Student Loan calculator

How much are you borrowing to go to college?

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The typical graduate borrowed $29,400 for a four-year degree and $57,600 for a graduate degree in 2012, according to the New America Foundation.

To afford a loan, you should make at least a year.

Loan term

years

Interest rate

%

Monthly payment

Financial advisers say student loan payments should be no more than 10% of your gross income (before taxes). A good rule of thumb is not to borrow more than your first year’s salary.

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SOURCE: The Institute for College Access and Success, College Board, New America Foundation.