Student Loan Calculator 2026
RAP, Standard, Graduated, Extended, IBR, PAYE, and private loan payoff
Last updated: August 2026 · 2026 HHS Poverty Guidelines applied to IDR formulas · 2026-27 federal rates 6.52% / 8.07% / 9.07%
What changed for 2026
- SAVE is gone. It was terminated, and borrowers are being transitioned off it. Months spent in the SAVE general forbearance count toward neither IDR forgiveness nor PSLF, so anyone pursuing forgiveness should move now rather than wait to be moved.
- Loans first disbursed on or after 1 July 2026 get RAP or the new standard plan, and nothing else. Graduated, extended, IBR, PAYE and ICR are closed to them.
- PAYE and ICR sunset on 1 July 2028 even for existing borrowers.
- Grad PLUS was eliminated for new borrowers from 1 July 2026, replaced by annual and aggregate caps on graduate Direct Unsubsidized borrowing.
Check StudentAid.gov before acting on any projection here.
Loan Details
Loan Balance Over Time
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.
The Repayment Assistance Plan (RAP)
RAP was created by the One Big Beautiful Bill Act and is the plan most borrowers will end up on. It works differently from every plan before it: the payment is a percentage of your whole AGI, not of discretionary income above a poverty multiple, so family size and state of residence do not enter the formula at all. Dependents are handled with a flat credit instead.
| Adjusted gross income | Annual payment |
|---|---|
| $10,000 or less | $120 ($10/month floor) |
| $10,001 to $20,000 | 1% of AGI |
| $20,001 to $30,000 | 2% of AGI |
| $30,001 to $40,000 | 3% of AGI |
| $40,001 to $50,000 | 4% of AGI |
| $50,001 to $60,000 | 5% of AGI |
| $60,001 to $70,000 | 6% of AGI |
| $70,001 to $80,000 | 7% of AGI |
| $80,001 to $90,000 | 8% of AGI |
| $90,001 to $100,000 | 9% of AGI |
| Over $100,000 | 10% of AGI |
Every payment is reduced by $50 per dependent, but never below the $10 monthly minimum. Two subsidies make RAP unusually hard to go backwards on: unpaid interest is waived rather than capitalized, so a balance cannot grow while you are paying; and if your payment reduces principal by less than $50 in a month, the government makes up the difference, so the balance falls by at least $50 every month regardless of income. Any balance left after 30 years of qualifying payments is forgiven, and RAP payments count toward PSLF's 120-payment threshold.
Legacy Income-Driven Repayment (IDR) Plans
The older IDR plans cap your payment at a percentage of discretionary income (AGI minus 150% of the federal poverty line for your family size). IBR is 15% of discretionary income over 25 years, or 10% over 20 years for borrowers new as of July 2014. PAYE is 10% over 20 years. SAVE has been terminated and is not an option; borrowers are being moved off it, and months spent in its general forbearance count toward neither IDR forgiveness nor PSLF.
These plans are closed to loans first disbursed on or after 1 July 2026, and PAYE and ICR sunset entirely on 1 July 2028. After the term, any remaining balance is forgiven. The American Rescue Plan exclusion that made IDR forgiveness federally tax-free expired on 31 December 2025, so forgiveness from 2026 onward may be taxable as ordinary income unless Congress acts.
2026-27 Federal Interest Rates
Federal Direct Loan rates reset every 1 July from the May 10-year Treasury auction and are then fixed for the life of that loan. For loans first disbursed between 1 July 2026 and 30 June 2027:
- Undergraduate Direct Subsidized and Unsubsidized: 6.52% (2025-26: 6.39%)
- Graduate Direct Unsubsidized: 8.07% (2025-26: 7.94%)
- Direct PLUS: 9.07% (2025-26: 8.94%)
Grad PLUS was eliminated for new borrowers from 1 July 2026. Graduate students now face annual and aggregate caps on Direct Unsubsidized borrowing instead, and anything above those caps has to come from private lenders on private terms.
Separately, up to $2,500 of student loan interest remains deductible above the line, so you can claim it without itemizing. For 2026 it phases out between $85,000 and $100,000 of MAGI for single filers and between $175,000 and $205,000 for married filing jointly; married filing separately cannot claim it at all.
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?
RAP forgives any balance left after 30 years of qualifying payments. IBR forgives after 25 years (20 for borrowers new as of July 2014) and PAYE after 20 years, though both are closed to loans first disbursed on or after 1 July 2026 and PAYE sunsets on 1 July 2028. PSLF forgives the remainder after 120 qualifying payments in qualifying public-service employment, and RAP payments count toward it. The ARPA tax exclusion for IDR forgiveness expired 31 December 2025, so forgiveness from 2026 may be taxable unless Congress acts. PSLF remains tax-free permanently.
What happened to the SAVE plan?
SAVE has been terminated: struck down in litigation, then repealed by the One Big Beautiful Bill Act. The Department of Education is transitioning borrowers off it, and months spent in the SAVE general forbearance count toward neither IDR forgiveness nor PSLF. If you are still on it, pick a replacement plan rather than waiting to be moved. Every month in forbearance is a month of forgiveness credit you do not get back.
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.