Student Loan Repayment Calculator
Compare different student loan repayment plans and strategies. This calculator helps you understand the costs, timelines, and benefits of various repayment options to find the best approach for your situation.
Loan Details
Repayment Options
Plan Comparison
Recommended Plan
Best Option:
N/A
Monthly Payment:
$0.00
Total Savings:
$0.00
Forgiveness Potential
Forgivable Amount:
$0.00
Forgiveness Timeline:
N/A
Eligibility:
Check Requirements
Understanding Student Loan Repayment Plans
Student loan repayment plans offer different payment amounts, terms, and forgiveness options. Choosing the right plan can save thousands of dollars and help you manage your debt more effectively.
Federal Repayment Plans
Standard Repayment
- Fixed monthly payments
- 10-year term
- Highest monthly payment
- Lowest total interest
Graduated Repayment
- Increasing payments over time
- 10-year term
- Lower initial payments
- Higher total interest
Income-Driven Repayment Plans
IDR Plan Comparison
Income-based payment calculations
PAYE & REPAYE (20 years)
- 10% of discretionary income
- Forgiveness after 20 years
- Interest subsidy for 3 years
- Married filing jointly option
IBR & ICR (25 years)
- 15% (IBR) or 20% (ICR) of income
- Forgiveness after 25 years
- Older IDR plans
- Fixed payment options
Extended Repayment Options
| Plan Type | Term Length | Payment Calculation | Forgiveness |
|---|---|---|---|
| Extended Fixed | 25 years | Fixed amount | None |
| Extended Graduated | 25 years | Increasing payments | None |
| Income-Contingent | 25 years | Income-based | Remaining balance |
IDR Payment Calculation
Discretionary Income
- AGI minus 150% of poverty line
- Based on family size
- Annual recertification required
- Changes with income/filing status
Payment Formula
- PAYE: 10% of discretionary income
- REPAYE: 10% of discretionary income
- IBR: 15% of discretionary income
- ICR: 20% of gross income
Loan Forgiveness Programs
Public Service Loan Forgiveness
- 120 qualifying payments
- Full-time public service work
- Tax-free forgiveness
- Government and non-profit jobs
IDR Forgiveness
- After 20-25 years of payments
- Taxable forgiveness
- Remaining balance forgiven
- Annual recertification required
Consolidation Considerations
Direct Consolidation
- Combines multiple federal loans
- Weighted average interest rate
- Extends repayment term
- Maintains federal benefits
Private Refinancing
- Potentially lower rates
- Loses federal protections
- No forgiveness options
- Credit score requirements
Key Takeaways for Student Loan Repayment Calculator
- Income-Driven Repayment plans base payments on your income and family size, making them affordable for many borrowers
- Standard repayment offers the lowest total cost but requires the highest monthly payments
- PSLF can forgive all remaining debt after 10 years of qualifying public service payments
- IDR forgiveness is taxable as income, while PSLF forgiveness is generally tax-free
- Annual recertification is required for IDR plans to maintain lower payment amounts
- Extra payments always go toward principal and can significantly reduce total interest
- Consolidation can simplify payments but may extend terms and affect eligibility for forgiveness
- Consider your long-term career plans when choosing between forgiveness-eligible and standard repayment