Know your number before the servicer does.
Balance, rate, income — in. Standard, SAVE, PAYE, IBR, ICR and refinance, side by side — out. Everything below runs in your browser.
Year-by-year amortization
| Year | Principal paid | Interest paid | Balance left |
|---|
How the standard plan works
The Standard plan is level amortization: the same payment every month for the whole term. Early payments are mostly interest; the principal share grows each month — that's why paying a little extra early costs you less interest overall.
Federal loan fact: the default 10-year Standard plan is the fastest route out of debt and usually the least total interest of any federal option. The trade-off is the highest required monthly payment.
Side-by-side ledger
bars scale to total repaidThe four federal repayment plans, in plain English
Standard — 10 years
Fixed payment, 10-year clock. Lowest total interest, highest monthly bill. Every federal borrower is placed here by default. Best for: solid income, no forgiveness goals.
SAVE — income-driven
5% of discretionary income (undergrad) above 225% of the poverty line; the biggest income protection ever offered. Unpaid interest is subsidized, so balances don't balloon. Forgiven after 20–25 years.
PAYE & IBR
10–15% of discretionary income above 150% of the poverty line, capped at the 10-year Standard payment. PAYE forgives after 20 years; IBR after 20 (new) or 25 (older borrowers).
ICR
20% of discretionary income over 100% of the poverty line, or a 12-year fixed payment — whichever is less. The only plan open to Parent PLUS borrowers (via consolidation). Forgiven after 25 years.
Graduated & Extended
Graduated starts low and rises every 2 years — for early-career income curves. Extended stretches to 25 years, cutting the monthly bill but raising lifetime interest. Both are worse than IDR for most borrowers.
Refinance
A new private loan at a market rate. A 1–2 point cut on a large balance saves thousands — but you exit the federal safety net forever. Run the Refinance tab before you sign anything.
When the recertification notice lands in your inbox
This calculator exists for the moment you realize your servicer's portal shows one number and your budget says another. Plug in your Loan balance, AGI, and Family size, then toggle between Standard Amortization, Income-Driven (IDR), and Refinance to see exactly where each path lands you at month 120 or month 300. It is built for borrowers comparing SAVE against a private refinance offer, graduate students weighing their Graduate loan share impact on PAYE, and anyone who needs a side-by-side ledger before signing paperwork.
From balance to payoff projection
- Enter your Loan balance and Interest rate % APR to anchor the baseline debt.
- Set your Annual income (AGI) and Family size so income-driven options calculate correctly.
- Toggle between Federal and Private to frame your Loan type context.
- Click Standard Amortization, Income-Driven (IDR), or Refinance to generate each scenario.
- Switch between SAVE, PAYE, and IBR buttons to compare specific IDR plan outputs.
Frequently asked questions
How is a student loan monthly payment calculated?
For the Standard plan, it's plain amortization: the payment is set so the loan hits zero after exactly 120 months. Formula: P·r / (1 − (1+r)⁻ⁿ), where P is principal, r the monthly rate, n the number of payments.
What counts as discretionary income for SAVE or PAYE?
Your adjusted gross income (AGI, from your tax return) minus a poverty-line shield: 225% of the federal poverty line for SAVE, 150% for PAYE and IBR, 100% for ICR. Your payment is a percentage of what's left — 5–10% for SAVE, 10–15% for PAYE/IBR, 20% for ICR.
Is forgiven IDR balance really tax-free?
Federal law made IDR forgiveness tax-free through 2025, and later legislation extended similar treatment — but state taxes may still apply in some states, and rules can change. Treat a large future forgiveness as potentially taxable income and plan for it.
Does refinancing student loans hurt my credit?
Rate-shopping with multiple lenders within a 14–45 day window counts as one inquiry. A refinance replaces your old loans with a new tradeline, which can briefly lower your average account age. The effect is usually small and temporary.
Should I refinance federal loans?
Usually no — you'd give up income-driven plans, forgiveness, and deferment options. Consider it only if your career and income are stable, you have an emergency fund, and the rate improvement is meaningful (1–2+ points on a large balance).
Why does my SAVE payment differ from this calculator?
The calculator assumes constant income and the published SAVE formula. Your servicer uses your actual recertified AGI, spouse income if filing jointly, and plan-specific rounding. Court injunctions have also paused parts of SAVE — use this as a planning estimate, then verify on studentaid.gov.
Income-driven payments, one scenario at a time
Each page holds one balance and one income, then lays SAVE, PAYE, IBR and ICR side by side with the monthly payment, the repayment term and the amount left to be forgiven.