Student Loan Repayment Calculator: Compare Plans and Find Your Best Option

Federal Repayment Plans Have Changed Significantly Since 2024 — Here's Where They Stand

The SAVE Plan — the Biden administration's flagship income-driven repayment plan — was officially terminated on March 10, 2026, following a settlement between the Department of Education and the State of Missouri. The 7.5 million borrowers who had enrolled are being transitioned to other plans. A new Repayment Assistance Plan (RAP) is set to launch July 1, 2026 under the Working Families Tax Cuts Act, alongside a Tiered Standard Plan. Until then, borrowers choosing income-driven repayment are directed to PAYE or IBR.

The calculator above compares your monthly payment, total interest cost, and forgiveness timeline across every currently available plan — Standard, Extended, PAYE, IBR, and the PSLF track. It uses the federal discretionary income formula (income minus 225% of the poverty line) to compute IDR payments and standard amortization for fixed-payment plans.

How Each Repayment Plan Works

Standard Repayment (10-Year)

Fixed monthly payments over 120 months. This plan costs the least in total interest because you pay off the principal fastest. On a $30,000 loan at 6.39%, the monthly payment is approximately $339, and you'll pay $10,675 in total interest — $40,675 over the life of the loan. The downside: the monthly payment is the highest of any plan, which may strain a tight budget.

Extended Repayment (25-Year)

Available for borrowers with more than $30,000 in Direct Loans. Stretches payments to 25 years with either fixed or graduated payments. On the same $30,000 loan, the monthly payment drops to roughly $201 — but total interest balloons to $30,300, nearly doubling what you borrowed. Extended repayment makes sense only as a temporary measure while your income grows, not as a permanent strategy.

Income-Driven Repayment: PAYE and IBR

With SAVE gone, the primary income-driven options are Pay As You Earn (PAYE) and Income-Based Repayment (IBR). Both cap payments at 10% of discretionary income — defined as your adjusted gross income minus 150% of the poverty guideline (IBR) or 225% (the formula SAVE used, which may carry into RAP). After 20 years of qualifying payments, any remaining balance is forgiven.

The math: for a single borrower earning $40,000 with a family size of 1, the 2026 federal poverty guideline is approximately $15,650. Under PAYE (150% threshold), discretionary income is $40,000 minus $23,475 = $16,525. Ten percent of that is $1,652/year, or about $138/month — compared to $339 on the Standard plan. The trade-off: dramatically lower monthly payments, but the loan accrues interest for 20 years and the forgiven balance may be taxable as income (current law treats IDR forgiveness as taxable; PSLF forgiveness is tax-free).

Public Service Loan Forgiveness: The Most Powerful Benefit Available

If you work full-time for a federal, state, or local government agency — including public schools, state universities, the military, or law enforcement — or a 501(c)(3) nonprofit, PSLF forgives your entire remaining loan balance after 120 qualifying monthly payments (10 years). Unlike IDR forgiveness, PSLF forgiveness is completely tax-free.

The financial impact is massive. A borrower with $50,000 in loans earning $45,000 in a public-service role would pay approximately $138/month on PAYE for 10 years — totaling $16,560 in payments. The remaining $40,000+ balance (principal plus accrued interest) is forgiven. Without PSLF, the same borrower on Standard repayment would pay $56,780 over 10 years. PSLF saves $40,000+ in this scenario.

The Overpayment Strategy: When Paying More Saves Thousands

If you don't qualify for PSLF and aren't pursuing IDR forgiveness, the most effective way to reduce total loan cost is making payments above the minimum. Amortization is front-loaded with interest — in the early years of a 10-year repayment, more than half of each payment goes to interest rather than principal.

Extra payments cut directly into principal, reducing the interest that accrues on future payments. The numbers: paying an extra $50/month on a $30,000 loan at 6.39% saves approximately $2,400 in interest and eliminates 14 months of payments. An extra $100/month saves $4,200 and cuts 25 months. Even sporadic lump-sum payments — a tax refund applied to the principal, for example — have a measurable impact.

Calculations assume 6.39% interest rate, Standard 10-year repayment. Actual savings vary by rate and remaining term.

Federal vs. Private Loans: Different Rules, Different Strategies

Everything above applies to federal Direct Loans. Private student loans operate under different rules: no IDR plans, no PSLF eligibility, no federal forbearance protections, and interest rates that vary from 5% to 15%+ depending on your credit score and lender. If you hold private loans, your primary strategies are refinancing to a lower rate (if your credit has improved since borrowing) and aggressive overpayment.

One critical distinction: if you're pursuing PSLF, never refinance federal loans into a private loan. Refinancing converts them to private debt and permanently eliminates PSLF eligibility. For a deeper comparison, see our guide on federal vs. private student loans.

Choose Your Plan, Then Reduce Your Need to Borrow

The calculator shows what repayment looks like at various loan amounts — but the best loan strategy starts before you borrow. Every dollar in grants, scholarships, or employer tuition assistance you secure is a dollar that never accrues interest and never requires a repayment plan. Check your financial aid eligibility, search our Scholarship Finder for free money, and verify your employer's tuition benefits before committing to a loan amount.