Compare Standard, Extended, Graduated, and Income-Driven student loan repayment plans. Find your monthly payment, payoff date, and total interest for federal and private loans.
Compare all repayment plans side by side
| Plan | Monthly Payment | Total Interest | Years |
|---|
With over $1.7 trillion in outstanding student debt in the United States, choosing the right repayment plan is one of the most significant financial decisions a graduate makes. The federal student loan repayment system offers multiple plans — and this calculator shows how each one affects your monthly payment, total interest paid, and payoff date side by side. On a $30,000 balance at 6.5%, the Standard 10-year plan costs $340/month and roughly $10,800 in total interest. Extend that to 25 years and the payment drops to $202/month — but you'll pay over $30,000 in interest, nearly doubling what you borrowed.
Income-driven repayment plans (IDR) cap payments at 5%–20% of discretionary income, which can dramatically reduce monthly obligations for borrowers with high debt-to-income ratios. The SAVE plan (Saving on a Valuable Education) introduced in 2023 is the most generous IDR option, with payments as low as 5% of discretionary income for undergraduate loans. After 20–25 years of qualifying payments, any remaining balance is forgiven — though forgiven amounts may be taxable depending on future IRS rules. Public Service Loan Forgiveness (PSLF) forgives remaining federal loan balances after just 10 years for borrowers working at qualifying government or nonprofit employers.
Fixed payments over 10 years. Costs the most per month but the least in total interest. Borrowers who can afford the payment should generally choose Standard — it's the fastest path to being debt-free with the lowest total cost.
Payments tied to discretionary income — typically 5%–10%. Ideal for borrowers with high debt relative to income. SAVE, PAYE, and IBR are the most common IDR plans. Unpaid balance is forgiven after 20–25 years of payments.
Payments start low and increase every two years over 10 years. Useful for new graduates expecting income growth. You'll pay more total interest than Standard, but payments feel more manageable in the early career years.
Work for a federal, state, local government, or qualifying 501(c)(3) nonprofit and make 120 qualifying payments on an IDR plan. Remaining federal loan balance is forgiven tax-free after 10 years of service.
Federal student loans amortize like any other instalment debt, but two features change the arithmetic. Interest accrues daily rather than monthly, using a per-day factor, and unsubsidised loans accrue throughout study and grace periods — that accrued interest capitalises onto the principal when repayment begins, so borrowers frequently start owing more than they borrowed. The standard plan runs ten years; income-driven plans stretch payments far longer and can leave the balance growing when the payment does not cover accruing interest, a state known as negative amortization.
Daily interest = Balance × (APR ÷ 365)M = P × [ i(1 + i)^n ] ÷ [ (1 + i)^n − 1 ] (standard 10-year plan)Capitalised principal = Original + interest accrued before repaymentwhere:
Assumptions: Assumes the standard 10-year plan with no deferment. Income-driven plans, PSLF and consolidation all change the payment and the total materially, and rates differ per disbursement year even within one borrower's portfolio.
A graduate enters repayment owing $38,000 at 6.53% on the standard plan.
Result$432.06 a month — $13,848 of interest over ten years
Because interest accrues daily, paying on the 1st rather than the 28th of each month measurably reduces the total. Adding $100 a month clears the loan in about 7.6 years and saves roughly $3,600, and there is never a prepayment penalty on federal loans.