Student Loan Repayment Calculator: Find Your Best Payoff Plan

Americans collectively owe over 1.7 trillion dollars in student loans, and choosing the wrong repayment plan can cost tens of thousands in unnecessary interest. Our student loan calculator compares standard, graduated, and income-driven repayment plans side by side so you can see the monthly payment, total interest, and payoff timeline for each option.

Income-driven plans like SAVE, PAYE, and IBR cap payments at 5 to 15 percent of discretionary income and offer forgiveness after 20 to 25 years, but the forgiven amount may be taxable. The calculator shows how much you would pay in total under each plan, including the tax bomb at forgiveness, versus aggressively paying off the loans faster.

Refinancing federal student loans to a lower rate can save money if you do not need income-driven plans or Public Service Loan Forgiveness, but you lose federal protections like deferment and forbearance. Use our debt payoff calculator to build an accelerated payment strategy and our savings interest calculator to compare payoff versus investing.