Student Loan Calculator

Plan Your Student Loan Repayment

The average American graduate carries approximately $37,000 in student loan debt — a number that shapes financial decisions for a decade or more. The difference between choosing the right repayment plan and the wrong one can be $20,000+ in total cost and 5–15 years of payments. Our calculator models every major repayment scenario: standard, graduated, extended, income-driven (SAVE, PAYE, IBR, ICR), and aggressive payoff — showing the monthly payment, total interest, total cost, and payoff date for each.

Enter your total loan balance, weighted average interest rate, and annual income. The calculator compares plans side-by-side so you can make an informed choice.

The standard plan trap: The default 10-year standard repayment plan has the lowest total cost but the highest monthly payment — often $350–$500+/month for the average borrower. Income-driven plans reduce payments to 5–10% of discretionary income but extend repayment to 20–25 years and cost more in total interest. The right choice depends on your income trajectory, career plans, and whether you qualify for forgiveness.

Federal Repayment Plans Compared

Standard Repayment (10 years): Fixed monthly payments over 120 months. Highest monthly payment but lowest total interest. Best for borrowers who can comfortably afford the payment and want to minimize total cost. $37,000 at 6.5%: $420/month, $13,451 total interest.

Graduated Repayment (10 years): Payments start low and increase every 2 years. Same 10-year term as standard but more total interest (because less principal is paid in early years). Best for borrowers expecting significant income growth. $37,000 at 6.5%: starts at ~$240/month, increases to ~$715/month, $16,200 total interest.

Extended Repayment (25 years): Available for borrowers with $30,000+ in Direct Loans. Stretches payments over 300 months. Lower monthly payment but dramatically more total interest. $37,000 at 6.5%: $249/month, $37,729 total interest — more than the original loan amount.

SAVE Plan (Saving on a Valuable Education): The newest and most generous income-driven plan (replaced REPAYE). Payments: 5% of discretionary income for undergraduate loans, 10% for graduate. Discretionary income = AGI minus 225% of the federal poverty line. Interest that’s not covered by your payment is forgiven monthly (no capitalization). Remaining balance forgiven after 20 years (undergraduate) or 25 years (graduate). Best for lower-income borrowers, those pursuing Public Service Loan Forgiveness, and those with high debt relative to income.

PAYE (Pay As You Earn): Payments: 10% of discretionary income, capped at the standard 10-year payment amount. Forgiveness after 20 years. Must demonstrate “partial financial hardship.” Available only for loans originated after 10/1/2007 with disbursements after 10/1/2011.

IBR (Income-Based Repayment): Payments: 10% of discretionary income (new borrowers after 7/1/2014) or 15% (older borrowers). Forgiveness after 20 or 25 years. Available to all federal loan borrowers who demonstrate partial financial hardship.

ICR (Income-Contingent Repayment): Payments: 20% of discretionary income or the amount you’d pay on a 12-year fixed plan, whichever is less. Forgiveness after 25 years. The least generous IDR plan but available to Parent PLUS borrowers (after consolidation).

Public Service Loan Forgiveness (PSLF)

PSLF forgives the remaining federal loan balance after 120 qualifying payments (10 years) while working full-time for a qualifying employer (government agencies, 501(c)(3) nonprofits, tribal organizations, AmeriCorps, Peace Corps). The forgiven amount is tax-free — unlike IDR forgiveness, which is typically taxable income.

Strategy: Enroll in the lowest-payment IDR plan (SAVE), make 120 payments while employed in public service, and have the remaining balance forgiven. For borrowers with high debt and moderate public service salaries, PSLF can save $50,000–$200,000+.

Example: $80,000 in loans at 6.5%. Standard plan: $912/month for 10 years, $29,419 total interest, $109,419 total paid. SAVE plan with PSLF at $55,000 income: approximately $180/month (rising with income), 120 payments totaling approximately $30,000–$40,000, with $60,000–$70,000 forgiven tax-free.

Private Student Loans vs. Federal

Federal advantages: Income-driven repayment plans, forgiveness programs (PSLF, IDR), deferment and forbearance during hardship, fixed rates, no credit check for most, and death/disability discharge. Always exhaust federal borrowing ($5,500–$12,500/year for undergrads) before taking private loans.

Private loans fill the gap when federal borrowing limits aren’t enough. Rates: 4–14% (fixed or variable) depending on creditworthiness and co-signer. No forgiveness, no IDR plans, limited hardship options. Refinancing private loans to lower rates is worthwhile when your credit improves.

Should you refinance federal loans into private? Almost never. Refinancing federal into private permanently forfeits access to IDR plans, forgiveness programs, and hardship protections. The only scenario where it may make sense: high income, no interest in PSLF, and you can secure a significantly lower rate (2%+ reduction) with the private lender.