This shows your required monthly payment based on your inputs. Consider this number when evaluating if you need to explore income-contingent repayment or refinancing options.

The complete amount you’ll pay over your chosen term, including principal and interest. This helps you understand the long-term impact of different repayment strategies.

See how much of your total repayment goes toward principal versus interest. This can help you decide if strategies like making extra payments would be beneficial.

Based on your calculator results, here are key ways to manage your Parent PLUS loan:

If your payments feel too high:

• Consider an extended repayment term to lower monthly payments

• Explore income-driven repayment plans like IBR and ICR, which base payments on your income

• Look into refinancing options if you qualify for lower interest rates

To reduce overall costs:

• Make extra payments when possible to reduce interest charges

• Target a shorter repayment term if you can manage higher monthly payments

• Compare refinancing offers to potentially secure a lower interest rate

Remember that each option involves trade-offs between monthly affordability and total cost. Use the calculator to explore different scenarios and find the right balance for your financial situation.

Enter both your current loan balance and original borrowed amount on your Direct PLUS Loans. Finding these is simple – check your loan servicer’s website or recent statement. The difference between these numbers helps you see how your loan has changed over time.

Input your current student loan interest rate. If you have multiple Parent PLUS loans with different rates, we can help you calculate the average. Don’t worry about being exact – even a close estimate will give you useful insights.

These details help estimate your income-contingent repayment options:

• Annual Income: Use your adjusted gross income from your latest tax return

• Family Size: Count yourself, spouse, and dependents

• Tax Filing Status: This affects your repayment options (single, married filing jointly, etc.)

Enter what you’re paying now. This lets you compare your current payment against other options.

If you’re working toward loan forgiveness, enter how many qualifying payments you’ve made toward IDR Forgiveness. This helps track your progress and explore remaining payoff timelines.

Think of Parent PLUS loans as a unique type of federal education financing. They come with specific features that affect how you’ll manage repayment:

• Your interest rate stays fixed for the life of the loan (currently 9.09% for 2024-25)

• You get federal protections and flexibility

• Good credit lets you borrow without a cosigner

• You can adjust payments based on your financial situation

While you’ll start with a standard 10-year plan, you’ve got room to adapt if your needs change:

• The Standard Approach: Stick with consistent monthly payments over 10 years. This usually costs less in total interest but means higher monthly payments. It’s straightforward but may not fit everyone’s budget.

• Opening More Options Through Consolidation: Converting your Parent PLUS loan through consolidation is like unlocking new features. You can stretch payments up to 25 years to lower your monthly costs, switch to graduated plans that start lower and grow with your income, or even access income-driven repayment plans that flex with your financial situation.

• Looking at Advanced Possibilities: Some borrowers take it a step further with double consolidation to access SAVE or PAYE plans. Compare these federal options with private refinancing to find your best fit.

Related: Parent PLUS Loan Repayment Options

Your ideal strategy depends on your unique situation:

• Whether you’ve recently completed the FAFSA

• How you feel about upfront fees versus long-term savings

• Your plans for managing education costs

• How much payment flexibility you need