Student Loan Repayment Calculator
Basic Calculator
Compare Plans
Extra Payment
Refinance
Family Size (for IDR)
1 (Single)
2
3
4
5+
Repayment Plan
Standard (10 years)
Graduated (10 years)
Extended (25 years)
IBR
PAYE
SAVE (blocked)
ICR
Calculate Estimate
Monthly Payment
$0
Total Interest
$0
Total Cost
$0
Payoff Date
--
Enter loan details in Basic Calculator tab first, then compare all available repayment plans.
Compare All Plans
See how extra payments can help you pay off faster and save on interest.
Calculate Savings
Compare your current loan with refinancing options. Warning: Refinancing federal loans means losing federal benefits.
Compare Refinancing
Wage Garnishment Relief & Prevention
Federal collections have resumed. If in default, wage garnishment can take up to 15% of disposable income without court order.
01
How to Avoid Wage Garnishment
If you're in default or heading there, take action immediately. These strategies can help you avoid garnishment:
Primary Options:
Loan Rehabilitation: Make 9 on-time payments over 10 months. Removes default from credit. Apply at myeddebt.ed.gov Direct Consolidation: Faster than rehabilitation but default stays on credit. Apply at StudentAid.gov Request a Hearing: You have 30 days after notice to dispute debt or claim hardshipEnroll in IDR: After recovering from default, immediately apply for income-driven repaymentStay in Contact: Never ignore your servicer—communication can prevent escalation
02
If Garnishment Has Already Started
Even after garnishment begins, you have options to reduce or stop it:
Immediate Actions:
Object Within 15 Days: File written objection with hardship documentationRequest Reduction: If 15% causes extreme hardship, request reduction to 10%Rehabilitate During Garnishment: You can still rehabilitate while being garnishedKnow the Limits: Maximum 15% of disposable income; cannot reduce below $217.50/weekGet Free Legal Help: Legal Aid offers free assistance
Important: Social Security benefits, tax refunds, and federal payments can also be seized for defaulted federal student loans.
Income-Driven Repayment Changes
Income-driven repayment plans cap your payments based on income and family size, with forgiveness after 20-25 years.
SAVE Plan Currently Blocked
The SAVE plan is currently blocked by court injunctions. Existing plans (IBR, PAYE, ICR) remain available but may face future modifications.
01
Available IDR Plans
Income-Based Repayment (IBR)
New Borrowers (after 7/1/2014): 10% of discretionary income, 20-year forgivenessOlder Borrowers: 15% of discretionary income, 25-year forgiveness
Pay As You Earn (PAYE)
10% of discretionary income, capped at standard payment amount
20-year forgiveness
Must demonstrate partial financial hardship
Income-Contingent Repayment (ICR)
20% of discretionary income OR 12-year fixed payment (whichever is less)
25-year forgiveness
Only IDR option for Parent PLUS loans (via consolidation)
02
What You Should Do Now
Given the uncertainty around IDR plans, take these protective steps:
📋 Document your current plan and payment history
📱 Update your StudentAid.gov account with current contact info
🔔 Sign up for FSA announcements to get updates
📞 Contact your servicer about available options
⚖️ Use the Loan Simulator to explore alternative plans
🤝 Get free help from TISLA or NCLC
Understanding Your Loan Types
Knowing what type of loans you have is crucial for choosing the right repayment strategy.
Federal Student Loans
Government-Backed
Direct Subsidized Loans
For undergrads with financial need. Government pays interest during school.
Rate: 6.53% fixed (2024-25)
Direct Unsubsidized Loans
Available regardless of need. Interest accrues from disbursement.
Rate: 6.53% (undergrad) / 8.08% (grad)
Direct PLUS Loans
For graduate students and parents. Credit check required.
Federal Loan Benefits
✓ Income-Driven Repayment
✓ Public Service Forgiveness
✓ Deferment & Forbearance
✓ No Prepayment Penalties
✓ Death & Disability Discharge
✓ Fixed Interest Rates
Private Student Loans
Bank/Lender-Based
Key Characteristics
From banks and private lenders. Terms vary by creditworthiness.
Rates: 3% - 15%+ variable or fixedEligibility: Credit-based, often requires cosigner
Common Lenders
Sallie Mae, Discover, College Ave, SoFi, Earnest, Citizens Bank
Private Loan Limitations
✗ No federal forgiveness
✗ No income-driven repayment
✗ Limited hardship options
✗ Variable rates can rise
✗ Cosigner often required
✗ Harder bankruptcy discharge
💡 Tip: Always exhaust federal options before considering private loans.
How to Check What Loans You Have
3
Perkins Loans Contact your school's financial aid office
Loan Consolidation & Refinancing
Understand the difference between federal consolidation and private refinancing before making any decisions.
01
Federal Direct Consolidation
Free - No Fees. Combines multiple federal loans into one loan with a single monthly payment.
Benefits:
Keeps eligibility for IDR and PSLF
Makes FFEL loans eligible for current programs
Fixed interest rate (weighted average, rounded up)
No credit check required
Can help exit default
Drawbacks:
May pay more interest over time (extended term)
Resets PSLF/IDR payment count
Lose any remaining grace period
Apply for Consolidation →
02
Private Refinancing
⚠️ Caution Required. A new private loan pays off your existing loans. Rate based on credit and income.
