See how extra payments can accelerate your repayment and save you money
| Plan | Monthly Payment | Term | Total Interest | Total Paid |
|---|---|---|---|---|
| Standard (10 yr) | $350 | 120 months | $9,200 | $44,200 |
| Extended (25 yr) | $210 | 300 months | $28,000 | $63,000 |
| Graduated | $175 - $525 | 120 months | $11,550 | $46,550 |
| Income-Based | $230 | 144 months | $8,120 | $43,120 |
Note: Income-Based repayment calculated at 10% of discretionary income for a $40,000/year income.
Adding extra payments to your monthly student loan payment can significantly reduce both the term of your loan and the total interest paid.
Standard Repayment: Fixed monthly payments for up to 10 years. This is the default plan and typically results in the lowest total interest paid.
Extended Repayment: Fixed or graduated payments for up to 25 years. Available for borrowers with more than $30,000 in federal loans. Monthly payments are lower but total interest is higher.
Graduated Repayment: Payments start low and increase every two years. Designed to accommodate borrowers who expect their income to increase over time. Total repayment period is 10 years.
Income-Based Repayment (IBR): Monthly payments are based on your income and family size, typically set at 10-15% of discretionary income. Available for borrowers experiencing financial hardship. Any remaining balance after 20-25 years may be forgiven.
Pay As You Earn (PAYE): Monthly payments are 10% of discretionary income, with any remaining balance forgiven after 20 years of qualifying payments. Requires partial financial hardship to qualify.
Revised Pay As You Earn (REPAYE): Monthly payments are 10% of discretionary income with no requirement for financial hardship. Unsubsidized interest is subsidized for the first three years. Any remaining balance is forgiven after 20 years (undergraduate) or 25 years (graduate).
Making extra payments toward your student loans can help you save thousands in interest and pay off your loans years earlier, regardless of which repayment plan you choose.