Student Loan Calculator — Free Repayment Plan Comparison 2026
Your loans are federal. The SAVE plan is gone — struck down by court order. The new RAP plan launches July 1, 2026. IBR still exists. And if you refinance into a private loan to get a lower rate, you permanently lose access to every federal protection: RAP, IBR, PSLF, income-driven forgiveness, federal forbearance. Gone. Irreversible.
Most student loan calculators show you one number — your standard monthly payment. This tool shows you all four paths side by side: Standard 10-year, RAP, IBR, and refinance. Enter your balance, loan type, income, and family size. See exactly which plan costs the least — and what you permanently give up by choosing private refinancing.
Student Loan Calculator
Standard · RAP · IBR · Refinance — 4-way comparison · 2026 rates · SAVE plan ended
What This Student Loan Calculator Shows
Student Loan Payment Calculator — 4-Plan Side-by-Side Comparison
The results panel shows Standard, RAP, IBR, and refinance simultaneously — monthly payment, total paid, forgiveness timeline, and a “Best for your situation” verdict. Most student loan calculators show one plan at a time. This tool shows all four at once so you can make a real comparison without switching between tabs. If you only need your standard monthly payment quickly, enter your balance and loan type — the Standard column updates instantly without requiring income information.
Student Loan Repayment Calculator — Income-Driven Payment Estimates
For RAP and IBR, the calculator uses your Annual Gross Income (AGI) and family size to estimate your income-driven monthly payment. RAP payment is calculated on a tiered 1–10% of AGI scale. IBR is calculated at 10% of discretionary income (AGI minus 150% of federal poverty line). The tool uses 2025–26 federal poverty guidelines.
RAP Plan Details — July 2026
The RAP panel breaks down your specific RAP payment, the government’s principal match (up to $50/month), interest subsidy amount waived, and balance growth risk. If your payment doesn’t cover accruing interest, the government covers the difference — your balance doesn’t grow. This is the key RAP protection that IBR doesn’t fully match.
Student Loan Refinance Calculator — Savings vs What You Lose
The refinance column shows your estimated private loan payment at your entered rate and term, total paid, and refi savings versus standard. Below the comparison, a red warning box lists every federal protection permanently eliminated by refinancing. This is the tradeoff no lender’s refinance calculator will show you.
PSLF Toggle — Public Service Loan Forgiveness Impact
Toggle on if you work or plan to work for a qualifying government or nonprofit employer. PSLF forgives your remaining federal balance after 120 qualifying monthly payments — tax-free. The tool recalculates your optimal plan with PSLF factored in. For most PSLF-eligible borrowers, RAP with PSLF is the lowest total-cost path.
Extra Payment Savings
Enter any extra monthly amount to see how it reduces total interest and moves your payoff date forward on the standard plan — this is your student loan payoff calculator within the tool. On a $35,000 loan at 6.39%, adding $100/month cuts approximately 14 months from the 10-year term and saves over $1,200 in interest. The payoff date updates in real time as you adjust the extra payment field.
Student Loan Payment Calculator — Calculate Your Monthly Payment
What Drives Your Student Loan Monthly Payment
This student loan monthly payment calculator shows exactly what you’ll pay under each plan — Standard, RAP, IBR, and refinance — based on your balance, interest rate, income, and family size. Your monthly payment is not one number. It is four different numbers depending on which repayment path you choose, and the difference between the lowest (RAP at $82/month) and highest (Standard at $395/month) on the same $35,000 balance can be over $300 per month.
Standard Monthly Payment — Fixed for 10 Years
On the Standard plan, your monthly payment is fixed for 120 months. It does not change with income. On $35,000 at 6.39%: $395.46/month. On $50,000 at 6.39%: $563.52/month. The advantage: you pay the least total interest of any federal plan. The disadvantage: the payment is the same whether your income is $40,000 or $140,000.
Income-Driven Monthly Payment — RAP and IBR
RAP and IBR payments change every year at recertification based on your current income and family size. If your income drops, so does your payment. If your income rises, your payment increases — but is always capped at your standard 10-year payment amount. This income-sensitive flexibility is the core reason income-driven plans exist. Enter your AGI and family size above to see your specific RAP and IBR monthly payments calculated.
Student Loan Payoff Calculator — Pay Off Your Loans Faster
How Extra Payments Accelerate Payoff
Every dollar above your minimum payment goes directly to principal — which reduces the balance on which interest accrues the following month. On a $35,000 loan at 6.39%, the compounding effect of extra payments is measurable from month one.
