Enter your total student loan balance, interest rate, and income details. The calculator compares multiple repayment plans side-by-side: Standard (10-year), Income-Based Repayment (IBR), SAVE Plan, and Public Service Loan Forgiveness (PSLF).

For each plan, you'll see the monthly payment, total paid, total interest, and potential forgiveness amount. This helps you choose the strategy that minimizes your total cost while fitting your budget.

Federal student loan repayment is complicated, with multiple plan options that can result in dramatically different total costs. The right plan depends on your income, career path, and whether you qualify for loan forgiveness programs.

Standard Repayment

The default plan with fixed payments over 10 years. This minimizes total interest but has the highest monthly payments. It's the best choice if you can afford it and don't qualify for forgiveness programs.

Income-Driven Repayment (IDR) Plans

IDR plans — including IBR, PAYE, REPAYE, and the newer SAVE plan — cap your monthly payment at a percentage of your discretionary income (typically 10-20%). After 20-25 years of qualifying payments, any remaining balance is forgiven. The forgiven amount may be taxable as income, though current legislation exempts IDR forgiveness from taxes through 2025.

Public Service Loan Forgiveness (PSLF)

If you work for a government or qualifying nonprofit employer, PSLF forgives your remaining balance after just 120 qualifying payments (10 years) on an IDR plan. Unlike IDR forgiveness, PSLF forgiveness is tax-free. This makes PSLF potentially the most valuable benefit for eligible borrowers, especially those with high balances relative to their public-sector income.

Refinancing Considerations

Refinancing federal loans with a private lender can lower your rate but eliminates access to IDR plans, PSLF, and federal forbearance protections. Only refinance if you're certain you won't need these benefits.