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Calculate monthly student loan payments using standard repayment or estimate income-driven repayment (IDR) amounts.
Standard: Monthly = P × [r(1+r)^n] / [(1+r)^n - 1]
IDR Estimate: (Income - 225% of poverty line) × 10% / 12
IDR plans cap your federal student loan payments at 5-20% of your discretionary income. Plans include SAVE, PAYE, and IBR. After 10-25 years of payments, remaining balances may be forgiven.
PSLF forgives remaining federal student loan balances after 10 years (120 payments) of qualifying employment in government or nonprofit organizations while on an income-driven repayment plan.
Refinancing federal loans into private loans loses access to IDR plans, PSLF, and federal forbearance options. Only refinance if you have stable income, no plans for PSLF, and can secure a significantly lower rate.
Subsidized loans don't accrue interest while you're in school at least half-time. Unsubsidized loans accrue interest from the disbursement date. This can add thousands to your balance before repayment begins.
Capitalization adds accumulated unpaid interest to your principal balance. This increases the amount on which future interest is calculated. Avoiding capitalization — by making interest payments in school — saves significant money.