Extra Payment Scenarios — Real Numbers
$50/month extra: saves approximately $680 in interest, pays off 8 months early. $100/month extra: saves approximately $1,200 in interest, pays off 14 months early. $200/month extra: saves approximately $2,100 in interest, pays off 26 months early. $500/month extra: saves approximately $3,900 in interest, pays off 48 months early — converting a 10-year loan into roughly a 6-year loan.
When Early Payoff Makes Sense vs Income-Driven Plans
If you’re on Standard repayment and your income allows extra payments, accelerating payoff is the highest guaranteed return available — equal to your interest rate (6.39% guaranteed, risk-free). If you’re on RAP or IBR pursuing PSLF, making extra payments reduces your forgiveness amount and is counterproductive. The tool shows payoff acceleration only for the Standard plan — income-driven plans are optimized differently.
How to Use This Student Loan Calculator
Loan Type Selector
Undergraduate Federal — 6.39% (2025–26)
Select this for Direct Subsidized or Unsubsidized Loans taken for undergraduate study. The 2025–26 fixed rate is 6.39%. This is the most common loan type. Eligible for all four repayment paths — Standard, RAP, IBR, and refinancing.
Grad Federal — 7.94% (2025–26)
Select for Direct Unsubsidized Loans taken for graduate or professional study. Rate is 7.94% for 2025–26. Eligible for RAP and IBR, with forgiveness timelines of 25–30 years on income-driven plans. For high-balance graduate borrowers (law, medical, MBA), the difference between plans is often $50,000–$100,000 in total cost.
PLUS Loan — 8.94% (2025–26)
Parent PLUS and Grad PLUS loans carry an 8.94% rate for 2025–26. Parent PLUS loans are NOT eligible for RAP after July 1, 2026. Existing Parent PLUS borrowers have narrow pathways through consolidation into IBR or ICR — only if consolidated before specific deadlines. The tool flags this limitation.
Private Loan — ~8.76%
Private loans are ineligible for all federal repayment plans — Standard federal, RAP, IBR, and PSLF. If you select private loan type, the tool shows only the standard amortization and refinance comparison. Private loans cannot be consolidated into federal programs.
Loan Balance
Enter your total outstanding federal loan balance. For a mix of loan types, enter the combined balance and select the type that represents the majority. The tool uses this single balance for all four plan comparisons.
Interest Rate
Auto-fills based on your loan type selection using 2025–26 federal rates. You can override this for older loans with different rates. Many borrowers have loans from multiple years at different rates — use a weighted average for the most accurate comparison.
Income and Family Section (For RAP and IBR)
Annual Income (AGI)
Enter your Adjusted Gross Income — the figure on line 11 of your federal tax return. Not gross salary. If you file jointly with a spouse, your AGI may include spousal income depending on your repayment plan and filing status. IBR and RAP both use AGI-based calculations.
Family Size
Select 1 through 4+. Family size directly affects your poverty line threshold, which determines your discretionary income for IBR calculations and your RAP payment bracket. A family of 3 has a significantly higher poverty line than a family of 1 — meaning more income is protected, and your monthly payment is lower at the same AGI.
Refinance Options
Refinance Rate
Enter the rate you’ve been quoted or expect to qualify for. In 2026, private student loan refinance rates for excellent credit (740+) start around 4–5%. Good credit (700–739): 5–6%. Below 700: rates climb above 7–8%, at which point refinancing federal loans rarely makes financial sense. The tool shows the rate hint below the field.
Refinance Term
Choose 5, 10, or 15 years. Shorter terms save more total interest but increase monthly payment. A $35,000 balance at 5.5% over 10 years: $380/month, total cost $45,581. Over 5 years: $670/month, total cost $40,214. The $5,367 difference is what the shorter term saves — at the cost of $290 more per month.
PSLF Toggle
Toggle on if you are actively pursuing PSLF or work for a qualifying employer. PSLF requires 120 qualifying monthly payments on a federal income-driven plan while working full-time for a 501(c)(3) nonprofit, government agency, or other qualifying public service employer. Forgiveness is tax-free. This changes the optimal plan calculation significantly — if you qualify for PSLF, RAP with the lowest monthly payment maximizes forgiveness.
Student Loan Interest Calculator — How Federal Interest Works
How Student Loan Interest Is Calculated Daily
Federal student loan interest accrues daily, not monthly. Daily interest = (Outstanding Balance × Annual Interest Rate) ÷ 365. On a $35,000 balance at 6.39%, daily interest is approximately $6.12. Over 30 days, that’s $183.60 in interest before your payment is applied.