When It Makes Sense:
Excellent credit score (740+)
Stable, high income
Not pursuing PSLF or IDR
Only refinancing private loans
Critical Warnings:
Permanently lose ALL federal benefits No income-driven repayment
No Public Service Loan Forgiveness
No federal deferment/forbearance
Compare rates: Credible | SoFi | Earnest
Essential Borrower Resources
Federal Relief Programs
Explore PSLF, IDR forgiveness, and other relief options.
Explore Programs →
Find Your Servicer
Identify who services your federal loans.
Log In →
Deferment & Forbearance
Temporarily pause or reduce payments.
Learn Options →
Public Service Forgiveness
Forgiveness after 10 years for public service.
PSLF Info →
Income-Driven Repayment
Cap payments based on income.
IDR Plans →
Disability Discharge
Discharge for total and permanent disability.
TPD Info →
Federal Loan Servicers
Smart Borrower Tips
1
Know Your Loan Types Federal loans offer protections. Check StudentAid.gov for federal loans.
2
Pay More Than Minimum Extra payments save thousands in interest. Tell servicer to apply extra to principal.
3
Set Up Autopay Get a 0.25% interest rate reduction and never miss a payment.
4
Recertify Income Annually IDR plans require annual recertification. Miss it and payments spike.
5
Check Employer Benefits Many employers offer repayment assistance—up to $5,250 tax-free annually.
6
Keep Documentation Save all payment records, certifications, and servicer communications.
7
Never Ignore Your Loans If struggling, contact your servicer immediately. Options exist before default.
8
Beware of Scams Never pay for federal loan help—everything is free at StudentAid.gov .
Discharging Student Loans in Bankruptcy
While student loans are notoriously difficult to discharge in bankruptcy, it's not impossible. Recent DOJ guidance has made the process more accessible.
2022 DOJ Guidance: A Major Shift
In November 2022, the DOJ issued new guidance making it easier to discharge federal student loans. The government now recommends discharge in appropriate cases using a standardized process.
01
Understanding Student Loan Bankruptcy Discharge
Unlike most debts, student loans are not automatically discharged in bankruptcy. Since 1976, special rules have made them harder to eliminate. However, "harder" doesn't mean "impossible."
Key Facts:
Both federal and private student loans can be discharged
You must file a separate "adversary proceeding" within your bankruptcy
The court applies an "undue hardship" standard
Recent changes have made approval more likely for qualifying borrowers
Important: Many borrowers assume discharge is impossible and don't try. Studies show 40-50% who pursue discharge obtain partial or full relief.
02
The Brunner Test: What Courts Look For
Most courts use the "Brunner Test" to determine undue hardship. You must prove all three prongs:
1 Minimal Standard of LivingYou cannot maintain a minimal standard of living for yourself and dependents if forced to repay the loans.
Evidence: Monthly budget, poverty-level income, medical conditions.
2 Persistence of CircumstancesYour financial situation is likely to persist for a significant portion of the repayment period.
Evidence: Permanent disability, chronic illness, age factors, limited job prospects.
3 Good Faith EffortYou have made good faith efforts to repay the loans before filing.
Evidence: Payment history, IDR enrollment, servicer communication.
Note: Some courts (8th Circuit) use a more flexible "totality of circumstances" test.
03
The 2022 DOJ Guidance: A Game Changer
The 2022 guidance fundamentally changed how the government handles student loan bankruptcy cases.
Factors That Support Discharge:
✓ Age 65 or older
✓ Disability (physical or mental)
✓ 10+ years since leaving school
✓ Never earned above poverty wages
✓ Did not complete education
✓ School closed or misconduct
✓ Exhausted IDR options
✓ Loans more than 10 years old
04
Chapter 7 vs. Chapter 13: Which Is Right?
You can seek student loan discharge under either Chapter 7 or Chapter 13:
Chapter 7 (Liquidation)
Timeline: 3-6 monthsAssets: Non-exempt may be soldBest for: Low income, few assetsMeans Test: Must qualify
Chapter 13 (Repayment Plan)
Timeline: 3-5 year planAssets: Keep all assetsBest for: Higher income, assets to protectFlexibility: Demonstrates good faith
05
Step-by-Step: How to Pursue Discharge
1
Consult a Bankruptcy Attorney Find an attorney experienced with student loan adversary proceedings. Legal Aid provides free help.
2
Gather Documentation Tax returns, pay stubs, medical records, disability documentation, loan payment history.
3
File Bankruptcy Petition File Chapter 7 or Chapter 13. Student loans will be listed but won't automatically discharge.
4
File Adversary Proceeding Separate lawsuit requesting discharge. Complete DOJ attestation form for federal loans.
5
DOJ Review & Court Decision DOJ reviews and may recommend discharge. Many cases now resolve without trial.
06
Who Has the Best Chance of Discharge?
Strong Candidates for Discharge:
💪 Disabled borrowers Physical or mental disability limiting work
👴 Older borrowers Age 65+ with limited retirement income
🏥 Chronic illness Ongoing conditions affecting employment
📉 Long-term low income Years of poverty-level wages
🎓 No degree obtained Debt without credential benefits
🏫 School misconduct Fraudulent or closed schools
Bankruptcy Resources & Legal Help
Don't Assume Discharge Is Impossible
Many borrowers never pursue discharge because they assume it can't happen. The 2022 DOJ guidance changed the landscape significantly. If you're facing genuine hardship, consult a bankruptcy attorney.
