Student Loan Repayment Calculator
Plan your student loan payoff strategy. Calculate monthly payments, total interest, and payoff timeline. Compare standard, accelerated, and income-driven repayment plans side by side.
How Student Loan Repayment Works
Federal student loans offer several repayment plans. The Standard plan spreads payments over 10 years with fixed monthly amounts. Extended plans stretch to 20-25 years with lower payments but more interest. Income-Driven Repayment (IDR) plans cap payments at 10-20% of discretionary income with forgiveness after 20-25 years. Private loans typically offer only fixed-term repayment. Understanding your options helps you balance monthly cash flow with total cost — shorter terms cost less overall but require higher monthly payments.
Student Loan Repayment Strategies
The avalanche method targets highest-rate loans first, minimizing total interest. The snowball method targets smallest balances first for psychological wins. Making extra payments — even $50-$100 per month — can save thousands in interest and shave years off your payoff date. Refinancing high-rate loans (especially private loans) to lower rates reduces total cost. Autopay discounts of 0.25% are widely available. Employer student loan assistance programs are increasingly common. Always make at least minimum payments to avoid default and credit damage.
Income-Driven Repayment Plans
IDR plans include SAVE, PAYE, IBR, and ICR, each with different payment formulas. Payments are typically 5-20% of discretionary income (income above 150-225% of the federal poverty level). After 20-25 years of qualifying payments, remaining balances may be forgiven. Public Service Loan Forgiveness (PSLF) offers forgiveness after just 10 years for qualifying government and nonprofit employees. IDR plans work best for borrowers with high debt relative to income. Use the income field in this calculator to estimate IDR payments.