Loan Offer Comparison Tool
Track and compare your student loan offers side by side. Enter the details of each offer to see estimated monthly payments, total cost, and interest accrued during school.
Loan Details
Federal student loan terms are typically tied to amount: under $25K = 10y, under $50K = 15y, under $100K = 20y, otherwise 25y.
Summary
- Lender
- Loan Amount
- Effective Interest Rate (after discounts)
- Origination Cost (paid upfront)
- Loan Term
- years
- Estimated Monthly Payment
- Estimated Total Loan Cost
Note: The monthly payment amortizes the loan amount over the full term using the effective interest rate (rate minus any qualifying discounts). The origination fee is shown separately as an upfront cost and added to the estimated total. For an in-school deferment scenario, switch to the comparison tab.
Enter the details for each loan offer you want to compare. The Estimated rows at the bottom update automatically as you type.
| Field | |
|---|---|
| Lender / Loan Type | |
| Loan Amount |
$
|
| Interest Rate |
%
|
| Origination Fee (if applicable) |
%
|
| Months of Deferment (time left in school + grace period after graduation) | |
| Loan Term (years) |
|
| Discounts (Autopay, Graduation, etc.) |
%
|
| Deferment Availability for Clerkships or Residencies | |
| Protections | |
| Other Considerations | |
| Estimated Interest Accrued During Deferment | |
| Origination Cost (paid upfront) | |
| Estimated Monthly Payment | |
| Estimated Total Loan Cost | |
| Best Total Cost | Lowest cost |
How the estimates are calculated
- Interest Accrued During Deferment = Loan Amount * Interest Rate / 12 * Months of Deferment
- Monthly Payment uses the standard amortization (PMT) formula with the effective rate (interest rate minus discounts) applied to the loan amount plus accrued deferment interest, over the loan term in months
- Origination Cost = Loan Amount * Origination Fee, charged once up front
- Total Loan Cost = (Monthly Payment * 12 * Loan Term) + Origination Cost
Disclaimer: This tool is for informational purposes only and should not be considered financial advice. Interest rates and origination fees are not guaranteed and are subject to change without notice. The results of this calculator are estimates and may not reflect the actual cost of a loan. Consult a financial advisor before making any financial decisions.