For informational purposes only. This tool provides estimates based on your inputs and may differ from actual outcomes. It does not constitute financial advice. Please consult a qualified professional before making financial decisions. Terms
Compare Standard, Graduated, IBR, PAYE, SAVE, PSLF, and refinancing. Find the cheapest path to debt freedom.
Lowest total cost including tax on forgiveness · $82.45/mo · $68,965 forgiven
/month
Over loan life
/month (10% disc.)
Add extra payment
Applied to Standard plan payment
FPL: $15,650 · Affects IBR, PAYE & SAVE
Compare how quickly each plan pays down your loan
Lower is better: see how much each plan costs
Detailed comparison of each repayment strategy.
Forgiven amount may be taxable (est. 22% rate)
Yearly breakdown of principal, interest, and remaining balance
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,701 | $1,858 | $32,299 |
| 2 | $2,853 | $1,705 | $29,447 |
| 3 | $3,014 | $1,544 | $26,433 |
Estimate your annual tax savings from student loan interest (up to $2,500 deductible).
Side-by-side comparison of every repayment strategy. The plan with the lowest total cost is highlighted.
| Plan | Monthly | Total Paid | Total Interest | Payoff | Forgiven |
|---|---|---|---|---|---|
| Standard | $379.84 | $45,581 | $10,581 | 120 mo | - |
| Graduated | $227.91 | $49,973 | $14,973 | 140 mo | - |
| IBR (Income-Based) | $394.06 | $45,044 | $10,044 | 115 mo | - |
| PAYE (Pay As You Earn) | $262.71 | $54,187 | $19,187 | 207 mo | - |
| SAVE PlanBEST⚠️ Balance may grow | $82.45 | $19,788 | $53,753 | 240 mo | $68,965 |
PRO gives you detailed schedules, scenario saving, and exports for all tools.
Standard repayment uses fixed monthly payments over 10-30 years, minimizing total interest paid. Graduated repayment starts with lower payments that increase every two years, ideal if you expect your income to grow, but you will pay more total interest because principal is paid down slower in early years.
IBR caps payments at 15% of discretionary income with 25-year forgiveness. PAYE uses 10% of discretionary income with 20-year forgiveness. This means lower payments but potentially more interest if not forgiven. Both use 150% of the Federal Poverty Level to define discretionary income.
PSLF forgives your remaining balance after 120 qualifying payments (10 years) while working full-time for a qualifying public service employer. Unlike standard IDR forgiveness, PSLF forgiveness is tax-free. Works with any IDR plan, and PAYE typically gives the most forgiveness.
The SAVE plan (Saving on a Valuable Education) is the newest income-driven repayment plan. It uses a more generous 225% of the Federal Poverty Level threshold (vs. 150% for IBR/PAYE), resulting in lower payments. Undergraduate borrowers pay 5% of discretionary income with 20-year forgiveness, while graduate borrowers pay 10% with 25-year forgiveness.
Private refinancing can lower your rate, but you permanently lose access to IDR plans, PSLF, deferment, and forbearance. Best for borrowers with high income, strong credit, and no interest in forgiveness programs. Always compare the interest savings against the value of federal protections.
You can deduct up to $2,500 of student loan interest from your taxable income, even if you don’t itemize. The deduction phases out between $75,000-$90,000 MAGI (single). At a 22% marginal rate, this saves up to $550/year in taxes.
Private refinancing can cut your rate by 1-3%, but you permanently lose federal protections: income-driven repayment, PSLF, deferment, and forbearance. Only refinance if you have stable high income, no interest in forgiveness, and an emergency fund covering 6+ months of payments.
Insights
Your student loan payment is 8% of monthly income, within the recommended 10% limit.
Source: Federal Reserve 2024 / Education Data Initiative 2024
Your inputs carry over automatically. Just pick a tool.
Compare student loan repayment plans side by side. Calculate standard, graduated, and income-based repayment schedules with total interest and payoff timelines.
The calculator compares three plans: Standard Repayment (fixed payments over 10-30 years), Graduated Repayment (starts at 60% of standard and increases every 2 years), and Income-Based Repayment (IBR) at 15% of discretionary income with 25-year forgiveness.
IBR caps monthly payments at 15% of your discretionary income (income minus 150% of the federal poverty line). After 25 years of qualifying payments, any remaining balance is forgiven, but the forgiven amount may be taxable as income.
Even small extra payments go directly to principal, reducing total interest dramatically. The calculator shows exactly how many months faster you will be debt-free and how much interest you save with any extra monthly payment amount.
Yes, the full calculator including all three repayment plan comparisons, amortization charts, and extra payment analysis is free. PRO users can save scenarios to track how different strategies compare over time.
