Student Loan Calculator

Compare repayment plans -- standard, graduated, and income-driven -- to find the best strategy for your student loans.

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Compare standard, graduated, and income-driven repayment plans

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Understanding Student Loan Repayment

Federal student loans offer several repayment plans, each designed for different financial situations. The Standard Repayment Plan features fixed monthly payments over 10 years, resulting in the least total interest. It is the default plan and ideal if you can afford the payments.

The Graduated Repayment Plan starts with lower payments that increase every two years over a 10-year period. This option works well for borrowers who expect their income to grow steadily. However, because payments are lower early on when the balance is highest, you will pay more total interest than with the standard plan.

Income-Driven Repayment (IDR) plans cap payments at a percentage of your discretionary income (typically 10-20%) and extend the term to 20-25 years, with any remaining balance forgiven. While monthly payments are the lowest, you may pay significantly more interest over the life of the loan. The forgiven amount may be taxable as income.

For private student loans, refinancing may offer lower interest rates if your credit has improved since borrowing. However, refinancing federal loans into a private loan means losing access to federal protections like income-driven repayment, deferment, and loan forgiveness programs.

Making extra payments toward principal, even small amounts, can dramatically reduce your total interest and payoff time regardless of which repayment plan you choose.

Student Loan Formulas

Standard Repayment Formula

PMT = P × [r(1+r)n] / [(1+r)n − 1]

Where:

PMT = Fixed monthly payment

P = Total loan balance

r = Monthly interest rate (annual rate / 12)

n = Total number of payments (typically 120 for 10-year plan)

Example

For $35,000 in student loans at 5.5% for 10 years (standard plan):

  • • Monthly rate (r) = 5.5% / 12 = 0.004583
  • • Number of payments (n) = 10 x 12 = 120
  • • PMT = $35,000 x [0.004583 x 1.004583^120] / [1.004583^120 - 1]
  • • PMT = $379.85 per month
  • • Total paid = $45,581.60
  • • Total interest = $10,581.60

Frequently Asked Questions

Which student loan repayment plan should I choose?
If you can afford the payments, the Standard 10-year plan saves the most money. If money is tight, an income-driven plan provides relief now but costs more long-term. Graduated plans suit those with rising income expectations.
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives the remaining balance on Direct Loans after 120 qualifying payments (10 years) while working full-time for a qualifying employer (government, nonprofit). Importantly, forgiven amounts under PSLF are NOT taxed as income.
Should I refinance my student loans?
Refinancing can lower your rate if your credit has improved. However, refinancing federal loans into private loans means losing access to IDR plans, PSLF, deferment, and forbearance options. Only refinance federal loans if you are sure you won't need those protections.
How accurate are the income-driven estimates?
The income-driven estimates in this calculator use a simplified model (approximately 50% of the standard payment). Actual IDR payments depend on your adjusted gross income, family size, and specific plan type (SAVE, PAYE, IBR). Use the federal StudentAid.gov repayment estimator for precise figures.
Can I switch repayment plans?
Yes, for federal loans, you can switch repayment plans at any time by contacting your loan servicer. There is no fee to switch. However, switching may reset your progress toward loan forgiveness depending on the plan.