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Student Loan Calculator

Compare student loan repayment plans - Standard, Extended, and Income-Driven Repayment (IDR).

$
%
$
Standard (10 Year) Fastest
Monthly Payment $0
Total Paid $0
Total Interest $0
Payoff Time 10 years
Extended (25 Year) Lower Payment
Monthly Payment $0
Total Paid $0
Total Interest $0
Payoff Time 25 years
Income-Driven (IDR) Forgiven Amount
Monthly Payment $0
Total Paid $0
Amount Forgiven $0
Forgiveness After 20-25 years
Comparison:

Important Notice

These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.

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People Also Ask

What is the best student loan repayment plan?

It depends on your goals. Standard repayment minimizes total cost. Income-Driven Repayment (IDR) offers lower monthly payments and potential forgiveness but costs more in total interest.

What is Income-Driven Repayment (IDR)?

IDR plans cap payments at a percentage of discretionary income (10-20%). After 20-25 years of payments, remaining balance is forgiven. Often considered by those with high debt relative to income.

Should I pay off student loans or invest?

The comparison often involves loan interest rate versus expected investment returns. Higher-rate loans (above 6-7%) cost more in interest, while lower rates change the mathematical comparison. Individual circumstances vary.

How does student loan forgiveness work?

Public Service Loan Forgiveness (PSLF) forgives after 10 years of payments while working for government or nonprofits. IDR forgiveness occurs after 20-25 years. Forgiven amounts may be taxable.

Can I refinance my student loans?

Yes, private refinancing can lower rates for those with good credit and stable income. However, refinancing federal loans means losing access to IDR and forgiveness programs.

What happens if I cannot afford my student loan payments?

Options include Income-Driven Repayment plans, deferment, or forbearance. Ignoring loans can damage credit and lead to default. Loan servicers can provide information about available options.

How much of my income should go to student loans?

A common guideline is total debt payments at 10-15% of gross income. When student loans exceed this, IDR or extended repayment options can reduce monthly payments.

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