Student Loan Origination Fees: Calculate Your APR

An APR calculator allows you to compare loan offers with fees.

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Updated
Written by NerdWallet

If you are comparing loan offers, you'll want to compare annual percentage rate (APR) rather than interest rate alone.

APR looks at all the costs associated with your loan, including origination, broker, legal and application fees. Many lenders don't charge any fees at all, but many do. The cheapest option may well involve a fee.

An origination fee may be added to a loan's balance or deducted from the loan proceeds. The calculator deducts the origination fee from the amount borrowed, as is customary with most student loans, personal loans and small business loans.

For example, Lender A offers a no-fee 10-year student loan for $20,000 at 5%. Lender B offers a $20,000 loan at 4.5% but charges a 5% origination fee. Which is cheaper?

Loan A

Loan B

Interest rate

5%

4.5%

Loan amount

$20,000

$20,000

Origination fee

None

5%

Net proceeds

$20,000

$19,000

120 payments of

$212.13

$207.28

Total interest

$5,455

$4,873

Total fees

$0

$1,000

Total cost

$5,455

$5,873

APR

5%

5.61%

Student loan refinancing from our partners

SoFi Student Refinancing logo
Check Rate

on SoFi

SoFi

4.5

NerdWallet rating 
SoFi Student Refinancing logo

4.5

NerdWallet rating 
Fixed APR 

4.49% - 9.99%

Min. credit score 

650

Check Rate

on SoFi

Earnest Student Loan Refinance logo
Check Rate

on Earnest

Earnest

5.0

NerdWallet rating 
Earnest Student Loan Refinance logo

5.0

NerdWallet rating 
Fixed APR 

3.95% - 9.74%

Min. credit score 

650

Check Rate

on Earnest

Splash Financial Student Loan Refinance logo
Check Rate

on Splash Financial

Splash Financial

5.0

NerdWallet rating 
Splash Financial Student Loan Refinance logo

5.0

NerdWallet rating 
Fixed APR 

5.94% - 8.95%

Min. credit score 

650

Check Rate

on Splash Financial

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