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The Standard Repayment Plan spreads payments equally over 10 years (120 payments). It results in the highest monthly payment but the lowest total interest paid. It is the default plan for federal student loans if you do not choose another option.

The Graduated Repayment Plan starts with lower payments that increase every two years over a 10-year period. It is designed for borrowers who expect their income to grow over time. You pay more in total interest than under the Standard plan, but your early payments are lower.

Federal income-driven repayment (IDR) plans include SAVE (formerly REPAYE), PAYE, IBR, and ICR. These cap your monthly payments at a percentage of your discretionary income (typically 5–20%) and forgive remaining balances after 10–25 years. IDR plans are ideal if your income is low relative to your debt.

PSLF forgives remaining federal loan balances after 10 years (120 qualifying payments) for borrowers who work full-time for government or qualifying non-profit organizations. You must be enrolled in an income-driven repayment plan and make qualifying payments while working for an eligible employer.

Paying extra toward your principal reduces total interest paid and shortens your repayment timeline. However, if you have federal loans and are pursuing PSLF or IDR forgiveness, paying extra may not be beneficial. For private loans with high interest rates, early payoff is almost always advantageous. Compare your loan interest rate to potential investment returns to make the best decision.