How to use this student loan payment amount estimator
For a new loan
To calculate your student loan payments, enter the loan amount, anticipated interest rate, and length/term of the loan (how many years you have to pay it back).
Paying for college tip
Knowing how much your monthly payments might be can help you figure out how much to borrow. Ready to apply?
For existing Sallie Mae loans entering principal and interest repayment
- Log in to your account and go to the loan details page.
- Locate your Current Balance, Interest Rate, and repayment term.
- When you have this information, enter your Current Balance in the loan amount field and your Interest Rate and repayment term in the remaining fields.
- Convert your repayment term from months to years.
If you’re using this student loan payment amount estimator for multiple loans, calculate each one separately and add up the payment estimates.