Student Loan Calculator

Federal Loan Repayment Plans

• Standard: Fixed payments over 10 years, lowest total cost
• Graduated: Payments start low, increase every 2 years
• Extended: Up to 25 years, lower payments but more interest
• IBR: 15% of discretionary income, 20-25 year forgiveness
• PAYE: 10% of discretionary income, 20 year forgiveness
• SAVE: Newest plan, 5-10% of income, interest subsidy

Loan Forgiveness Programs

• PSLF: Forgiveness after 10 years in public service
• Teacher Forgiveness: Up to $17,500 for qualifying teachers
• IDR Forgiveness: Balance forgiven after 20-25 years on IDR
• Note: Forgiven amounts may be taxable (except PSLF)

Strategies to Pay Off Faster

• Pay more than minimum when possible
• Target highest interest loans first (avalanche)
• Make biweekly instead of monthly payments
• Apply windfalls (tax refunds, bonuses) to loans
• Refinance to lower rate if you have good credit

Refinancing Considerations

• Can lower interest rate with good credit and income
• Converts federal loans to private (lose federal benefits)
• No longer eligible for IDR, PSLF, or federal forbearance
• Best for high earners not pursuing forgiveness

Tax Benefits

• Student loan interest deduction: Up to $2,500/year
• Phases out at higher incomes
• Available even if you dont itemize

Avoiding Default

• Contact servicer immediately if struggling
• Request income-driven plan to lower payments
• Apply for deferment or forbearance if needed
• Default damages credit for 7 years