Question 1

How It Works

Accepted Answer

Enter your student loan balance, interest rate, and repayment term to see monthly payments under standard, graduated, and extended plans. The calculator compares total interest cost across different repayment timelines so you can balance affordability with minimizing the total amount you pay.

Question 2

What's the difference between standard and income-driven repayment plans?

Accepted Answer

Standard repayment has fixed payments over 10 years and costs the least in total interest. Income-driven plans (IBR, PAYE, REPAYE/SAVE) cap payments at 10-20% of discretionary income and extend to 20-25 years, with remaining balances potentially forgiven. Income-driven plans lower monthly payments but increase total interest significantly.

Question 3

Should I pay off student loans early or invest the extra money?

Accepted Answer

Compare your loan interest rate to expected investment returns after taxes. If your student loan rate is above 6-7%, paying it off early is usually the better guaranteed return. Below 4-5%, investing may earn more over time. Between 4-7%, it's a personal choice based on your risk tolerance and whether the psychological benefit of being debt-free matters to you.

Question 4

Can refinancing lower my student loan payments?

Accepted Answer

Refinancing can significantly lower your rate if your credit and income have improved since you originally borrowed. Private refinancing from 7% to 4% on $50,000 saves about $9,000 over 10 years. However, refinancing federal loans into private loans means losing access to income-driven plans, forbearance, and potential forgiveness programs.

Student Loan Repayment Calculator

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Matthew Collins