Calculator 1 Student Loan Amortization Schedule

One of our most frequently downloaded student loan calculators, the Student Loan Amortization Schedule calculates the information you need most. Simply enter four required student loan values: (1) your requested loan amount, (2) annual interest rate, (3) repayment term in years, and (4) the start date of your loan. Instantly review a student loan results summary set above a full student loan amortization schedule. This student loan amortization calculator is easy to navigate, features clearly labeled input cells, improves the readability of financial results, and has pre-set print commands.

download student loan amortization schedule excel student loan amortization schedule (167KB)

Important — Read This Before You Download!

The Student Loan Amortization Schedule calculator is a downloadable Excel file (167KB) that contains advanced Excel functions. The calculation sheet and cells are password protected, however, no password is needed to download, save, and use the calculator. Though very easy to use, some students and parents find the instructions and screen shots displayed below on this web page very useful.

Please do not rely on these calculations. They can never match the terms and product specific calculations as presented by your lender. All of our calculators are copyright protected and carry an "as is" legal disclaimer. If you own a website and would like to recommend this calculator to others, please link to this instruction page and not to the Excel file directly.

Downloading The Excel File

Click the Excel file link above to download the student loan amortization schedule. When prompted, "Save" to your computer or temporarily "Open" the file. A "Macro" warning may appear if your Excel security is set to high or if you currently have macros disabled. The only macro we set in this file is to facilitate printing. You can print just as easily without this macro, therefore, disabling this feature will not disrupt the calculations.

Enter Your Student Loan Values

Your first step is to enter the loan values you were quoted by a lender or received from your financial aid office. There are four student loan values you will need to enter: (1) Requested loan amount, (2) Annual interest rate, (3) Repayment terms in years, and (4) Loan start date. See the screen shot Step 1 below.

student loan payment, loan amount, interest rate, number of years

This student loan amortization schedule was designed to accept no more than 360 payments. For example, a 30 year student loan with 12 monthly payments per year equals 360 total payments. Student loans in general will not exceed 30 years and are paid monthly by check or electronic debit.

If you enter a number incorrectly, an alert will appear with instructions on how to correctly enter the student loan value. If you attempt to enter information into a protected cell, an alert message will appear stating that the cell is locked or protected. Basic guidelines for entering values into this student loan amortization schedule are as follows:

  • Requested loan amount — enter whole number between 1 and 200000
  • Annual interest rate — enter as decimal .01 to .200 or number 1 to 20
  • Repayment term in years — enter whole number between 1 and 30
  • Payments per year (monthly) — this can't be changed, cell is protected
  • Loan start date — enter any date greater than 1/1/1970

Review Student Loan Results Summary

Once you've learned that there are only four student loan values to manipulate, you can begin comparing student loan offers. You can compare multiple offers from the same lender when given different combinations of student loan years (10, 15, 20, 25, 30) and rates (5%, 6%, 7% 8%). Or you can compare student loan offers from competing lenders. Simply print the first page or the whole worksheet after entering the values for each student loan offer. You will want to understand the impact of the loan amount, term length, and interest rates on your minimum monthly payment. You will also want to understand the total amount of interest due over the life of the loan.

student loan amortization calculator summary

At this point, we can describe our student loan example above as follows: A 30 year student loan with an annual interest rate of 5.125% will require a minimum monthly payment of $217.79 per month. A total of 360 payments are to be made, of which $40,000 will be applied to the original principal borrowed, and $38,406.12 will be applied to interest owed to the lender. The sum of all 360 minimum monthly payments equals $78,406.12 — total principal plus interest paid.

Review Student Loan Amortization Schedule

Keeping the summary results in mind, begin your review of the student loan amortization schedule. Below we have listed some general information related to each column heading listed in the student loan amortization schedule:

  • Pay No — lists payments in order up to the total number calculated in Step 2
  • Payment Date — first payment begins one month after the loan start date in Step 1
  • Principal — amount of each payment applied to reduce the loan balance
  • Interest — amount of each payment applied to Interest (the cost of borrowing)
  • Minimum Payment — minimum monthly payment calculated in Step 2
  • Beginning Loan Balance — balance before applying the principal payment
  • Ending Loan Balance — beginning loan balance less principal payment
  • Cumulative Interest — accumulates the interest payments over time

student loan amortization schedule detail

For the student loan depicted above, the first minimum monthly payment of $217.79 is due on 7/1/2006. Portions of the first payment will be allocated to principal $46.96 and allocated to interest $170.83. The beginning loan balance before applying the first payment is $40,000, equal to the request loan amount. Reducing the beginning loan balance of $40,000 by the first principal payment of $46.96 equals the ending loan balance of $39,953.04.

Notice that interest is calculated each month there is a beginning loan balance. For example, the first interest amount due on 7/1/2006 is calculated by applying the effective monthly interest rate to the beginning loan balance: $40,000 x (5.125% / 12 months) = $170.83. As the beginning loan balance decreases, the amount of interest paid to the lender also decrease.

Print Your Student Loan Amortization Schedule

To compare student loan offers or to share your results with others, we've built in a print function. If you have macro's enabled on your computer, click the button labeled "Click for Print Preview." Verify that the page setup and number of pages to print are correct, then click any available print icon or select File, Print from the menu.

print student loan amortization schedule

The print range we pre-set should exclude the first two left columns. This will save ink or toner by not having to print the background colors and the Step 1, Step 2, and Step 3 headings.

Related Student Loans Ed Web Pages » Student Loan Consolidation Information
» Student Loan Consolidation Comparison
» Student Loan Amortization Schedule
» Student Loan Amortization Schedule with Extra Payments