How to Calculate Student Loan Payments on the Standard Plan
The standard 10-year repayment uses the same amortization formula as any fixed loan — this is your student loan amortization calculator built in: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is balance, r is monthly rate (annual rate ÷ 12), n is 120 months. On $35,000 at 6.39%: monthly rate = 0.005325, result = $395.46/month. Total paid over 10 years: $47,455. Total interest: $12,455.
How RAP Payments Are Calculated
RAP payment is based on a tiered percentage of your total AGI — not discretionary income. The tiers scale from 1% at the lowest incomes to 10% at higher incomes, divided by 12 for monthly payment. On $55,000 AGI with family size 1: RAP payment ≈ $82.45/month. The government matches up to $50/month toward principal and covers any interest your payment doesn’t reach — preventing balance growth even when your payment is below the interest accruing monthly.
How IBR Payments Are Calculated
IBR payment = 10% × (AGI − 150% × Federal Poverty Line) ÷ 12. For 2026, the poverty line for a single person is approximately $15,650. At $55,000 AGI: discretionary income = $55,000 − (1.5 × $15,650) = $55,000 − $23,475 = $31,525. IBR payment = 10% × $31,525 ÷ 12 = $262.71/month. IBR forgiveness after 20 years (undergraduate) or 25 years (graduate). Forgiveness is now taxable as ordinary income — the “tax bomb.”
The 2026 Student Loan Landscape — What Changed and What It Means
SAVE Plan Is Gone — RAP Replaces It July 1, 2026
The SAVE plan (Saving on a Valuable Education) was blocked by federal courts in 2024–2025 following legal challenges. Borrowers previously enrolled in SAVE are now in a processing limbo or administrative forbearance. The Department of Education is implementing RAP — the Repayment Assistance Plan — as the replacement, effective July 1, 2026.
Key Differences: RAP vs SAVE
RAP keeps the higher income protection threshold (225% of federal poverty line, same as SAVE). RAP keeps the interest subsidy — if your payment doesn’t cover monthly interest, the government covers the gap. RAP adds a government principal match of up to $50/month — meaning the government actively reduces your balance alongside your payment.
RAP changes: forgiveness timeline extends to 30 years (SAVE was 20/25). Minimum payment is $10/month (SAVE allowed $0). RAP forgiveness is taxable (SAVE forgiveness was tax-free through 2025). Parent PLUS loans are ineligible for RAP.
PAYE and ICR Being Phased Out by 2028
PAYE (Pay As You Earn) and ICR (Income-Contingent Repayment) are being phased out. By 2028, borrowers must be on Standard repayment or RAP. If you’re currently on PAYE or ICR, the tool reflects this transition — IBR remains available as the alternative income-driven plan.
The IBR Tax Bomb — What Happens When Your Loans Are Forgiven
IBR forgiveness after 20 or 25 years is now taxable as ordinary income. If $80,000 is forgiven in year 25, you owe income tax on $80,000 in that year — potentially a $16,000–$24,000 tax bill depending on your bracket. This is the “tax bomb” that most student loan calculators don’t model. The tool includes a forgiveness notation in the IBR column showing forgiveness timeline and the tax implication. PSLF forgiveness remains permanently tax-free.
Student Loan Refinance Calculator — The Trap No Lender Shows You
What Refinancing Saves vs What It Costs You Permanently
Private student loan refinancing offers lower monthly payments and reduced total interest — often saving $1,000–$5,000 versus the standard federal plan depending on your rate and balance. For a $35,000 balance at 5.5% over 10 years versus the federal 6.39%: refi saves $1,874 in total interest.
That $1,874 comes at the cost of every federal protection permanently and irrevocably eliminated:
RAP Eligibility — Permanently Lost
Once refinanced into a private loan, you can never enroll in RAP. If your income drops, gets disrupted, or you lose your job — your private lender has no obligation to lower your payment. Federal income-driven protection is gone.
PSLF Eligibility — Permanently Lost
If you work or later transition to a qualifying public service employer, you cannot pursue PSLF on private loans. A $35,000 balance forgiven after 10 PSLF payments is worth $35,000 tax-free. Refinancing eliminates this option entirely — even if you refinanced before knowing you’d qualify.
IBR and Federal Forgiveness — Permanently Lost
IBR’s 20/25-year forgiveness backstop disappears. For high-debt borrowers with moderate income, this backstop has real financial value — even factoring in the tax bomb.
