Student Loan Payoff Calculator
Compare Standard, Extended, Income-Driven, and PSLF repayment side by side. See exactly what you'll pay each month, how much interest you'll owe, and how much could be forgiven.
Repayment Plan Comparison
† IDR forgiveness is currently treated as taxable income at the federal level; the PSLF forgiveness (✓) is tax-free. Consult a tax advisor for your situation.
Understanding Your Repayment Options
📋 Standard 10-Year Plan
The default plan for most federal borrowers. Fixed equal payments spread over 120 months. You pay the most each month but the least in total interest — ideal if your income can handle it. Private loans almost always follow a similar fixed-term structure.
💼 Income-Driven Repayment (IDR)
Plans like IBR and SAVE cap your monthly payment at a percentage of your discretionary income. Any balance remaining after 20 or 25 years is forgiven — though that forgiven amount is currently taxable as income. Best for borrowers whose income is low relative to their debt.
🏛️ Public Service Loan Forgiveness (PSLF)
Work full-time for a qualifying employer — federal, state, or local government, or a 501(c)(3) nonprofit — make 120 qualifying monthly payments under an IDR plan, and your remaining federal Direct Loan balance is forgiven completely tax-free. The most powerful option for public servants.
A Worked Example
Sarah graduates with $41,000 in federal Direct Loans at 6.54%. On the Standard 10-Year plan, she owes $463/month and pays roughly $14,500 in interest over 10 years — $55,500 total. Manageable, but tight on a starting salary.
On the IBR income-driven plan with a $52,000 salary and family size of 1, her discretionary income is $52,000 − (1.5 × $15,060) = $29,410 — so her IBR payment is $29,410 × 10% ÷ 12 = $245/month, about half the standard payment. The lower payment, however, means her balance grows and she pays more interest long-term unless forgiveness kicks in.
If Sarah is a public school teacher (qualifying PSLF employer), after exactly 120 IBR payments her remaining balance — potentially over $20,000 — is forgiven tax-free. Her total out-of-pocket drops to around $29,400, more than $26,000 less than the Standard plan. The calculator above lets you plug in your own numbers to find the same crossover.
Frequently Asked Questions
What is the average student loan debt in the US?
As of 2024, the average federal student loan balance is approximately $37,000 for bachelor's degree holders and around $67,000 for those with graduate or professional degrees. Total federal student debt exceeds $1.7 trillion across roughly 43 million borrowers.
Can private student loans use IDR or PSLF?
No. Income-driven repayment plans and Public Service Loan Forgiveness apply only to federal Direct Loans. Private loans from banks and credit unions have their own fixed repayment terms set by the lender, with no income-based payment option or forgiveness program.
What employers qualify for PSLF?
Federal, state, local, and tribal government agencies qualify, as do 501(c)(3) nonprofit organizations. For-profit companies do not qualify, even if they provide a public service. You can verify an employer's eligibility using the PSLF Help Tool at studentaid.gov before committing to a repayment strategy.