How much will I pay per month on my student loans?

Under the standard 10-year plan, monthly payments are approximately $350 per $30,000 borrowed at 5.5% interest. Income-driven plans like SAVE cap payments at 5-10% of discretionary income, which could be $150-250/month for a $50,000 salary.

How long does it take to pay off student loans?

The standard repayment plan is 10 years. Income-driven plans extend to 20-25 years with potential forgiveness of the remaining balance. Paying extra can cut repayment time significantly — an extra $100/month on $30,000 in loans saves 3+ years.

What is the SAVE plan?

SAVE (Saving on a Valuable Education) is an income-driven repayment plan that caps undergraduate loan payments at 5% of discretionary income and offers forgiveness after 20-25 years. The income exemption is 225% of the federal poverty level.

Student Loan Calculator: Repayment Plans, Forgiveness & Payoff Strategies (2026)

The average student loan borrower owes approximately $38,000. How fast you pay it off — and how much interest you pay — depends heavily on your repayment plan. Here’s a comprehensive breakdown.

Standard Repayment (10-Year Plan)

Monthly payments and total interest under the standard plan:

Loan Balance	Interest Rate	Monthly Payment	Total Interest	Total Paid
$15,000	5.0%	$159	$4,090	$19,090
$20,000	5.0%	$212	$5,456	$25,456
$25,000	5.5%	$271	$7,559	$32,559
$30,000	5.5%	$326	$9,071	$39,071
$40,000	5.5%	$434	$12,095	$52,095
$50,000	6.0%	$555	$16,619	$66,619
$75,000	6.0%	$833	$24,929	$99,929
$100,000	6.5%	$1,135	$36,217	$136,217
$150,000	7.0%	$1,742	$59,004	$209,004
$200,000	7.0%	$2,322	$78,672	$278,672

Impact of Extra Payments

How extra monthly payments accelerate payoff on a $30,000 loan at 5.5%:

Extra Payment	Monthly Total	Payoff Time	Total Interest	Interest Saved
$0 (standard)	$326	10 years	$9,071	—
+$50	$376	8 years, 2 months	$7,230	$1,841
+$100	$426	7 years	$5,844	$3,227
+$200	$526	5 years, 5 months	$4,220	$4,851
+$300	$626	4 years, 7 months	$3,314	$5,757
+$500	$826	3 years, 4 months	$2,268	$6,803

An extra $100/month saves over $3,200 in interest and shaves 3 years off repayment.

Income-Driven Repayment Plans

Plan Comparison

Feature	SAVE	PAYE	IBR	ICR
Payment %	5% (undergrad) / 10% (grad)	10%	10-15%	20%
Income exemption	225% FPL	150% FPL	150% FPL	100% FPL
Forgiveness timeline	20 years (undergrad) / 25 years (grad)	20 years	20-25 years	25 years
Forgiveness taxable?	No (through 2025)	May be taxable	May be taxable	May be taxable
Interest subsidy	Yes (unpaid interest doesn’t capitalize)	Partial	Partial	No
Married filing separately	Uses only borrower income	Uses only borrower income	Uses only borrower income	Combined income

Monthly Payments Under SAVE Plan

5% of discretionary income for undergraduate loans (discretionary income = AGI - 225% of FPL):

Gross Salary	AGI (est.)	Discretionary Income	Monthly Payment (SAVE)
$30,000	$27,000	$3,775	$16
$35,000	$32,000	$8,775	$37
$40,000	$37,000	$13,775	$57
$45,000	$42,000	$18,775	$78
$50,000	$47,000	$23,775	$99
$60,000	$55,000	$31,775	$132
$75,000	$70,000	$46,775	$195
$100,000	$95,000	$71,775	$299

*Based on single filer with 225% FPL exemption of ~$23,225 for a single-person household in 2026.

SAVE vs Standard: Total Cost Comparison ($40,000 Loan at 6%)

Plan	Monthly Payment (Year 1)	Payoff Time	Total Paid	Forgiven?
Standard (10-year)	$444	10 years	$53,290	No
SAVE ($50K salary)	$99	20 years	~$29,000	~$30,000 forgiven
SAVE ($75K salary)	$195	20 years	~$52,000	~$8,000 forgiven
SAVE ($100K salary)	$299	~15 years	~$53,000	No (paid off before 20 years)

For borrowers earning under $60K, the SAVE plan often results in lower total cost due to forgiveness.

