Student Loan Calculator: You Decide Which Plan Is Better
House Democrats have proposed cutting college loan interest rates in half to 3.4% for student loans and 4.25% for parent loans, while the Republican-majority Congress passed a measure that saddles students with a 6.8% rate and parents with an 8.5% rate as of July 1, 2006.
Just enter the amount you expect to borrow and the number of years you'll have to repay your loans in the appropriate boxes below and see how much you'd save under our plan.*
*All rates used in the Student Loan Calculator are for new student and parent federal education loans, beginning July 1, 2006.
Loan terms are usually 10 or 15 years.
Calculations are estimates and values may not reflect the actual amount computed by your lender.
Click here for details on how this calculator works.
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Read a summary of H.R. 5150, the Reverse the Raid on Student Aid Act of 2006.