Students use a student loan calculator to calculate monthly loan payments and how much they can save on total loan costs by paying a little extra each month.
Spend (Paying for college), Borrow (Getting loans)
CTE (Career and technical education), Math
High school (9-10), High school (11-12)
45-60 minutes
Big idea
The total amount you pay for a student loan depends on three things: the amount you borrow, the interest rate, and how many years you take to pay back the loan.
Essential questions
- How does a student loan get repaid?
- What can you do to reduce the total amount you have to pay back for a student loan?
Objectives
- Use loan data to calculate the monthly payment and total amount paid for a student loan
- Understand how paying more than the minimum payments can reduce the total cost of the loan
What students will do
- Use an online calculator to determine how much the monthly payments for federal student loans would be for a recent graduate described in a scenario.
- Explore how paying extra on a loan can reduce the loan’s total cost.
- Reflect on what they learned about repaying student loans.
Download activity
Teacher guide
cfpb_building_block_activities_using-student-loan-calculator_guide.pdf
Student materials
cfpb_building_block_activities_using-student-loan-calculator_worksheet.pdf
Note: Please remember to consider your students’ accommodations and special needs to ensure that all students are able to participate in a meaningful way.
