Savingforcollege.com provides several student loan and financial aid calculators to help you make smarter, more informed decisions about paying for college.

These calculators are in addition to a dozen college savings calculators and tools.

Loan Calculators

  • Loan Calculator. Use this loan calculator to determine the monthly loan payment and total payments on your student loans, auto loans and mortgages, based on the loan amount, interest rate, loan fees and repayment term.
  • Loan Prepayment Calculator. This is the first of two loan prepayment calculators. It shows you how much you can save and how much sooner you can pay off your loans by making extra payments. It includes a nifty graphical display of the progress in paying down your debt, plus a detailed payment schedule. This calculator can be used with student loans as well as fixed-rate auto loans and mortgages.
  • Student Loan Prepayment Calculator. This is the second of two loan prepayment calculators. It evaluates the impact of making extra payments, showing you how much you save on interest by making extra payments and how much extra you’d have to pay to pay off your debt quicker.
  • Loan Refinancing Calculator. This loan refinancing calculator shows you how much you can lower your monthly loan payments or total payments by refinancing your student loans into a new loan with a new interest rate and new repayment term.
  • Loan Comparison Calculator. This loan comparison calculator lets you compare two or more different loans, identifying which loan offers a lower monthly payment and which one offers a lower total cost.
  • Cost of Deferment Calculator. This cost of deferment calculator evaluates the impact of interest capitalization at the end of a deferment or forbearance on the monthly loan payment and the cost of the loan, assuming that the loan payments are re-amortized after the deferment or forbearance.

Income-Driven Repayment Calculators

Income-driven repayment plans base the monthly student loan payment on a percentage of the borrower’s discretionary income, as opposed to the amount they owe. These calculators compare the monthly loan payments and total payments for each of the income-driven repayment plans. The calculators also evaluate the cost of the income-driven repayment plans under public service loan forgiveness.

  • Income-Contingent Repayment Calculator (ICR). Income-contingent repayment bases the monthly payment on 20% of discretionary income, which is defined as the amount by which income exceeds 100% of the poverty line, with a 25-year repayment term.
  • Income-Based Repayment Calculator (IBR). Income-based repayment bases the monthly payment on 15% of discretionary income, which is defined as the amount by which income exceeds 150% of the poverty line, with a 25-year repayment term.
  • Pay-As-You-Earn Repayment Calculator (PAYE). Pay-as-you-earn repayment bases the monthly payment on 10% of discretionary income, which is defined as the amount by which income exceeds 150% of the poverty line, with a 20-year repayment term.
  • Revised Pay-As-You-Earn Repayment Calculator (REPAYE). Revised pay-as-you-earn repayment bases the monthly payment on 10% of discretionary income, which is defined as the amount by which income exceeds 150% of the poverty line. The repayment term is 20 years for borrowers with just undergraduate loans and 25 years for borrowers with at least one graduate loan.

Scholarship Calculators

  • Scholarship Tax Calculator. Did you know that scholarships are taxable? Amounts used to pay for tuition and textbooks may be tax-free, but amounts used to pay for living expenses are taxable. Use this calculator to figure out the taxable amount of your scholarships and calculate how much you’ll have to pay in taxes.

Financial Aid Calculators

  • Financial Aid Calculator. Use this financial aid calculator to estimate your expected family contribution (EFC) and financial need based on student and parent income and assets, family size, number of children in college, age of the older parent and the student’s dependency status.