FinanceCalcs
Student Loan Repayment Plan Calculator
Compare every federal student loan repayment plan side by side. See your monthly payment, total interest paid, forgiveness amount, and total cost under Standard, Graduated, Extended, IBR, PAYE, and SAVE — all at once.
Enter your loan balance, income, and family size to find the plan that minimizes your total cost.
Student Loan Repayment Plan Calculator
Best Plan: --
- Total paid by plan
All Plans — Side-by-Side Comparison
| Plan | Starting Payment | Payment Type | Term | Total Paid | Total Interest | Forgiven | Forgiveness Taxable? | vs. Standard |
|---|
*Highlighted row = recommended plan for lowest total economic cost. IDR forgiven amounts may create a tax liability in the year of forgiveness. PSLF forgiveness is always tax-free.
"The right repayment plan isn't always the one with the lowest payment — it's the one with the lowest total cost for your situation."
-- Student Loan Planning Principle
Federal repayment plans explained
The federal government offers several repayment plans for Direct Loans. They fall into two categories: fixed repayment plans (Standard, Graduated, Extended) where your payment is based on the loan balance and term — and income-driven plans (IBR, PAYE, SAVE) where your payment is a percentage of your discretionary income and the term ends with forgiveness of any remaining balance.
Standard (10-year) has the highest monthly payment but the lowest total interest — you pay off the loan the fastest. It is the default plan and the baseline for all comparisons.
Graduated starts with lower payments that increase every two years, on the assumption income grows over time. Total interest is higher than Standard but the early payments are lower.
Extended stretches the Standard plan to 25 years, significantly reducing the monthly payment but roughly doubling total interest. Only available for balances over $30,000.
Income-driven plans (IBR, PAYE, SAVE) cap payments as a percentage of discretionary income. If income is low relative to debt, payments may be much lower than Standard — and may not even cover accruing interest. Any remaining balance after 20–25 years (or 10 years for PSLF) is forgiven.
lightbulb Quick Plan Reference
| Plan | Payment | Term | Forgiveness |
|---|---|---|---|
| Standard | Fixed | 10 yr | None |
| Graduated | Increases every 2 yr | 10 yr | None |
| Extended Fixed | Fixed | 25 yr | None |
| Extended Graduated | Increases every 2 yr | 25 yr | None |
| IBR (new) | 10% disc. income | 20 yr | Yes (taxable) |
| IBR (old) | 15% disc. income | 25 yr | Yes (taxable) |
| PAYE | 10% disc. income | 20 yr | Yes (taxable) |
| SAVE | 5–10% disc. income | 10–25 yr | Yes (taxable) |
| PSLF (via IDR) | IDR payment | 10 yr | Yes (tax-free) |
Repayment Plan FAQs
Which plan should I choose?
It depends on your income, loan balance, and career path. If your income is high relative to debt, Standard or a 10-year payoff on SAVE will minimize total interest. If income is low relative to debt, IDR plans (especially SAVE) can provide significant relief. If you work in public service, PSLF via any IDR plan typically saves the most. This calculator shows the total cost of each option so you can make a data-driven decision.
Can I switch plans?
Yes — you can change repayment plans at any time by contacting your loan servicer. Switching to an IDR plan typically requires recertification of income each year. You do not lose progress toward IDR forgiveness by switching between qualifying IDR plans. Switching away from an IDR plan and back resets the payment count for that plan.
What is discretionary income?
Discretionary income is your AGI minus a multiple of the federal poverty line for your family size. SAVE uses 225% of FPL (the most generous exemption); IBR and PAYE use 150% of FPL. The higher the exemption, the lower your discretionary income — and the lower your payment.
Do IDR payments always cover interest?
Not necessarily. When income is very low, the IDR payment may be less than the monthly interest accruing on the loan — meaning the balance grows despite making payments. IBR and PAYE provided a partial interest subsidy for the first 3 years. SAVE fully covers all unpaid interest every month, so the balance can never grow if you make your required payment.
Plan terminology
Standard Repayment
The default plan: equal monthly payments over 10 years. Lowest total interest of any plan. Monthly payment = loan payment formula at the stated rate over 120 months.
Graduated Repayment
Payments start low and increase every two years over a 10-year term. Total interest is higher than Standard because early payments leave more principal outstanding. Useful if you expect significant income growth early in your career.
Extended Repayment
Extends the loan term to 25 years with either fixed or graduated payments. Reduces monthly payment substantially but significantly increases total interest. Only available if your total federal loan balance exceeds $30,000.
SAVE (Saving on a Valuable Education)
The current most generous IDR plan. Payments = 5% of discretionary income for undergraduate debt (10% for graduate). Discretionary income calculated at 225% FPL. Unpaid interest is fully subsidized. Forgiveness timelines of 10 years for balances ≤$12,000, scaling to 20–25 years for higher balances.
PAYE (Pay As You Earn)
10% of discretionary income (150% FPL), capped at Standard 10-year payment. 20-year forgiveness. Only available to newer borrowers with demonstrated financial hardship.
Income Certification
IDR plans require annual recertification of income and family size. Missing the deadline resets payments to standard amortization until recertification is completed. Set a calendar reminder — missed certifications are one of the most common IDR mistakes.
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