Student Loan Repayment Calculator 2026
Compare monthly payments, total cost, and forgiveness across Standard, Graduated, SAVE, PAYE, and IBR plans.
Loan Details
Standard Plan Monthly Payment
$380
10 years · $10,581 total interest
Repayment Plan Comparison
| Plan | Monthly | Total Paid | Interest | Payoff | Forgiven |
|---|---|---|---|---|---|
| Standard (10-Year) | $380 | $45,581 | $10,581 | 10 yr | — |
| Graduated (10-Year) | $228 | $46,746 | $11,746 | 10 yr | — |
| SAVE Plan | $263 | $54,148 | $19,148 | 18 yr | — |
| PAYE Plan | $263 | $54,148 | $19,148 | 18 yr | — |
| IBR Plan (lowest cost) | $394 | $45,046 | $10,046 | 10 yr | — |
Disclaimer
- Income-driven repayment estimates are simplified. Actual amounts depend on AGI and family size.
- SAVE plan availability may change based on legal developments.
- Loan forgiveness under IDR plans may be taxable income (except PSLF).
- Contact your loan servicer or visit StudentAid.gov for official calculations.
Understanding Student Loan Repayment Plans
Federal student loan borrowers have several repayment options. The right plan depends on your loan balance, income, and whether you qualify for Public Service Loan Forgiveness (PSLF). Here's a breakdown:
Repayment Plans Compared
| Plan | Payment | Term | Forgiveness |
|---|---|---|---|
| Standard | Fixed | 10 years | None |
| Graduated | Starts low, increases every 2 years | 10 years | None |
| SAVE | 5-10% of discretionary income | 20-25 years | Yes, after 10-25 years |
| PAYE | 10% of discretionary income | 20 years | Yes, after 20 years |
| IBR | 10-15% of discretionary income | 20-25 years | Yes, after 20-25 years |
The SAVE Plan
The Saving on a Valuable Education (SAVE) plan replaced REPAYE and offers the lowest payments among income-driven plans. Key features:
- Payments are 5% of discretionary income for undergraduate loans (10% for graduate)
- Unpaid interest does not capitalize
- Forgiveness after 10 years for balances under $12,000 (20-25 years for higher balances)
- Spouse's income excluded if filing taxes separately
When Extra Payments Make Sense
If you're on the Standard plan or have private loans, extra payments go directly toward principal and reduce total interest. Even an extra $100/month on a $35,000 loan at 5.5% saves over $3,000 in interest and pays off the loan 2+ years early.
However, if you're pursuing PSLF or are on an income-driven plan heading toward forgiveness, extra payments may not make financial sense — you'd be paying more on a balance that would eventually be forgiven.
Explore repayment plans on StudentAid.gov→Frequently Asked Questions
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives the remaining balance on Direct Loans after 120 qualifying payments (10 years) while working full-time for a qualifying employer (government or nonprofit). PSLF forgiveness is tax-free. Use an income-driven plan to minimize payments while pursuing PSLF.
Should I refinance my student loans?
Refinancing federal loans with a private lender may get a lower rate, but you'll lose access to income-driven plans, PSLF, and federal forbearance/deferment options. Refinancing makes the most sense for high-income borrowers with stable employment who won't need federal protections. Check your credit score to see what rates you might qualify for.
What happens if I default on student loans?
Federal loans enter default after 270 days of non-payment. Consequences include wage garnishment, tax refund seizure, damaged credit score, and loss of eligibility for future federal aid. If you're struggling, contact your servicer about deferment, forbearance, or income-driven repayment before you fall behind.
Is student loan forgiveness taxable?
PSLF forgiveness is always tax-free. For income-driven plan forgiveness, the forgiven amount is currently not taxable through 2025 under the American Rescue Plan Act. After that, it may be treated as taxable income — check with a tax professional.
Learn about PSLF on StudentAid.gov→