Get your free financial scoreSign inYour data on this device
Free to use. No account required.

How does student loan repayment work and what are my options?

Federal student loans offer several repayment plans. Standard Repayment: fixed payment over 10 years — highest monthly payment, lowest total interest. Income-Driven Repayment (IDR): payments are set as a percentage of your discretionary income (5–10%), adjusting as income changes, with any remaining balance forgiven after 20–25 years. Public Service Loan Forgiveness (PSLF): forgiveness after 10 years of payments while working for a qualifying government or non-profit employer. Private loans offer fewer options — refinancing to a lower interest rate is often the best lever. The avalanche method (highest rate first) minimizes total interest; the snowball method (smallest balance first) builds motivation. Model multiple payoff scenarios at wealthserene.com/tools/college-planner.

All questionsBrowse the articles
Educational disclaimer. Everything on WealthSerene.com is educational and is not investment advice. Projections and calculations are illustrative; actual results depend on market conditions, your situation and factors outside this tool’s scope. For a decision specific to your situation, consult a qualified financial professional. View full disclosures