Find out how long to pay off student loans and if forgiveness makes sense. Compares 4 strategies: standard, aggressive, IDR, and PSLF. Free 2026 calculator.
On a 6% APR loan with $500/mo payments, $50K takes 11+ years. With $1,000/mo payments, it takes 5 years. With IDR plan (10% of income) and $60K income, monthly payment is $500 and total forgiven after 20-25 years. With PSLF (public service), forgiveness is 10 years (120 payments) and tax-free.
SAVE (Saving on a Valuable Education) is the current US income-driven repayment plan. Monthly payment = 10% of discretionary income (income above 225% of poverty line). For $40K income, payment is around $200/mo. After 20 years (undergrad) or 25 years (grad school), remaining balance is forgiven. PSLF (public service) gets forgiveness after 10 years with tax-free forgiveness.
The 'match then attack' rule: First, max 401(k) match (free money). Then, if student loan rate is below 5%, invest instead of paying off early. If above 5%, pay off aggressively. The math: 7% market return minus 4% loan rate = 3% guaranteed 'return' on investing vs paying off. But: peace of mind matters too. Many people pay off loans for the psychological win.