Federal Forbearance and Deferment — Permanently Lost
Federal loans offer up to 36 months of economic hardship deferment and forbearance. Private lenders may offer 12 months — or none. Job loss, medical emergency, or economic disruption hits differently when your only fallback is a private lender’s discretionary hardship program.
When Refinancing Is Actually Worth It
Refinancing makes clear financial sense when: your income is stable and significantly exceeds your loan balance, you have no intention of pursuing PSLF, you can qualify for a rate at least 1.5% below your current federal rate, and your loans are not Parent PLUS (already ineligible for most federal plans). Use the 4-plan comparison in this tool — if the refinance column shows meaningful savings AND the income-driven plans don’t help you much at your income level, refinancing may be the right call.
Student Loan IBR Calculator — Income-Based Repayment Explained
Who IBR Is For in 2026
IBR — income based repayment — remains available for all eligible federal Direct Loan borrowers in 2026. It is not being eliminated, unlike PAYE and ICR. IBR is the right plan when: your income-driven payment would be lower than your standard payment, you want the 20/25-year forgiveness backstop, and you’re not pursuing PSLF (in which case RAP’s lower payment maximizes forgiveness).
IBR vs RAP — Which One Wins at Your Income Level
At incomes below approximately $80,000 AGI for a single borrower, RAP typically produces a lower monthly payment than IBR. Above $90,000 AGI, IBR often produces a lower payment because RAP’s percentage tiers scale higher at that income level. The 4-plan comparison shows both calculated for your specific numbers — the tool makes the comparison without you needing to understand the formulas.
Student Loan Consolidation Calculator — When to Consolidate Before July 2026
Federal loan consolidation can affect your RAP and IBR eligibility, PSLF qualifying payment count, and interest rate (consolidation uses a weighted average of underlying rates, rounded up to nearest 1/8%). The most critical deadline: borrowers wanting to consolidate Parent PLUS loans into IBR eligibility must do so before specific deadlines. Check studentaid.gov for your specific loan type consolidation timeline.
Real Student Loan Scenarios With Actual Numbers
Scenario 1: The Public Service Case — RAP + PSLF
Elena has $68,000 in grad federal loans at 7.94%. She works as a public school teacher — a qualifying PSLF employer. AGI: $52,000. Family size: 1.
Standard plan: $826/month. Total paid: $99,144. No forgiveness. RAP + PSLF: ~$95/month × 120 payments = $11,400 total paid. Remaining $56,000+ forgiven tax-free after 10 years.
Verdict: RAP + PSLF saves Elena $87,744 versus standard. The tool shows this calculation instantly when PSLF is toggled on.
Scenario 2: The High-Earner — Standard or Refinance Wins
David has $35,000 in undergrad loans at 6.39%. AGI: $110,000. No plans for public service.
Standard plan: $395/month. Total paid: $47,455. Paid off in 10 years. RAP: ~$916/month (10% of AGI at this income level). Higher than standard — RAP doesn’t help high earners. IBR: ~$722/month. Also higher than standard. Refinance at 5.0%, 10 yr: $368/month. Total paid: $44,160. Saves $3,295 versus standard.
Verdict: High-income borrower with no PSLF intent and stable income — refinancing wins. Federal protections have minimal value when your income comfortably covers standard payments.
Scenario 3: The Moderate-Income Borrower — IBR Makes Sense
Priya has $52,000 in grad loans at 7.94%. AGI: $61,000. Family size: 2. Not pursuing PSLF.
Standard plan: $630/month. Total paid: $75,586. RAP: ~$213/month. Total paid with 30-year forgiveness: $76,680 + tax bomb on forgiven amount. IBR: ~$218/month. Total paid with 25-year forgiveness: $65,400 + tax bomb. Refinance at 6.0%, 10 yr: $578/month. Total paid: $69,360. Loses all federal protections.
Verdict: IBR narrowly wins on total cost if tax bomb is manageable. If income is unstable, IBR’s lower payment is critical insurance. Refinancing is second-best on pure cost but eliminates the safety net.
Should I Use an Income-Driven Repayment Plan? — Decision Framework
Use RAP If:
Your AGI is below $80,000 as a single borrower. You want the lowest monthly payment available. You’re pursuing PSLF. Your debt significantly exceeds your annual income. You need the balance growth protection (government covers interest your payment doesn’t reach).
Use IBR If:
Your AGI exceeds approximately $85,000 and RAP’s payment at that tier exceeds IBR’s. You have graduate loans and want the 25-year forgiveness backstop. You’re not pursuing PSLF but want income-driven flexibility.
