Student Loan Repayment Calculator
Print| Standard 10-Yr Plan Monthly Payment | $0.00 / mo |
| Extended 25-Yr Plan Monthly Payment | $0.00 / mo |
| Interest Difference (Extended vs Standard) | +$0.00 |
The Student Loan Repayment Calculator allows federal and private student loan borrowers to compare repayment options side-by-side. Evaluate monthly payments, total interest costs, and repayment timelines under Standard 10-Year, Graduated, Extended, and Income-Driven Repayment (IDR) plans like SAVE, PAYE, and IBR.
The Student Loan Repayment Formulas
Repayment calculations vary based on whether you select fixed amortized plans or income-driven repayment options:
Standard 10-Year Payment (PMT) = Principal × [ r(1 + r)^120 ] / [ (1 + r)^120 - 1 ]
Income-Driven Payment (SAVE) = ( AGI - ( 2.25 × Poverty Guideline ) ) × 5% to 10% / 12
Where key parameters include:
- Adjusted Gross Income (AGI): Line 11 on federal tax Form 1040 used to compute discretionary income.
- 2.25 × Federal Poverty Guideline: Income threshold exempted from monthly loan payments under the SAVE plan.
- Discretionary Income Percentage: 5% for undergraduate loans; 10% for graduate loans (or weighted average).
Federal Student Loan Repayment Options Comparison
Compare monthly payments and total costs on a $50,000 Direct loan (6.50% APR) for a single borrower earning $60,000 AGI:
| Repayment Plan | Monthly Payment (Initial) | Repayment Term | Total Amount Paid | Forgiveness Eligibility |
|---|---|---|---|---|
| Standard 10-Year Fixed | $567.76 | 10 Years (120 mos) | $68,131.20 | None (Paid in Full) |
| Graduated Repayment | $323.70 (Increases every 2 yrs) | 10 Years (120 mos) | $72,850.40 | None (Paid in Full) |
| Extended Fixed Repayment | $337.60 | 25 Years (300 mos) | $101,280.00 | None (Paid in Full) |
| SAVE Plan (Income-Driven) | $109.38 (Based on AGI) | 20-25 Years | Varies with Income Growth | Forgiveness after 20/25 yrs |
Step-by-Step Student Loan Repayment Calculation Example
Here is an example calculating monthly SAVE payments for a single borrower earning $50,000 AGI in a single-person household (2024 poverty line = $15,060):
- Calculate SAVE Exemption Threshold (225%):
$15,060 × 2.25 = $33,885 exempted income. - Calculate Discretionary Income:
$50,000 AGI - $33,885 = $16,115 discretionary income. - Calculate Annual Payment (5% Undergrad Rate):
$16,115 × 5% = $805.75 per year. - Calculate Monthly SAVE Payment:
$805.75 / 12 = $67.15 per month.
Frequently Asked Questions
What is the SAVE plan interest benefit?
Under the SAVE plan, if your required monthly income-driven payment does not cover the full accrued monthly interest, the federal government subsidizes 100% of the remaining unpaid interest, preventing your loan balance from growing.
Can I switch federal student loan repayment plans anytime?
Yes. You can switch between Standard, Graduated, Extended, and Income-Driven Repayment plans at any time by contacting your federal loan servicer at StudentAid.gov.
Which repayment plan is best if I qualify for PSLF?
Borrowers pursuing Public Service Loan Forgiveness (PSLF) should select an Income-Driven Repayment plan (such as SAVE or PAYE) to maintain the lowest required monthly payments while accumulating 120 qualifying payments.
What happens if I don’t select a repayment plan?
Federal student loan servicers automatically place borrowers into the Standard 10-Year Repayment Plan upon exiting their 6-month grace period.