Compare standard, income-driven, and refinanced repayment plans side by side — total cost and timeline for each.
The standard 10-year plan is the default repayment option — fixed payments over 10 years. Income-driven repayment (IDR) caps your payment at roughly 10% of discretionary income (income above 150% of the poverty line), extending the term to 20-25 years — lower monthly payment, but more total interest. Refinancing with a private lender at a lower rate reduces total interest but gives up federal protections like IDR and Public Service Loan Forgiveness eligibility.
The big tradeoff with refinancing: Once you refinance federal loans with a private lender, you permanently lose access to federal protections — income-driven repayment, deferment, forbearance, and loan forgiveness programs. Only refinance if you're confident you won't need those safety nets and your income is stable.
Choose standard if you want loans paid off fastest and can afford the payment. Choose income-driven if you're in a lower-paying field, especially public service, or need payment flexibility. Choose refinancing if you have strong, stable income, won't need federal protections, and want to minimize total interest paid.