Estimate your potential Grad PLUS Loan amount and payment
Cost & Aid Information
*(Total estimated educational expenses for one academic year)*
*(Grants, Scholarships, Subsidized/Unsubsidized Loans)*
Loan Details & Repayment Estimates
*(Current typical rate for Grad PLUS)*
*(Current typical fee for Grad PLUS)*
*(Standard is 10 years)*
*(Time in school + 6 month grace period)*
Graduate school can be expensive, and managing federal loans is essential to avoid financial stress. The Grad PLUS Loan Calculator is a practical tool for estimating federal Grad PLUS loans, calculating monthly payments, and planning repayment strategies.
With this calculator, graduate students can make informed decisions about borrowing, repayment options, and budgeting for school expenses.
What Is a Grad PLUS Loan?
A Grad PLUS Loan is a federal loan available to graduate or professional students to help cover educational costs that are not met by other financial aid. Key features include:
- Borrow up to the cost of attendance minus other financial aid
- Fixed interest rate set by the federal government
- Repayment begins after loan disbursement, with options for deferment while in school
Grad PLUS loans can cover tuition, fees, books, room and board, and other education-related costs.
Why Use a Grad PLUS Loan Calculator?
Borrowing without planning can lead to unnecessary debt and repayment challenges. A Grad PLUS Loan Calculator helps you:
- Estimate the total loan amount you may need
- Calculate monthly payments based on interest rate and term
- Compare repayment plans and strategies
- Understand the impact of borrowing more or less
- Plan your budget while in graduate school
Using this calculator ensures you borrow responsibly and avoid surprises when repayment begins.
Key Inputs for the Grad PLUS Loan Calculator
To use the calculator effectively, you typically need:
- Loan Amount
The total amount you plan to borrow. - Interest Rate
The federal Grad PLUS interest rate (currently around 8–9%). - Repayment Term
Choose the length of repayment, usually 10–25 years depending on the plan. - Deferment or Grace Period (Optional)
If you plan to defer payments while in school. - Additional Payments (Optional)
Extra payments you may make to reduce interest and shorten the term.
These inputs allow the calculator to provide accurate monthly payment estimates and total repayment amounts.
How to Use the Grad PLUS Loan Calculator
Step 1: Enter Loan Amount
Input the total amount you plan to borrow for tuition and living expenses.
Step 2: Enter Interest Rate
Provide the current federal Grad PLUS interest rate or the rate you expect.
Step 3: Choose Repayment Term
Select the number of years you plan to repay the loan.
Step 4: Include Optional Payments
Add any extra payments you plan to make toward the loan.
Step 5: Click Calculate
The calculator provides your estimated monthly payment, total interest, and overall repayment amount.
Step 6: Review Results
Use the information to budget your finances and consider different repayment strategies.
Example Calculation
Scenario
- Loan Amount: $50,000
- Interest Rate: 8.05%
- Repayment Term: 10 years
Estimated Results
- Monthly Payment: $607
- Total Interest Paid: $22,840
- Total Repayment Amount: $72,840
This example demonstrates how the calculator helps you understand the financial impact of a Grad PLUS loan before borrowing.
Benefits of Using a Grad PLUS Loan Calculator
1. Plan Your Budget
Know your monthly obligations before borrowing.
2. Compare Repayment Options
Test different terms to see which plan suits your financial situation.
3. Reduce Interest Costs
Understand how extra payments can shorten repayment and save money.
4. Avoid Borrowing Too Much
Estimate how much you truly need for school expenses.
5. Financial Confidence
Borrow responsibly and manage student loans effectively.
Who Should Use This Calculator?
- Graduate or professional students considering federal loans
- Students planning repayment strategies
- Financial aid advisors helping students understand borrowing
- Parents or guardians assisting students in loan planning
- Anyone looking to calculate monthly Grad PLUS payments
Common Use Cases
- Calculating monthly loan payments for budgeting
- Planning repayment strategies while in school
- Estimating the impact of extra payments
- Comparing different repayment term options
- Understanding total loan cost before borrowing
Tips for Using a Grad PLUS Loan Calculator
- Always use the current federal interest rate
- Include all education-related expenses in your loan estimate
- Consider extra payments to reduce total interest
- Check repayment plans like Income-Driven Repayment or Extended Repayment
- Use results to make informed decisions about borrowing
Frequently Asked Questions (FAQs)
1. What is a Grad PLUS Loan Calculator?
It estimates Grad PLUS loan payments, total interest, and repayment amounts.
2. Is it free?
Yes, it provides instant calculations at no cost.
3. Does it guarantee actual loan payments?
No, it’s an estimate; actual payments depend on the federal loan terms.
4. Who can apply for a Grad PLUS loan?
Graduate and professional students enrolled at least half-time.
5. Can I calculate monthly payments?
Yes, the calculator provides estimated monthly obligations.
6. Can I include extra payments?
Yes, to see how they reduce interest and repayment term.
7. Does it include deferment options?
Yes, you can factor in grace periods or deferment.
8. Can it help me budget for school?
Yes, knowing monthly payments helps manage finances.
9. Can I adjust repayment terms?
Yes, you can test different terms to see impact on monthly payments.
10. Is it suitable for parents co-signing?
Yes, it helps estimate total loan impact, including interest.
11. Does it consider interest capitalization?
Yes, most calculators include interest accrual during deferment.
12. Can I calculate for multiple loans?
Yes, sum loan amounts to estimate combined payments.
13. Can it help compare repayment strategies?
Absolutely, test standard, extended, or income-driven plans.
14. Does it provide a total repayment summary?
Yes, it shows principal plus interest totals.
15. Can it be used on mobile?
Yes, it works on smartphones and tablets.
16. Can I save my calculations?
Some tools allow printing or saving for later reference.
17. Will it help reduce debt?
It guides you on strategies to minimize interest and total repayment.
18. Can I calculate interest-only payments?
Yes, you can model partial payment strategies.
19. How often should I use it?
Use it whenever considering new loans or repayment changes.
20. Why use a Grad PLUS Loan Calculator?
To plan borrowing, budget monthly payments, and manage repayment efficiently.
Final Thoughts
The Grad PLUS Loan Calculator is an essential tool for graduate students planning their finances. By estimating loan amounts, monthly payments, and total interest, it provides clarity and helps borrowers make responsible financial decisions. Proper use of this tool ensures a smoother repayment experience and avoids unexpected debt challenges.