Estimate your student loan monthly payment, total interest, and payoff timeline. Compare standard repayment, income-driven plans, and see when refinancing makes sense.
Based on average federal student loan balance at 5.5% APR
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Open Loan Calculator →The distinction between federal and private student loans is critical for repayment planning. Federal loans (Direct Subsidized, Direct Unsubsidized, PLUS Loans) come with a fixed interest rate set annually by Congress, income-driven repayment options, deferment and forbearance rights, and potential forgiveness programs. Private loans (from banks, credit unions, and online lenders) are underwritten based on creditworthiness, often carry variable rates, and lack the federal protections that make managing debt more flexible.
For most undergraduates, federal loans should be maximized before considering private loans. The average undergraduate federal student loan debt at graduation is approximately $29,000; adding graduate debt brings the overall federal average closer to $37,574. Graduate PLUS loans for professional degrees (law, medicine, MBA) can easily reach $100,000–$250,000, which is where repayment strategy becomes especially consequential.
The Standard Repayment Plan is the default for federal student loans: equal monthly payments over 10 years. At the average debt of $37,574 and 5.5% interest:
Monthly payment: ~$407
Total interest paid: ~$11,300
Total repaid: ~$48,874
The standard plan has the lowest total interest cost of any repayment option, but the fixed payments may be challenging for entry-level earners. A 10-year standard payment of $407/month requires roughly $1,450/month in gross income (28% payment-to-income threshold) — approximately $17,400/year, or an annual income of about $51,900 to keep student loan payments at 10% of gross income.
IDR plans tie your payment to your income, making them valuable when your earnings are low relative to your debt. The major federal IDR plans in 2025:
The newest plan (successor to REPAYE), SAVE caps payments at 5% of discretionary income for undergraduate loans and 10% for graduate loans. Interest that accrues beyond your payment amount is waived, preventing balance growth. Forgiveness occurs after 20 years (undergraduate loans) or 25 years (graduate loans). For a borrower with $37,574 in undergraduate debt earning $50,000, the SAVE payment is approximately $107/month — far below the $407 standard payment.
IBR caps payments at 10–15% of discretionary income depending on when you borrowed. Forgiveness occurs after 20–25 years. IBR is widely available for borrowers who took loans before the SAVE plan existed.
PSLF is the most powerful student loan benefit available to certain borrowers. After making 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer (government, 501(c)(3) non-profits, certain public service jobs), the remaining federal loan balance is forgiven — tax-free.
The strategy is compelling for high-debt borrowers in public service: make the lowest possible IDR payment for 10 years, then have the balance forgiven. A doctor with $200,000 in medical school debt earning $80,000 in a non-profit hospital might pay $300–$400/month on IBR for 10 years, have $290,000+ forgiven, and pay approximately $36,000–$48,000 total — versus $2,600/month on the standard plan and $312,000 total repaid.
Refinancing student loans with a private lender converts your federal loans to private loans, permanently surrendering federal protections. This trade-off only makes sense when: (1) you have strong income and credit and qualify for significantly lower rates; (2) you have no plans to pursue PSLF or IDR forgiveness; (3) you want to pay off debt quickly and can commit to higher fixed payments. Borrowers in public service, those with high debt-to-income ratios, or anyone uncertain about income stability should generally not refinance federal loans.
Based on average federal debt of $37,574 at 5.5% on a 10-year standard plan, the monthly payment is approximately $399–$407/month. Total interest over 10 years is approximately $10,300–$11,300.
IDR plans cap federal loan payments at 5–20% of discretionary income. The SAVE plan currently offers the lowest payments for most borrowers. After 20–25 years of payments, remaining balances may be forgiven.
PSLF forgives remaining federal student loan balances tax-free after 120 qualifying IDR payments (10 years) while employed full-time by a government or 501(c)(3) non-profit organization.
Only if you're in the private sector, have no PSLF eligibility, have strong credit/income, and can qualify for a rate at least 1–2% below your current rate. Refinancing permanently eliminates federal protections including IDR, deferment, and forgiveness programs.