Use this student loan payment calculator to estimate your monthly student loan payments. Remember, this is only an estimate to give you some idea of what your monthly payment might be once you have completed your college education. Also, most student loans require a minimum monthly payment no matter the size of the loan, so be sure to check with your lender.
Enter the amount of each student loan you've borrowed
Type in the interest rate for each student loan
Plug in the number of years you have to pay back the loan
Then hit Calculate!
It’s a good idea to compare your monthly student loan payments to your expected starting salary when all your hard work pays off with a degree! You’ll want to keep your loan payment to less than 10 percent of your monthly salary in order to comfortably afford them. Here is a link to some good information from the U.S. Department of Labor’s Bureau of Labor Statistics on wages by occupation. You can search nationally or by specific state.
It may take a few clicks but once you find the annual wages as for the job you think you might qualify for (the 10th percentile is a good proxy for starting salary), simply divide by 12 to get the monthly rate and multiply by 10%.
For example, an event and meeting planner might expect a starting salary of about $25,000, or $2,084 per month. Ten percent of that monthly total is $208, so you’ll want to keep your expected loan payments at or below this level.