Student loans are usually the first major debt most people carry, and the repayment plan you pick can change your total cost by tens of thousands of dollars. The Standard plan finishes in 10 years with fixed payments — the cheapest overall. The Graduated plan starts near interest-only and rises every two years, which helps tight early budgets but costs more in interest. The Extended plan stretches payments over 25 years for the lowest monthly bill, at by far the highest total cost.
The biggest lever you control is extra principal payments. Because interest accrues on the remaining balance each month, every extra dollar you send early kills interest before it compounds. Even $50 a month extra on a typical $35,000 loan at current federal rates can cut roughly two years off the term and save several thousand dollars in interest.
Use this calculator to compare all three plans side by side, then experiment with extra payments to see your debt-free date move. Remember: federal loans also offer income-driven plans and forgiveness programs that this estimator doesn't model — check your servicer if your payment is unaffordable under every plan here.
How to use the Student Loan Repayment Calculator
- Enter your loan balance and current APR (use a weighted average if you have several loans).
- Pick a repayment plan: Standard, Graduated or Extended.
- Add an extra monthly payment if you can afford one — applied straight to principal.
- Click Calculate repayment to see monthly cost, total interest, debt-free date and your savings versus each other plan.
Tips for paying loans off faster
- Always confirm extra payments apply to principal, not to future due dates.
- Biweekly-style tricks work: an extra $100–$150/month can erase years from a 10-year loan.
- Attack your highest-rate loan first if you carry multiple balances.
- Refinancing federal loans privately forfeits income-driven plans and forgiveness — count that cost before chasing a lower rate.
Why plan choice matters more than rate shopping
A one-point rate drop saves hundreds a year; switching from Extended to Standard saves tens of thousands over the life of the loan. Plan structure — how fast principal falls — dominates the math. Run the comparison above before spending hours chasing a refinance quote.
Frequently asked questions
What is the standard student loan repayment plan?
The Standard plan pays your loan off in 10 years (120 fixed monthly payments). It has the highest monthly payment of the standard federal plans but the lowest total interest cost.
Is graduated or standard repayment better?
Standard costs less overall because you pay the balance down faster. Graduated starts with interest-only payments that rise every two years, which eases early budgets but increases total interest. Compare both in this calculator before choosing.
Do extra payments on student loans save money?
Yes. Extra principal payments shorten the term and reduce total interest. Even $50 extra a month on a typical loan can shave off years and thousands in interest. Make sure extra payments are applied to principal, not future payments.
Should I refinance my student loans?
Refinancing can lower your rate if your credit and income are strong, but refinancing federal loans into a private loan means losing federal protections like income-driven plans, forbearance, and forgiveness programs. Weigh the rate savings against those lost benefits.