This calculator helps you understand how your student loans may affect your future financial health after graduation. It shows you how much of your future paycheck you will need to use to pay off your student loans and how long it will take to repay. The default result represents a recent graduate with an average starting salary and student loan balance. To get personalized results, just add your loan and expected salary details.
Your salary after you graduate is an important factor in how well you will be able to cover your loan payments. We've set the expected salary to $38,000 -- the median early career annual salary for graduates with bachelor's degrees nationwide. You can change it to the salary you expect (or hope) to earn, or tell us your major and we'll estimate a starting salary for you. The green bar graphic to the left also shows your net salary, the amount left over after taxes are deducted.
Your monthly student loan payment is calculated using the standard 10-year repayment plan and the current interest rate for federal loans for undergraduates. We've set the loan balance to $22,743, the average federal loan balance for new graduates nationwide. You can change the loan balance, term and interest rate to match your loan details, or tell us the college you plan to attend and we'll estimate your loan balance.
After you graduate, how much of your salary do you want to spend on student loan payments? Some advisors suggest that student loan payments not exceed 10-15 percent of a new graduate's starting salary -- otherwise it could lead to difficulty making loan payments and covering other expenses. The federal government's various income-based student loan repayment plans set the payment at somewhere between 10 and 20 percent of discretionary income. We've set the target to 12 percent, but you can raise or lower it and see how that changes the salary you'll need to meet your target.
For best results, copy and paste your temporary password directly from the e-mail. It must match exactly. The temporary password is good for 24 hours. If it was sent more than 24 hours ago, you must request a new temporary password.
Your new password must be at least eight characters long and include at least one number and letter. It cannot contain your e-mail address or spaces.
Your password must be at least eight characters long and include at least one number and letter. It cannot contain your e-mail address or spaces.
You must be 13 years or older to sign up to use the Student Loan Calculator.
We need to know this to calculate your state income tax and net salary.
The salary by major data includes median salaries for early career graduates, aged 22-27, with a bachelor's degree only. Your actual starting salary could be higher or lower than the median, depending upon your individual circumstances.
We've set the loan balance to $22,743, the national average federal loan balance for new graduates. To use the average for new graduates at the college you plan to attend, select "Use the Average at a Specific College" and enter the name of the college below. Your actual loan balance may vary from the average, depending upon your individual circumstances. Select "Use the Most Undergraduates Can Borrow" to set your expected federal loan balance to $31,000. (Under certain circumstances -- if the student is not considered a dependent or the student's parents are unable to borrow PLUS loans -- an undergraduate can borrow up to $57,500, but the maximum is $31,000 for most undergraduates.) If you know how much you expect to borrow, choose "Use Your Own Loan Balance" and enter the amount below.
Enter your expected federal loan balance.
This is the length of time during which you will be expected to make monthly payments to repay your student loan in full. Of course, if you pay more than the minimum payment each month, you can repay your loan sooner. We've set the loan term to 10 years -- 120 equal monthly payments -- the typical term for repaying federal student loans under the standard and graduated repayment plans.
When you repay your loan, you will pay back the original amount you borrowed plus interest -- the cost of borrowing the money. Interest is calculated as a percentage of the outstanding (unpaid) loan balance. We've set the annual interest rate to 3.76%, which is the rate for new federal student loans borrowed by undergraduates during the 2016-17 academic year. Interest rates for new federal loans for the following academic year are set each year on July 1.
Private education loans, also known as alternative education loans, are loans for college offered by private lenders, such as banks and credit unions. If you are like most undergraduates, you won't use private loans. Only about 30 percent of new graduates have private loans. Financial aid advisors typically recommend that students who need to borrow should take out federal student loans first because they are generally less expensive than private loans and offer a variety of benefits -- such as flexible repayment and loan forgiveness, which are not usually available through private loan programs.
Enter your expected private education loan balance.
This is the length of time during which you will be expected to make monthly payments to repay your student loan in full. Repayment terms for private education loans vary depending upon the loan balance and other factors, but typically range from five to 15 years.
When you repay your loan, you will pay back the original amount you borrowed plus interest -- the cost of borrowing the money. Interest is calculated as a percentage of the outstanding (unpaid) loan balance. Interest rates for private education loans vary greatly, but in general they are higher than for federal loans. Typical annual interest rates for private loans for undergraduates range from approximately 2.5% to 12%, depending upon the lender, term length, type of interest rate (variable or fixed), the borrower's credit history, and other factors.

Terms of Service

TERMS OF SERVICE

IMPORTANT: THIS AGREEMENT ('AGREEMENT') SETS FORTH THE TERMS AND CONDITIONS FOR YOUR ACCESS AND USE OF THE 1ST FINANCIAL BANK USA ('1FBUSA') SITE AND THE INFORMATION CONTAINED ON THE SITE ('SITE').

COPYRIGHTS; TRADEMARKS. The trademarks, logos, and service marks ('Marks') displayed on the Site are the property of 1FBUSA and other parties. Users are prohibited from using any Marks without the written permission of 1FBUSA or such third party that may own the Marks. All content on the Site is protected by copyright. Users are prohibited from modifying, copying, distributing, transmitting, displaying, publishing, selling, licensing, creating derivative works, or using any content on the Site for commercial or public purposes. You may download materials displayed on the Site solely for your personal, non-commercial use, acknowledging that you are responsible for protecting your information contained in such downloads.

