Student Loan Comparison Calculator

Compare federal vs private student loan costs including interest, monthly payments, and total paid.

Cheaper Option

Federal

Inputs

Loan Amount

Federal Interest Rate

Private Interest Rate

Loan Term (Years)

Grace Period (Months)

Comparison

Federal Monthly Payment

$446.04

Private Monthly Payment

$492.61

Federal Total Interest

$13,524.80

Private Total Interest

$19,113.20

Federal Total Paid

$53,524.80

Private Total Paid

$59,113.20

Monthly Savings

$46.57

Total Savings

$5,588.40

Principal vs. Interest Paid ($)

How to Use This Calculator

Enter the total Loan Amount you need to borrow.
Set the Federal Interest Rate (e.g., 5.5% for current direct loans) and the Private Interest Rate you have been quoted.
Choose Loan Term (Years) — 10 years is the standard federal plan; private lenders may offer 5–20 years.
Set Grace Period (Months) — federal loans typically offer a 6-month grace period after graduation.
Review Federal vs. Private Monthly Payment and Total Interest side by side to identify the Cheaper Option.
Use Monthly Savings and Total Savings to quantify the long-term benefit of the lower-rate loan.

What each input means

Loan Amount: Total amount to borrow.
Federal Interest Rate: Current federal direct loan interest rate.
Private Interest Rate: Private lender interest rate offered.
Loan Term (Years): Repayment period in years.
Grace Period (Months): Months after graduation before repayment starts (interest accrues).

How this is calculated

Worked example, using the default values

Identify Input Parameters
4 parameters
Loan Amount = 40000, Federal Interest Rate = 5.5, Private Interest Rate = 7.5, Loan Term (Years) = 10 = 5 input(s) provided
Calculate Cheaper Option
Cheaper Option
Federal = Federal
Calculate Federal Monthly Payment
Federal Monthly Payment
446.04 = $446.04
Calculate Private Monthly Payment
Private Monthly Payment
492.61 = $492.61

Engine last updated July 11, 2026.

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