Student Loan Repayment Calculator
Compare different federal student loan repayment plans. Calculate monthly payments for Standard, Extended, Graduated, and Income-Driven plans (IBR, PAYE, REPAYE).
Required for IBR, PAYE, and REPAYE plans
Required for IBR, PAYE, and REPAYE plans
What are the different federal student loan repayment plans?
Standard (10 years, fixed payments), Graduated (10 years, increasing payments), Extended (25 years, lower payments), and Income-Driven plans (IBR, PAYE, REPAYE) that cap payments at 10-20% of discretionary income for 20-25 years with forgiveness.
What is the difference between IBR, PAYE, and REPAYE?
All cap payments at 10-15% of discretionary income. IBR: 15% for old loans/10% for new, PAYE: 10% (must show hardship), REPAYE: 10% (no hardship requirement, no payment cap). All offer forgiveness after 20-25 years but differ in eligibility and interest subsidies.
Should I choose an income-driven repayment plan?
Income-driven plans are good if: you have low income relative to debt, work in public service (for PSLF), or expect income growth later. They lower monthly payments but increase total interest and extend repayment to 20-25 years. Not ideal for high earners wanting to minimize interest.
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives remaining federal student loan balance after 120 qualifying monthly payments (10 years) while working full-time for a government or nonprofit employer. Must be on an income-driven repayment plan. Forgiven amount is tax-free.
Can I switch repayment plans?
Yes! You can switch federal loan repayment plans at any time by contacting your loan servicer. This flexibility allows you to adjust as your income or financial situation changes. Some plans require reapplying annually.
What happens if I can't afford my student loan payments?
Options include: switching to an income-driven plan (lower payments), requesting deferment (pause payments for school/unemployment), forbearance (temporary pause), or loan consolidation. Contact your servicer immediately - don't just stop paying, as default has serious consequences.
Is student loan forgiveness taxable?
It depends. PSLF forgiveness is tax-free. Income-driven repayment forgiveness (after 20-25 years) was historically taxable but may be tax-free through 2025. Teacher loan forgiveness is tax-free. State and employer programs vary. Tax laws may change.