Do you want to lower the monthly payments on your federal student loans? Or are you more interested in keeping your interest payments down?
How you choose to pay back your federal student loan may affect how much you pay each month and how much you pay over the life of your loan. The repayment plan you choose matters.
Use Sallie Mae's loan repayment calculator to find out how much your monthly payments and interest could be under different repayment plans, including the new income-based repayment plan for federal student loans.
Note that this calculator does not estimate repayment amounts for consolidated loans.