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The exclusive electroproduction of π+ mesons was studied with the HERMES spectrometer at the DESY laboratory by scattering 27.6 GeV positron and electron beams off an internal hydrogen gas target. The virtual-photon cross sections were measured as a function of the Mandelstam variable t and the squared four momentum −Q2 of the exchanged virtual photon. A model calculation based on Generalized Parton Distributions is in fair agreement with the data at low values of |t| if power corrections are included. A model calculation based on the Regge formalism gives a good description of the magnitude and the t and Q2 dependences of the cross section.