Student Loan Payoff Calculator
Calculate your repayment timeline and compare standard vs income-driven repayment plans.
Your Student Loans
Used for IDR calculations
Pays off faster & saves interest
Enter your loan details
to see repayment options
Standard 10-Year Repayment
Monthly Payment
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Total Interest
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With Extra Payments
Monthly Payment
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Interest Saved
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Income-Driven Repayment (Estimate)
Based on SAVE plan estimates. Actual payment depends on your specific plan and servicer.
Est. Monthly Payment
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Monthly Savings
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Our Recommendation
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Student Loan Repayment
Federal student loans offer multiple repayment options: standard 10-year plans have higher payments but lower total cost, while income-driven plans offer lower monthly payments with potential forgiveness after 20-25 years.
How to Use
- 1 Enter your total student loan balance.
- 2 Add your average interest rate across all loans.
- 3 Enter income and family size for IDR estimates.
- 4 See how extra payments accelerate your payoff.
FAQ
What is income-driven repayment?
IDR plans cap your monthly payment at a percentage of your discretionary income (5-10% depending on the plan). After 20-25 years of payments, remaining balance is forgiven.
What is PSLF?
Public Service Loan Forgiveness forgives your remaining balance after 10 years (120 payments) if you work for a government or qualifying non-profit while on an income-driven plan. This forgiveness is tax-free.
Is forgiven debt taxable?
IDR forgiveness after 20-25 years may be taxable as income (though currently paused through 2025). PSLF forgiveness is always tax-free. Plan for potential tax liability.
Should I refinance?
Private refinancing may lower your rate, but you permanently lose federal protections: IDR plans, forgiveness programs, deferment/forbearance options. Only refinance if you won't need these benefits.
Standard vs graduated repayment?
Standard plans have fixed payments. Graduated plans start lower and increase every 2 years, good if you expect income growth. Both are 10-year plans, but graduated costs more in total interest.
Calculator Limitations
IDR estimates are approximations. Your actual payment depends on your specific plan, filing status, and servicer calculations. Use StudentAid.gov's official simulator for precise estimates.
