EXTRA Education Loan Repayment Calculator

Education loans are an investment in yourself. A college education opens the door to many more opportunities than a high school diploma. However, loans must be repaid, usually with interest. Budget carefully and borrow only money you really need. Don't be tempted to borrow the maximum if you don't need that much; you'll regret it at payback time!
 
To see how loan payments could impact your monthly budget, enter a proposed amount to borrow and either a monthly payment or the number of months you expect for your repayment period. To calculate another amount, click "clear" to remove the previous information and start again.
   
 
EXTRA Education Loan
Loan Repayment Calculator
for loans first disbursed on or after 07/01/09
Amount to Borrow
$
Interest Rate*
7.00%
Monthly Payments
$
Months to Repay
   
Total Interest Paid
$ 6,183.51
Total Loan Repayment
$ 16,183.51
   

Note:

* This calculation assumes a constant interest rate over the life of the loan; however, interest on an EXTRA Education Loan accrues at a variable rate, for loans first distributed on or after July 1, 2009, the interest rate is 3-month LIBOR + 3.00% (with a minimum rate of 7.00%), adjusted quarterly.