Student Loan Repayment Calculator

Compare the Standard 10-year repayment plan with an income-driven repayment plan for federal student loans, including monthly payments, total cost, and forgiven balance.

Mathematical Audit

Student Loan Repayment Formulas

This calculator compares the Standard Repayment Plan, a fixed 10-year amortization, with an income-driven repayment (IDR) plan, where your monthly payment is based on your income, family size, and a percentage of your discretionary income.

Standard Monthly Payment = P × r ÷ (1 − (1 + r)^−120), where P is the loan balance and r is the monthly interest rate
Poverty Guideline = $15,650 + ($5,500 × (Family Size − 1)) [48 contiguous states, approximate]
Discretionary Income = max(0, Annual Income − 1.5 × Poverty Guideline)
IDR Monthly Payment = (Discretionary Income Percentage × Discretionary Income) ÷ 12
Any remaining balance after the forgiveness term (typically 20 or 25 years) is forgiven

Federal poverty guidelines are updated annually by the U.S. Department of Health and Human Services and vary for Alaska and Hawaii. This calculator uses 48-contiguous-states figures as an approximation. Actual income-driven repayment plans (SAVE, PAYE, IBR, ICR) have specific eligibility rules, payment caps, and interest subsidies that are simplified here for illustration.

Operational Guide

How to Use the Student Loan Repayment Calculator

1

Enter your loan details

Input your total federal student loan balance and the average interest rate across your loans.

2

Enter your income information

Add your annual income (AGI), household/family size, and the income-driven repayment percentage that applies to your plan (commonly 10%).

3

Choose a forgiveness term

Select 20 or 25 years, the typical forgiveness timelines for income-driven repayment plans.

4

Compare your options

Review the Standard Plan's fixed monthly payment and 10-year payoff against the income-driven plan's lower monthly payment, longer term, and any forgiven balance.

Real-World Scenario Example

"A borrower with a $30,000 federal student loan balance at 6% interest, an annual income of $45,000, a family size of 1, a 10% discretionary income rate, and a 20-year forgiveness term."

Inputs

loanBalance:30000
interestRate:6
annualIncome:45000
familySize:1
discretionaryIncomePercent:10
forgivenessYears:20

Result

The Standard Plan costs $333.06/month for 10 years ($39,967.38 total, $9,967.38 interest). The income-driven plan costs $179.38/month for 20 years ($43,050 total paid) with about $16,427.55 forgiven at the end.

Important Disclaimer

This calculator provides estimates for educational purposes only and does not represent an offer or guarantee from any lender or the U.S. Department of Education. Income-driven repayment plans have specific eligibility requirements, payment caps, and interest subsidy rules that vary by plan and may change over time. Forgiven balances may be subject to taxation. Contact your loan servicer or visit StudentAid.gov for guidance on your specific situation.

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