Education
Student Loan Repayment Calculator
Compare monthly payments, total interest, and payoff dates across standard, extended, and income-driven repayment plans.
Loan Details
Enter your loan details to compare repayment plans side by side
How is this calculated?
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
P = principal (loan balance)
r = monthly interest rate (annual rate / 12)
n = total months
Standard: n = 120 months (10 years)
Extended: n = 300 months (25 years)
Income-Driven: Payment = 10% × (Income - 150% FPL) / 12
FPL (2024, single) ≈ $15,060
Forgiveness after 20-25 years of qualifying paymentsFAQ
Frequently asked questions about student loan repayment
What is the standard repayment plan?
The standard plan spreads your loan over 10 years (120 months) with fixed monthly payments. It results in the least total interest paid but has the highest monthly payment of all federal options.
How does an extended repayment plan work?
Extended repayment stretches your loan to 25 years (300 months). Monthly payments are lower, but you pay significantly more interest over the life of the loan — often 2-3× more than the standard plan.
What are income-driven repayment plans?
Income-driven plans cap payments at 10-20% of your discretionary income and forgive remaining balances after 20-25 years. They're ideal if your income is low relative to your debt.
Which repayment plan saves the most money?
The standard 10-year plan always costs the least in total interest. However, if your payments would exceed 15-20% of income, an income-driven plan may be more sustainable and prevent default.
Can I switch repayment plans?
Yes, federal loan borrowers can switch plans at any time by contacting their servicer. Private loans typically have fixed terms set at origination and cannot be changed without refinancing.
How does interest capitalization affect my balance?
When you switch plans or exit forbearance, unpaid interest may capitalize (add to principal). This increases your balance and means you pay interest on interest going forward.