Taking a student loan is a big financial decision. Our free education loan calculator helps students and parents understand exactly how much will need to be repaid each month — before signing any agreement.
Student loans are borrowed to pay for tuition fees, accommodation, books and living expenses during study. Repayment typically begins after graduation, giving students time to find employment first.
| Country | Interest Rate | Repayment Starts | Income Threshold |
|---|---|---|---|
| USA (Federal) | 5.5% – 7.05% | 6 months after graduation | No threshold |
| UK | RPI + 0% to 3% | April after graduation | £27,295/year |
| Australia (HECS) | CPI indexed | When earning $51,550+ | $51,550/year |
| Canada | Prime rate | 6 months after graduation | No threshold |
Federal student loan at 6.5% for 10 years:
The longer you take to repay, the more interest you pay. If you can afford slightly higher monthly payments, choosing a shorter repayment period saves significant money.
Before taking a student loan, exhaust all scholarship and grant opportunities. Unlike loans, scholarships and grants do not need to be repaid. Many students leave money on the table by not applying widely enough.
Calculate your exact monthly payment instantly — no signup needed.
Use Free Loan Calculator