LAWS AND REGULATIONS. Your access to and use of the Site is subject to all applicable federal, state, and local laws and regulations.

NO WARRANTIES. THE SITE IS PROVIDED TO YOU ON AN 'AS IS,' 'AS AVAILABLE' BASIS. 1FBUSA DOES NOT WARRANT EITHER THE COMPLETENESS, ACCURACY OR QUALITY OF THE SITE OR THE AVAILABILITY OF THE SITE. NO WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, TITLE, NONINFRINGEMENT, SECURITY, OR ACCURACY IS GIVEN WITH RESPECT TO THE SITE. It is the responsibility of the user to evaluate the accuracy, completeness, and usefulness of any information or other content available through the Site.

LIMITATION OF LIABILITY. IN NO EVENT WILL 1FBUSA (OR ITS AFFILIATES AND SUBSIDIARIES) BE LIABLE FOR ANY DAMAGES (REGARDLESS OF THE CAUSE OF ACTION AND WHETHER BASED IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE) TO THE USER AND/OR ANY THIRD PARTY, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR SPECIAL DAMAGES ARISING OUT OF OR IN ANY WAY CONNECTED WITH ACCESS TO OR USE OF THE SITE, EVEN IF IFBUSA HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. WITHOUT LIMITING THE FOREGOING, IN NO EVENT WILL 1FBUSA (OR ITS AFFILIATES AND SUBSIDIARIES) BE LIABLE FOR ANY DELAY, DEFECTS, VIRUSES, OR INCOMPATIBILITY OF THE SITE NOR LIABLE FOR EVENTS BEYOND THE REASONABLE CONTROL OF 1FBUSA.

PRIVACY. 1FBUSA has a strong commitment to maintaining the privacy of your information. The terms regarding your privacy are in 1FBUSA's Privacy Policy. Please review the Privacy Policy, as it is a part of this Agreement.

LINKED INTERNET SITES. 1FBUSA is not responsible for the content available on any other Internet sites linked to the Site. Access to any other Internet sites linked to the Site is at the user's own risk.

SUBMISSIONS. Other than for your non-public personal information that is protected under the Privacy Policy, all information that you submit using the Site will be treated as non-confidential and 1FBUSA shall have the right to use such information for any purpose as permitted by federal law. By sending such information to 1FBUSA, you agree that 1FBUSA shall be free to use such information. In submitting such information, you agree that such information will be deemed the sole and exclusive property of 1FBUSA.

CANCELLATION. 1FBUSA may terminate your use of the Site for any reason at any time.

CHANGES TO AGREEMENT. 1FBUSA reserves the right to revise this Agreement at any time, and users are deemed to be appraised of and bound by any changes to this Agreement and your use of the Site will further be deemed an acceptance of such revised terms.

PASSWORDS. Access to and use of password-protected and/or secured areas of the Site are restricted to authorized users only. You agree that only existing 1FBUSA account holders may use these areas of the Site and that all registration information that you provide is complete and accurate as to your account with 1FBUSA. Unauthorized individuals attempting to access these areas of the Site may be subject to prosecution. You agree to keep your password in strictest confidence and not to disclose it to anyone else. If you think that someone may have learned of your password, immediately select a new password and notify us. TO THE EXTENT PERMITTED BY APPLICABLE LAW, 1FBUSA WILL HAVE NO LIABILITY TO YOU OR A THIRD PARTY FOR ANY UNAUTHORIZED ACTIVITIES USING YOUR PASSWORD THAT OCCURS BEFORE YOU HAVE NOTIFIED 1FBUSA AND 1FBUSA HAS HAD A REASONABLE OPPORTUNITY TO ACT ON SUCH NOTICE. No 1FBUSA employees, personnel, or any affiliated company will request your username or password. In the event that you receive such a request, do not disclose such information and contact 1FBUSA immediately.

VIOLATIONS OF AGREEMENT. 1FBUSA reserves the right to seek all remedies available at law and in equity for violations of this Agreement, including the right to block access from a particular Internet address to the Site.

OTHER LEGAL TERMS

JURISDICTION. 1FBUSA operates and controls its Web sites from its offices in the State of South Dakota, United States of America. 1FBUSA makes no representation that any information, materials, or functions included on its Web sites are appropriate for use in any other jurisdiction. If you choose to access the Site from other locations, you do so on your own initiative and are solely responsible for compliance with applicable local laws and regulations.

WAIVER; SEVERABILITY. No provision of this Agreement shall be deemed to be waived and no breach excused unless such waiver or consent is in writing and signed by the party that is claimed to have waived or consented. The exercise of any right or remedy provided in this Agreement shall be without prejudice to the right to exercise any other right or remedy provided by law or equity. In the event any provision of these terms is held unenforceable, it will not affect the validity or enforceability of the remaining provisions and will be replaced by an enforceable provision that comes the closest to the intention underlying the unenforceable provision.

GOVERNING LAW; VENUE. Your access to and use of 1FBUSA Web sites and these terms are governed by and will be construed in accordance with the laws of the State of South Dakota, without regard to principles of conflicts and laws. You agree to the exclusive jurisdiction of the courts in the State of South Dakota.