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Student loans are one of the most significant financial decisions young adults make — often without fully understanding the long-term cost. A $50,000 federal loan at 6.5% on the standard 10-year plan costs $13,700 in interest and $568/month. The same loan on a 25-year extended plan drops to $338/month — but costs $51,400 in interest, more than the original loan itself. This calculator helps you see the full picture across every repayment option before you commit.
Federal loans come with income-driven repayment plans, deferment options, forbearance, and forgiveness programs — protections that private loans generally do not offer. Always exhaust federal loan eligibility (FAFSA) before taking private loans. Private loans may offer lower rates for borrowers with excellent credit, but lack the safety net features. Never refinance federal loans into private loans unless you're certain you won't need income-driven repayment or forgiveness.
Federal income-driven plans cap payments at 5–20% of discretionary income. SAVE (Saving on a Valuable Education), IBR (Income-Based Repayment), PAYE, and ICR are the main options. On SAVE, undergraduate loan payments are capped at 5% of discretionary income — a borrower earning $40,000 with $30,000 in loans might pay as little as $80–$100/month. Any remaining balance is forgiven after 20–25 years (10 years if working in public service under PSLF).
The answer depends on your interest rate and alternatives. Federal loans at 4–5% — you may be better off investing extra money in a Roth IRA or 401(k) where returns historically outpace that rate. Private loans at 7–10% — pay these off aggressively. The "refinance vs pay off" decision hinges on rate, loan type, and whether you might qualify for forgiveness. Use this calculator to compare the total cost of different payoff timelines side by side.