Calculate US student loan payments with various repayment plans including income-driven options. Compare federal and private loan scenarios to optimize your repayment strategy.
US Federal Student Loan Repayment Plans
Federal student loans offer several repayment options:
- Standard: Fixed payments for 10 years - pays least interest overall
- Graduated: Payments start low and increase every 2 years
- Extended: Lower payments over 25 years - more total interest
- Income-Driven: Payments based on income and family size, forgiveness after 20-25 years
Income-Driven Repayment Plans
PAYE: 10% of discretionary income, 20-year forgiveness
REPAYE: 10% of discretionary income, 20-25 year forgiveness
IBR: 10-15% of discretionary income, 20-25 year forgiveness
ICR: 20% of discretionary income, 25-year forgiveness
Student Loan Benefits
Federal loans offer several advantages:
- Public Service Loan Forgiveness (PSLF) after 10 years of qualifying payments
- Income-driven repayment plans with forgiveness after 20-25 years
- Deferment and forbearance options during hardship
- Death and disability discharge
- Interest deduction up to $2,500 annually on tax returns
- Auto-pay discounts (typically 0.25% rate reduction)