by David Carlson
A clear guide to repayment strategies, refinancing, and loan forgiveness programs.
Student Loan Calculator
Compare student loan repayment under standard, graduated, and income-driven plans. See monthly payments and total cost side by side.
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Standard vs Graduated vs Income-Driven Repayment
Standard repayment splits your loan into equal monthly payments over 10 years — you'll pay the least total interest but have the highest monthly payment. Graduated plans start lower and increase every two years, costing more in total interest. Income-driven plans cap payments at 10–20% of your discretionary income and forgive any remaining balance after 20–25 years.
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Federal vs Private Student Loans
Federal student loans offer fixed rates set annually by Congress, income-driven repayment options, deferment during hardship, and potential loan forgiveness programs. Private loans may offer lower initial rates but are usually variable, offer no forgiveness programs, and have fewer protections. Always exhaust federal options first. Compare refinance options on NerdWallet — Compare Lenders →.