Loan Forgiveness Programs

Public Service Loan Forgiveness (PSLF)

Requirement	Detail
Qualifying employer	Government agency, non-profit (501(c)(3))
Qualifying payments	120 (10 years) on an IDR plan
Amount forgiven	Remaining balance (tax-free)
Qualifying loan type	Direct Loans only (consolidate FFEL if needed)

PSLF Savings Example ($80,000 in Loans)

Salary	IDR Monthly Payment	Payments Over 10 Years	Balance Forgiven
$45,000	$78	$9,360	~$85,000+
$55,000	$120	$14,400	~$78,000+
$65,000	$166	$19,920	~$72,000+
$80,000	$228	$27,360	~$60,000+

PSLF is the most valuable forgiveness program — potentially worth $60,000-100,000+.

Teacher Loan Forgiveness

Qualification	Forgiveness Amount
5 years teaching at qualifying low-income school	Up to $17,500
Math/science/special education teachers	$17,500
Other qualifying teachers	$5,000

Repayment Strategies

Debt Avalanche (Highest Interest First)

Loan	Balance	Rate	Minimum	Priority
Private loan	$15,000	8.5%	$180	Pay first
Grad PLUS	$25,000	7.0%	$290	Second
Undergrad (unsub)	$15,000	5.5%	$163	Third
Undergrad (sub)	$10,000	4.5%	$104	Last

Debt Snowball (Smallest Balance First)

Loan	Balance	Rate	Minimum	Priority
Undergrad (sub)	$10,000	4.5%	$104	Pay first
Undergrad (unsub)	$15,000	5.5%	$163	Second
Private loan	$15,000	8.5%	$180	Third
Grad PLUS	$25,000	7.0%	$290	Last

The avalanche method saves the most money; the snowball method provides faster psychological wins.

Refinancing Student Loans

Factor	Federal Loans	Refinanced (Private)
Typical rate (good credit)	5.0-7.0% (fixed)	4.0-6.0% (variable/fixed)
IDR plans available	Yes	No
PSLF eligible	Yes	No
Forbearance/deferment	Yes	Limited
Interest deduction	Up to $2,500/year	Up to $2,500/year

When to Refinance

Situation	Refinance?
Private loans at high interest	Yes — no federal benefits to lose
Federal loans + PSLF-eligible job	No — you’d lose PSLF and IDR
Federal loans + high salary + no forgiveness plans	Maybe — if you can get a significantly lower rate
Federal loans + uncertain employment	No — keep federal protections

Student Loan Interest Deduction

Filing Status	Max Deduction	Income Phase-Out Start	Income Phase-Out End
Single	$2,500	$80,000 MAGI	$95,000
Married (Joint)	$2,500	$165,000 MAGI	$195,000

Tax Savings by Bracket

Tax Bracket	Max Deduction ($2,500)	Annual Tax Savings
12%	$2,500	$300
22%	$2,500	$550
24%	$2,500	$600
32%	$2,500	$800

Student Loans vs Other Financial Goals

Should you pay off loans faster or invest?

Your Loan Rate	Expected Investment Return	Strategy
3-4%	8-10% (S&P 500 average)	Invest more, minimum on loans
5-6%	8-10%	Split 50/50
7%+	8-10%	Prioritize loan payoff
Any rate + employer 401(k) match	—	Always get the full match first

Key Takeaways

Standard 10-year plan on $30,000 at 5.5% = $326/month and $9,071 total interest
Extra $100/month saves 3 years and $3,200+ in interest
SAVE plan can reduce payments to 5% of discretionary income — as low as $16/month on a $30K salary
PSLF forgives remaining balance after 10 years of qualifying payments at a government or non-profit job (tax-free)
Debt avalanche (highest interest first) saves the most money mathematically
Don’t refinance federal loans if you’re pursuing PSLF or might need income-driven repayment
Always capture employer 401(k) match before making extra loan payments — it’s a guaranteed 50-100% return