Calculating The Cost Of College Loans

calculator, pen and paper

Pixabay user stevepb

For many families, taking a loan is the only way to make up for the deficit in funds after exhausting all other sources for free financial aid and scholarships. While taking a loan does help bridge that gap between the total fees and your available funds, it is important to understand how much you will end up having to pay back by way of interest.

Lenders and Loans

It’s not simple. Each financial institution has their own stipulations regarding taking and repaying college loans. The total cost of the loan will depend on how much you intend borrowing, the term of the loan, the interest percent and the repayment terms and condition.

Search Online

There are several online sites where you can find online calculators that allow you to calculate the cost of different types of college loans. All you need to do is enter in the terms of the loan and the calculator will computer the total cost of the college loan. This will give you a good idea of how much you will have to pay at the end of the loan term so that you are not in for a huge shock when that time comes.

Word of Advice: Regardless of your available funds, it is a good idea to first explore all federal loan options before researching private loans. These are usually easier to get and they also have a lower rate of interest.

 

 

Lender Rates (APR) Eligibility
Sallie Mae logo.
1.13% to 11.23%1 Variable
4.25% to 12.59%1 Fixed
Undergraduate and Graduate
VISIT SALLIE MAE
Credibe company logo.
1.04% to 13.19% Variable
3.34% to 14.50% Fixed
Undergraduate and Graduate
VISIT CREDIBLE
Lendkey company logo.
1.49% to 7.64% Variable >800 FICO
3.99% to 7.64% Fixed
Undergraduate and Graduate
VISIT LENDKEY
Ascent company logo.
2.14% to 10.36% Variable
3.61% to 12.00% Fixed
Undergraduate and Graduate
VISIT ASCENT
College Ave company logo.
1.04% to 11.98% Variable
3.34% to 12.99% Fixed
Undergraduate and Graduate
VISIT COLLEGE AVE
3.51% to 6.14% Variable
4.60% to 7.40% Fixed
Undergraduate and Graduate
VISIT ISL
Earnest company logo.
1.05% to 11.44% Variable
3.49% to 12.78% Fixed
Undergraduate and Graduate
VISIT EARNEST
1Variable interest rates start from 4.12% APR to 10.98% APR. We also offer fixed interest rates from 5.74% APR to 11.85% APR. Click here for important information. Terms, conditions, and limitations apply.
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.

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