Student Loan Calculator Standard Income-Driven (SAVE) Refinance PSLF ...
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Standard Repayment
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Refinance Calculator
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Understanding Student Loan Repayment Options
Student loan debt can feel overwhelming, but understanding your repayment options can help you make informed decisions that align with your financial situation and career goals.
Standard repayment offers fixed payments over 10 years with the lowest total interest cost. Income-Driven Repayment (SAVE Plan) caps payments at a percentage of your discretionary income and offers forgiveness after 20-25 years. Refinancing can lower your interest rate and monthly payment, though you may lose federal protections. Public Service Loan Forgiveness (PSLF) forgives remaining debt after 120 qualifying payments while working for a qualifying employer.
Use this comprehensive calculator to compare scenarios and choose the best path for your student loan repayment journey.
Frequently Asked Questions
A: The SAVE (Saving on a Valuable Education) Plan is the newest income-driven repayment plan that caps payments at 5% of discretionary income for undergraduate loans and 10% for graduate loans. It offers the lowest payments of any income-driven plan and includes a provision that prevents interest from capitalizing if you make your monthly payments.
A: Refinancing federal loans with a private lender can lower your interest rate, but you'll lose federal protections like income-driven repayment, deferment options, and potential loan forgiveness programs. Only refinance if you have stable income and don't plan to use federal benefits.
A: To qualify for Public Service Loan Forgiveness, you must work full-time for a qualifying employer (government or 501(c)(3) nonprofit), have Direct Loans, repay under a qualifying repayment plan, and make 120 qualifying monthly payments. You must also submit the PSLF form annually or when you change employers.
A: Discretionary income is the difference between your adjusted gross income (AGI) and 225% of the federal poverty guideline for your family size and state of residence. This amount is used to calculate your monthly payment under income-driven repayment plans.
A: Yes, you can switch between federal repayment plans at any time without penalty. This flexibility allows you to adjust your payments based on changes in your income, family size, or financial goals. However, private loan refinancing is permanent and cannot be reversed.
A: Your monthly payment under an income-driven plan is recalculated annually based on your current income and family size. If your income increases, your payment will increase; if your income decreases or you lose your job, your payment may decrease or even drop to $0.
A: Under current law, PSLF forgiveness is not taxable. Income-driven repayment forgiveness is also not taxable through 2025 due to the American Rescue Plan Act. After 2025, IDR forgiveness may become taxable unless Congress extends the provision.