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Student Loan Calculator

Calculate student loan payments under different repayment plans. Compare standard, graduated, extended, and income-based options.

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Student Loan Repayment Plans

Federal student loans offer multiple repayment options to fit different financial situations.

Standard Repayment

  • Fixed payments over 10 years
  • Highest monthly payment
  • Lowest total interest paid

Income-Based Repayment (IBR)

  • Payment capped at 10-15% of discretionary income
  • Recalculated annually
  • Forgiveness after 20-25 years
  • Forgiven amount may be taxable

Strategies for Paying Off Student Loans

  • Pay more than minimum: Even $50 extra saves thousands
  • Target highest rate first: Avalanche method
  • Refinance: Lower rate if you have good credit and income
  • Employer assistance: Some employers offer student loan benefits

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Frequently Asked Questions

What are the student loan repayment plans?

Standard (10 years), Graduated (increasing payments), Extended (25 years), and Income-Based (10-20% of income).

What is income-based repayment?

Payment is capped at 10-15% of discretionary income. Remaining balance may be forgiven after 20-25 years.

Should I pay off student loans or invest?

Compare interest rates. If loan rate > expected returns, pay loans. Otherwise, invest while making minimum payments.

Can student loans be forgiven?

Public Service Loan Forgiveness (PSLF) after 10 years of qualifying payments. Income-based plans forgive after 20-25 years.