cover the cost of college.
Amount you need to borrow in private student loans
Scholarships & grants
Financial contributions
Federal student loans
Loan Type

What are the different loan types?

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There are different types of private student loans based on degree program and lender. The most common types are undergraduate and graduate loans. Loans listed reflect products offered by Discover® Student Loans.

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How is the loan amount determined?

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The loan amount is your cost of attendance as listed on your school’s website minus scholarships and grants, your financial contributions, and federal student loans.

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How do I determine the interest rate?

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Enter an estimated annual percentage rate (APR) using the range published online by your lender of choice. The lowest APRs are available for applicants with the best credit. If you don’t have an established credit history, you may receive a lower rate if you apply with a creditworthy cosigner.

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Repayment term

What is the repayment term?

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The amount of time the borrower is scheduled to repay the principal balance and interest on a loan.

You can make a payment at any time without penalty. Repayment terms may vary across lenders.

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Why is this information needed?

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This calculator assumes that payments will be deferred while enrolled in school at least half-time. When payments are deferred, interest accrues on the loan and will be added to the principal balance when the loan enters repayment.

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Let’s see how much your monthly payment will be.
Your estimated monthly payment
Amount you are looking to borrow
Amount of accrued interest
Did you know that making extra payments each month will help you pay off your student loan even faster?
Learn more about your options Learn more about your options

This calculator provides an estimated monthly payment for a private student loan and is for illustrative purposes only. Discover® Student Loans does not guarantee the calculator's accuracy or applicability to your circumstances, and we encourage you to consult a financial advisor for assistance in analyzing your overall financial situation.

This calculator provides an estimated private student loan amount and is intended for use as a planning guide only. If you are using the school search option, values for annual tuition, room and board, and fees are prepopulated and sourced from the US Department of Education College Scorecard. The estimated amount you need to borrow in private student loans does not constitute an offer from Discover® Student Loans. We do not guarantee the calculator's accuracy or applicability to your circumstances, and we encourage you to consult a financial advisor for assistance in analyzing your overall financial situation.


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