What is the standard repayment plan?

The standard repayment plan has fixed monthly payments over 10 years. It's the default plan and results in the lowest total interest cost, but has higher monthly payments.

How does income-driven repayment work?

Income-driven repayment plans cap your monthly payment at a percentage of your discretionary income (typically 10-20%). After 20-25 years of payments, remaining balance may be forgiven.

Should I refinance my student loans?

Refinancing can lower your interest rate if you have good credit, but you'll lose federal benefits like income-driven repayment and forgiveness programs. Consider carefully before refinancing federal loans.

Student Loan Calculator

Calculate your student loan payments and explore different repayment plans.

Student Loan Details

Total Loan Amount$35,000

$5,000$200,000

Interest Rate5.5%

2.0%12.0%

Repayment Plan

Loan Term10 years

5 years25 years

Monthly Payment

Estimated Monthly Payment$380

Payoff DateApr 2036

You'll pay $10,581 in interest over the life of your loan, which is 30% of your principal.

Total Cost

Total Payment$45,600

Total Interest$10,581

Principal$35,000

Effective Rate30.2%Total interest / principal

Payment Breakdown

Principal

$35,000

Interest

$10,581

First 12 Months Schedule

Month	Payment	Principal	Interest	Balance
1	$380	$219	$160	$34,781
2	$380	$220	$159	$34,560
3	$380	$221	$158	$34,339
4	$380	$222	$157	$34,116
5	$380	$223	$156	$33,893
6	$380	$225	$155	$33,668
7	$380	$226	$154	$33,443
8	$380	$227	$153	$33,216
9	$380	$228	$152	$32,989
10	$380	$229	$151	$32,760
11	$380	$230	$150	$32,530
12	$380	$231	$149	$32,299

Understanding Student Loan Repayment

Choose the right repayment plan to manage your student debt effectively

Repayment Plan Options

Standard Repayment

Fixed payments over 10 years. Lowest total interest cost but highest monthly payment.

Graduated Repayment

Payments start low and increase every 2 years. Good if you expect income growth.

Extended Repayment

Lower monthly payments over 25 years. For loans over $30,000. Higher total interest.

Income-Driven Repayment

Payments based on income (10-20%). Balance forgiven after 20-25 years of payments.

Strategies to Pay Off Faster

1Pay more than the minimum when possible
2Target high-interest loans first (avalanche method)
3Set up autopay for 0.25% interest rate reduction
4Consider refinancing if you have good credit

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Disclaimer

This calculator is provided for informational purposes only. The results are estimates based on the information you provide. Always consult with a qualified financial professional before making important financial decisions.

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