Student Loan Repayment Calculator
Compare federal student loan repayment plans side by side. Enter your loan details and income to see monthly payments, total cost, payoff time, and potential loan forgiveness for Standard, SAVE, PAYE, and IBR plans.
| Plan | Monthly Payment | Total Paid | Total Interest | Payoff Time | Forgiven |
|---|---|---|---|---|---|
| Standard (10-Year) | $340.64 | $40,877 | $10,877 | 10 yr | $0 |
| SAVELowest Cost | $123.23 | $29,575 | $48,834 | 20 yr | $49,259 |
| PAYE | $221.04 | $53,050 | $24,340 | 20 yr | $1,290 |
| IBR | $331.56 | $41,341 | $11,341 | 10 yr 5 mo | $0 |
Frequently asked questions
What are the federal student loan repayment plan options?
Federal student loan borrowers can choose from several repayment plans including the Standard 10-Year Plan, Graduated Plan, Extended Plan, and income-driven repayment (IDR) plans such as SAVE, PAYE, IBR, and ICR. Each plan differs in monthly payment amount, repayment timeline, and total interest paid. The Standard 10-Year Plan has the highest monthly payments but the lowest total cost.
What is the SAVE plan?
The SAVE (Saving on a Valuable Education) plan is the newest income-driven repayment plan, replacing the older REPAYE plan. It calculates payments at 5% of discretionary income for undergraduate loans and 10% for graduate loans, with a higher income exemption of 225% of the federal poverty level. Remaining balances are forgiven after 20 years for undergraduate loans or 25 years for graduate loans.
How does income-driven repayment work?
Income-driven repayment plans set your monthly payment as a percentage of your discretionary income, which is the difference between your adjusted gross income and a percentage of the federal poverty guideline. Payments are recalculated annually based on your updated income and family size. If your income is low enough, your monthly payment can be as low as $0.
When is student loan forgiveness available?
Under income-driven repayment plans, any remaining loan balance is forgiven after 20 or 25 years of qualifying payments, depending on the plan and loan type. Public Service Loan Forgiveness (PSLF) is available after just 10 years of payments for borrowers working full-time for qualifying government or nonprofit employers. Note that IDR forgiveness is generally treated as taxable income, while PSLF forgiveness is tax-free.
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Related insights
Use these guides for rule explanations, planning context, and follow-up questions beyond the calculator result.