Student Loan Repayment Calculator
Compare student loan repayment plans and find the fastest or cheapest way to pay off your loans.
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Last updated: March 2026
Loan Details
Repayment Plan Comparison
| Plan | Monthly Payment | Total Paid | Total Interest | Months | Forgiven |
|---|---|---|---|---|---|
| Standard (10-Year) | $379.84 | $45,581 | $10,581 | 120 | — |
| Graduated (10-Year) | $227.91 | $36,879 | $1,879 | 120 | — |
| Extended (25-Year) | $214.93 | $64,479 | $29,479 | 300 | — |
| Income-Driven (IBR) | $270.08 | $53,232 | $18,232 | 198 | — |
Disclaimer: This calculator provides estimates for educational purposes only. It does not constitute financial or tax advice. Consult a qualified professional.
Financial Disclaimer
This calculator is for informational and educational purposes only. Results are estimates and do not constitute financial advice. Actual figures depend on your specific circumstances, lender terms, and market conditions. Consult a qualified financial advisor before making financial decisions. See full disclaimer.
What are Student Loan Repayment Plans?
Federal student loan repayment plans determine how much you pay each month and how long it takes to become debt-free. The US Department of Education offers multiple repayment options ranging from the Standard Plan (fixed payments over 10 years, least total interest paid) to income-driven repayment (IDR) plans that cap monthly payments at 5–20% of discretionary income and offer loan forgiveness after 10–25 years of qualifying payments. Choosing the wrong plan can cost tens of thousands in additional interest or missed forgiveness opportunities.
The four main income-driven plans — SAVE (Saving on a Valuable Education, formerly REPAYE), PAYE (Pay As You Earn), IBR (Income-Based Repayment), and ICR (Income-Contingent Repayment) — all use a formula based on your Adjusted Gross Income (AGI), the federal poverty line, and family size to calculate a monthly payment. Under SAVE, undergraduate loan payments are capped at 5% of discretionary income above 225% of the federal poverty line. For a single borrower earning $55,000 with a family size of 1, discretionary income is approximately $25,000, so the SAVE payment is about $1,250/year or $104/month.
Public Service Loan Forgiveness (PSLF) offers tax-free forgiveness of remaining federal loan balances after 120 qualifying payments (10 years) while working full-time for a qualifying government or non-profit employer. For borrowers with high debt relative to income who work in public service, PSLF combined with an IDR plan can result in paying significantly less than the original loan balance, making it one of the most valuable repayment strategies available.
How to Use This Calculator
- Enter your total federal student loan balance.
- Enter the weighted average interest rate across your loans (find this in your servicer's account portal or on StudentAid.gov).
- Enter your gross annual income — income-driven repayment plans base payments on your adjusted gross income.
- Select your family size — this affects the federal poverty line calculation used in IDR formulas.
- Enter your estimated tax rate for forgiveness scenarios — forgiven amounts under most IDR plans (except PSLF) may be taxable income in the year of forgiveness.
- Review the comparison table showing monthly payment, total paid, total interest, repayment term, and forgiven amount for each plan.
Financial Planning Tips
- If you work for a qualifying government or non-profit employer, explore PSLF immediately — the 10-year forgiveness timeline is significantly better than 20–25 years under standard IDR forgiveness.
- Income-driven repayment plans are not always the best choice for borrowers who can afford higher payments — if your debt-to-income ratio is manageable, the Standard Plan pays less in total interest and provides faster debt freedom.
- Refinancing federal loans to private loans eliminates access to IDR plans, PSLF, and federal forbearance protections — do this only if you have very stable income, no intention of public service, and can access a significantly lower interest rate.
- Annual recertification is required to stay on IDR plans — missing the deadline can temporarily revert you to a standard or graduated payment, so set calendar reminders for each year.
- Extra payments on Standard Plan loans reduce interest cost significantly — the compound interest formula A = P(1 + r/n)^(nt) shows that even $100 extra per month on a $35,000 loan at 5.5% saves approximately $2,500 in interest and pays off the loan 2 years early.
- Check your credit score after paying off student loans — the reduction in your total debt load and debt-to-income ratio typically improves your score significantly, which can lower future borrowing costs.
FAQ
What is the difference between Standard and Income-Driven repayment?
The Standard Plan sets equal monthly payments over 10 years to pay off the loan in full — it typically results in the lowest total interest paid. Income-driven plans (SAVE, PAYE, IBR, ICR) calculate payments as a percentage of your income, which can lower monthly payments significantly but extends the repayment term to 20–25 years and results in more total interest paid unless forgiveness applies.
What is loan forgiveness and is it taxable?
IDR forgiveness occurs after 20–25 years of qualifying payments, and the forgiven balance is currently considered taxable income in the year of forgiveness. PSLF forgiveness after 10 years is tax-free. The tax bill on IDR forgiveness can be substantial — planning ahead by saving in a taxable account for the forgiveness year tax liability is an important part of IDR strategy.
Should I refinance my student loans?
Refinancing to a lower private rate can save money if you have federal loans with high interest rates, stable high income, and no plans for public service or IDR forgiveness. However, refinancing federal loans to private loans permanently surrenders all federal protections: IDR plans, PSLF eligibility, federal forbearance and deferment, and income-driven forgiveness. This trade-off is usually not worthwhile unless you are confident you can repay the full balance quickly.
What is the SAVE plan?
SAVE (Saving on a Valuable Education) is the newest and most generous federal income-driven repayment plan, replacing REPAYE. It caps undergraduate loan payments at 5% of discretionary income (calculated on income above 225% of the poverty line), provides interest subsidies preventing negative amortization, and offers forgiveness in as few as 10 years for borrowers with original balances under $12,000. It is generally the best IDR option for most federal borrowers with undergraduate debt.
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