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Question

Steven Ford

April 06, 2020

Monthly payment on a $10,000 student loan

Hi there. To cover my college expenses, I got a student loan some months ago. However, I am not sure how my payments will go. It may probably be around $10,000 in total, how much will I have to pay every month?

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April 06, 2020

Kreditiweb

Asesor financiero

April 06, 2020

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Hello Steven,

 

Getting a student loan is the best way to finance college and prepare professionally to face the future. However, it is important to analyze the  interest rate you will be paying in order to calculate your future monthly payments. Rates vary depending on many factors. The two cathegories of student loans that determine the averages of the rates are federal student loans and private student loans. 

 

Federal student loans ted to have an average interest rate of 4.5%. They are fixed rate loans, which means that the monthly payments are the same througout the repayment years. These loans are offered by the ferderal government, which explains why these ones are cheaper than the private student loans.

 

On the other hand, private loans have an average interest rate of 8% and they can be either fixed or variable, depending on your lender. Since these loans are offered by private financial entities - like banks, credit unions, online lenders, etc. -, the conditions and rates might be different than the ones handled by the government. 

 

So, to determine the exact amount of monthly payment, you would need to have clear what is the interest rate applied to your loan and how long you will be paying it back. Federal loans usually have a standard repayment schedule of 10 years - they can be eventually adapted to a new repayment plan in the future if it is needed by the borrower. For private student loans, the repayment term can range between 5–20 years.

 

The best way to find out what will your monthly payments look like has been proposed by NerdWallet and only requires you to make some basic calculations:

 

Let's say that you are borrowing $10,000 in your student loan and your interest rate is 8% (annually) in a 10-year standard repayment plan.

 

1. Calculate how much interests you will pay per day. Divide your annual student loan interest rate by the number of days in the year.

.08/365 = 0.00021, or 0.021%

2. Calculate the amount of interest your loan accrues per day. Multiply your outstanding loan balance by your daily interest rate.

$10,000 x 0.00021 = $2.10

3. Find your monthly interest payment. Multiply your daily interest amount by the number of days since your last payment.

$2.10 x 30 = $63

 

Once you know how much interests you will pay monthly, the next step is easy. You only need to find out how much of the amount borrowed you will be paying per month and add the interest found - $63. Since your loan amount is $10,000, you will be paying monthly $83,3 ($10,000 in 120 months) plus $63 (interests per month). So, you will be paying monthly about $146,3. 

 

You can adapt this formula to your specific situation and find out your monthly payments very quickly. Remember that this model will only apply to fixed-rate student loans. You can also contact your lender for more information about your rates and payments.

 

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