Compare Student Loan Repayment Plans

On a $30,000 loan at 6% over 10 years, the standard plan costs about $333 a month and about $9,967 in total interest. Adding just $100 a month cuts the payoff to roughly 7 years and saves about $2,800 in interest. An income-driven plan set at 10% of a $50,000 income charges about $417 a month here but, if payments fall short of interest, can leave a balance forgiven after 25 years. Paying extra is usually cheapest when you can afford it; income-driven helps when cash flow is tight.