Use Standard 10-Year If:
Your loan balance is less than your annual income. You can comfortably afford the payment. You want to minimize total interest paid. You have no PSLF eligibility and your income-driven payment isn’t much lower than standard.
Consider Refinancing If:
Your income is stable and well above your loan balance. You have no interest in PSLF now or in future career plans. You qualify for a rate at least 1.5 percentage points below your current federal rate. You understand and accept the permanent loss of all federal protections listed above.
What About Student Loan Forgiveness in 2026?
Student loan forgiveness through broad cancellation remains legally and politically uncertain as of 2026. The only reliable forgiveness paths are PSLF (after 120 qualifying payments, tax-free) and IDR forgiveness (after 20–25 years under IBR or 30 years under RAP, taxable). Do not make repayment plan decisions based on anticipated broad forgiveness — use the plans and numbers that work for your situation today.
Frequently Asked Questions
What is a student loan calculator?
A student loan calculator estimates your monthly payment, total interest, and payoff timeline based on your loan balance, interest rate, and repayment plan — including income-driven options like RAP and IBR. This tool goes further by comparing all four plans simultaneously and modeling PSLF eligibility, so you see the full picture before choosing a repayment path.
What is the new RAP plan for student loans in 2026?
RAP (Repayment Assistance Plan) replaces the SAVE plan effective July 1, 2026. RAP calculates payments as 1–10% of your total AGI on a tiered scale, provides a government interest subsidy (balance can’t grow if your payment falls short), and adds a $50/month government principal match. Forgiveness after 30 years. RAP forgiveness is taxable — PSLF forgiveness under RAP remains tax-free.
How is student loan interest calculated?
Federal student loan interest accrues daily. Daily interest = (Balance × Annual Rate) ÷ 365. On $35,000 at 6.39%, daily interest is $6.12. Monthly interest accrual is approximately $183. Your monthly payment first covers accrued interest, then reduces principal. In early repayment years, most of each payment is interest — the amortization schedule flips this over time.
How do I calculate income-based repayment for student loans?
IBR payment = 10% × (AGI − 150% × Federal Poverty Line) ÷ 12. For 2026 with a single borrower at $55,000 AGI: poverty line ≈ $15,650, discretionary income = $31,525, IBR payment = $262/month. RAP uses a different formula based on AGI tiers rather than discretionary income. This calculator does both calculations automatically when you enter your income and family size.
Is student loan refinancing worth it in 2026?
Refinancing is worth it for high-income borrowers who don’t need PSLF, can get a rate significantly below their current federal rate, and have stable income. It is not worth it if you work in public service, if your income is variable, or if your debt significantly exceeds your salary — in those cases, federal income-driven plans and forgiveness are worth more than the rate savings.
What happens to PAYE borrowers in 2026?
PAYE (Pay As You Earn) is being phased out by 2028. Current PAYE borrowers can remain on PAYE until 2028, but new enrollment is not available. The Department of Education will transition PAYE borrowers to RAP or IBR. If you’re on PAYE, begin modeling RAP and IBR as your future plans using this calculator.
What is the student loan interest deduction in 2026?
You can deduct up to $2,500 in student loan interest paid per year from your federal taxable income. The deduction phases out between $75,000–$90,000 AGI for single filers and $155,000–$185,000 for married filing jointly. This deduction reduces the effective cost of interest-heavy repayment plans and applies regardless of whether you itemize.
How does PSLF work with the new RAP plan?
PSLF forgives your remaining federal balance after 120 qualifying payments while working full-time for a qualifying employer. RAP qualifies as an income-driven plan for PSLF purposes — so borrowers pursuing PSLF should enroll in RAP (lowest monthly payment) to maximize the amount forgiven after 10 years. PSLF forgiveness remains permanently tax-free regardless of the IDR plan used.
Data Sources
Accuracy & Verification
Federal student loan interest rates (6.39% undergraduate, 7.94% graduate, 8.94% PLUS) are from the U.S. Department of Education 2025–26 rate schedule. IBR calculations use 2026 federal poverty guidelines published by the U.S. Department of Health and Human Services. RAP payment tiers are based on the One Big Beautiful Bill Act (P.L. 119-21) statutory text. PSLF eligibility rules from studentaid.gov. Average private refinance rates from Credible and Bankrate lender surveys, April 2026. Last verified: April 2026.
This tool provides estimates for informational purposes only. Results do not constitute financial, tax, or legal advice. IDR payments depend on income recertification, servicer implementation, and annual poverty guideline updates. Always verify your specific plan and payment with your loan servicer or studentaid.gov before making repayment decisions.
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