If you're thinking about borrowing to pay for college, this calculator can provide you an estimate of what your monthly payments could be based on figures you input below.
Many students choose to borrow each year to help cover tuition and other expenses. If you are borrowing for a one-time expense, select the "one-time" option below. For the most accurate calculation, change "years in school" to match your remaining years in school.
Each option affects your total cost:
* If you are already in school, select the number of years until graduation to calculate deferred and interest-only repayment plans.
Up to certain limits, the interest you pay on student loans may be tax deductible. Unlike some other tax deductions, you do not need to itemize expenses in order to benefit from this deduction. For single filers and married couples filing jointly, up to $2,500 in student loan interest may be tax deductible.
Potentially deductible interest from the first year of repayment: .
Important Notes: In order to take advantage of this deduction, you must meet requirements set by the Internal Revenue Service. Couples filing jointly can deduct a total of up to $2,500 (not $2,500 per person). As you repay your debt, the amount of interest you could deduct shrinks each year.
Please consult with a tax advisor for complete details.