When I was in school, I was paying only interest on my Sallie Mae student loans. Now that I am graduated, my payments are made on the interest as well as principal. I am trying to calculate my monthly payments per loan for the next six months, but I don't have a great understanding of finances so I'm having some difficulties.

Here is an example of one of my loans.

  • Loan amount: $7,995
  • Fixed interest rate: 11.375%
  • Disbursement date: January 3, 2022
  • Maximum repayment term: 180 months / 15 years
  • Current balance: $7996.90
  • Principal and interest repayment start date: May 3, 2023
  • First principal and interest payment (that was due May 3): $91.83
  • Next payment amount (due June 3): $93.09

How can I use these values to calculate my monthly payments for the following months? Any help is greatly appreciated. Please forgive my financial ignorance and let me know if there is anything that I need to provide that I didn't.

  • It should be the same schedule as if you had started paying immediately, shifted later by however many months you were in interest-only mode for.
    – keshlam
    May 5, 2023 at 23:26

1 Answer 1


Your minimum monthly payments are $93.09. The first month was slightly off due to the interest-only period ending.

I'd also like to point out that $93/mo * 180 months is almost $17k in payments over the life of the loan. Paying more than the minimum each month will save you a ton of money in saved interest.

$8k loan isn't that much student debt, so nice job on keeping it to a minimum. Paying it off sooner than later will save you thousands of dollars from a relatively high 11% interest rate.

  • oh -- I didn't look into any student loan forgiveness options. that's always worth pursuing, maybe another user can offer guidance?
    – Rocky
    May 5, 2023 at 18:40
  • 1
    Sallie Mae is a private student loan and thus won't be forgiven. The federal student loan forgiveness program is currently shut down due to court orders.
    – Brian
    May 11, 2023 at 19:51

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