Student Loan Calculator 2026
Standard, Graduated, Extended, IBR, PAYE, SAVE, and private loan payoff
Last updated: November 2025 · 2025 HHS Poverty Guidelines applied to IDR formulas
2026 SAVE plan status
The SAVE plan remains in active federal litigation. As of late 2025, most SAVE borrowers are in an interest-free general forbearance, and these months do NOT count toward IDR forgiveness or PSLF. The Department of Education has signaled SAVE may be wound down in 2026, with borrowers transitioned to IBR or a new plan under the Higher Education Act. Check StudentAid.gov for the latest before relying on SAVE projections.
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Loan Summary
Understanding Federal Student Loan Plans
Standard, Graduated, and Extended Plans
The Standard 10-year plan is the default and pays the least total interest. The Graduated plan starts with lower payments that step up every 2 years, useful if you expect rising income. The Extended plan stretches up to 25 years (requires $30,000+ balance), reducing the monthly payment but greatly increasing lifetime interest. None of these qualify for forgiveness alone; the Standard plan does count toward PSLF month credit if you also work for a qualifying employer.
Income-Driven Repayment (IDR) Plans
IDR plans cap your payment at a percentage of discretionary income (AGI minus a multiple of the federal poverty line for your family size). IBR is 15% of discretionary income over 25 years (10% over 20 years for new borrowers after July 2014). PAYE is 10% over 20 years. SAVE was designed to be 10% of discretionary income (5% for undergrad debt) with a higher 225% poverty exclusion, but is currently in litigation. After the term, any remaining balance is forgiven. Federal tax on the forgiven amount may apply for forgiveness after Dec 31 2025.
Public Service Loan Forgiveness (PSLF)
PSLF forgives the remaining Direct Loan balance after 120 qualifying monthly payments while working full-time for a U.S. federal, state, tribal, or local government agency or a qualifying 501(c)(3) non-profit. Payments must be made on an IDR plan (Standard works too but typically leaves no balance to forgive). PSLF forgiveness is permanently federal-tax-free. Submit Form PSLF annually and after any employer change. The PSLF Help Tool at StudentAid.gov walks you through eligibility.
Refinancing Federal vs Private Loans
Refinancing federal loans into a new private loan trades the federal protections (IDR, PSLF, deferment, death/disability discharge) for a potentially lower rate. This makes sense only if your income is stable, you will never qualify for PSLF, and you plan to pay off in 5-10 years. Private loans, on the other hand, can usually be safely refinanced because they never had those federal protections to begin with. Always compare APR (not just rate), and watch for variable-rate offers, the introductory rate can climb sharply.
Frequently Asked Questions
How does student loan forgiveness work in 2026?
Federal Direct Loans on an IDR plan are forgiven after 20 years (PAYE, undergrad SAVE) or 25 years (IBR, graduate SAVE). PSLF forgives the remainder after 120 qualifying payments in qualifying public-service employment. The ARPA tax exclusion for IDR forgiveness expires Dec 31 2025, so 2026 IDR forgiveness may be taxable unless Congress extends it. PSLF remains tax-free permanently.
What is happening with the SAVE plan in 2026?
SAVE remains in active federal litigation. Most SAVE borrowers are in an interest-free general forbearance as of late 2025, and these months do NOT count toward IDR forgiveness or PSLF. The Department of Education has signaled SAVE may be wound down in 2026. Borrowers seeking forgiveness credit may want to switch to IBR or PAYE.
Should I refinance my federal student loans?
Refinancing federal loans into a private loan permanently loses federal protections (IDR, PSLF, deferment, death/disability discharge). Only refinance federal loans if your income is stable, you will never qualify for PSLF, you plan to pay off in 5-10 years, and the new rate is at least 1.5% lower. Private loans can almost always be safely refinanced.
How does Public Service Loan Forgiveness work?
PSLF forgives the remaining Direct Loan balance after 120 qualifying monthly payments while working full-time for a U.S. government employer or qualifying 501(c)(3). Payments must be on an IDR plan or Standard. Forgiveness is tax-free. File Form PSLF annually to certify employment.
When should I switch repayment plans?
Switch to an IDR plan if Standard exceeds 10-15% of gross income, you are pursuing PSLF, or you cannot afford payments. Switch to Standard when income rises and you want to minimize interest. Switching is free but may capitalize accrued interest on some plans.
What is interest capitalization?
Capitalization adds accrued unpaid interest to your principal balance, so future interest is calculated on the new, higher principal. Federal triggers include end of grace period, end of deferment/forbearance, and exit from certain IDR plans. Avoid it by paying interest monthly during in-school deferment.
What happens if I default on federal student loans?
Default occurs after 270 days non-payment. The full balance accelerates, your credit is damaged for 7 years, wages can be garnished up to 15%, and tax refunds and Social Security can be seized without a court order. You can rehabilitate via 9 consecutive on-time payments or consolidate out. Contact your servicer early, IDR can drop payments to $0.