Student Loan Comparison Calculator
Compare federal vs private student loan costs including interest, monthly payments, and total paid.
Cheaper Option
Federal
Inputs
Comparison
Federal Monthly Payment
$446.04
Private Monthly Payment
$492.61
Federal Total Interest
$13,524.8
Private Total Interest
$19,113.2
Federal Total Paid
$53,524.8
Private Total Paid
$59,113.2
Monthly Savings
$46.57
Total Savings
$5,588.4
Principal vs. Interest Paid ($)
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.
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