This student loan repayment calculator compares all repayment options, such as RAP, PAYE, IBR, PSLF, refinancing, and IDR forgiveness. It's updated with the latest 2026 federal poverty line numbers and the new definition of family size (which includes your spouse, even if you file taxes separately). If you want to model more complex scenarios, you can also download a more powerful copy of this calculator as a spreadsheet.
Note that RAP is not yet available to select as an IDR plan. We expect it to become available by July 2026.
What is your family size? Enter the total number of people in your family including you, your spouse, and your children. Include unborn children who will be born this year.
What year did you start paying your student loans on an income driven plan? Enter today's year if you haven't started or just started
What rate of return do you think you can get on your investments?(%) (2% to 10% per year is the most common range of answers).
What is your estimate of what your combined federal and state marginal income tax rate will be in 20 to 25 years?(%) (20% to 50% is a typical answer)
How much federal student debt do you owe? Input the current balance of all of your federal student loans.
List the smaller of your prior year AGI or your current income Enter your adjusted gross income (AGI). You can find your AGI on your IRS Form 1040, line 8b. If you don't have this handy, you may use an estimate.
What's the average interest rate of all of your federal student loan debt? Enter your average interest rate (numbers only, do not include "%")
Do you plan to work at a non profit or government employer full time for a period of at least 10 years? Enter "Yes" if you plan to work for an Public Service Loan Forgiveness eligible employer for at least 10 years.
Refinancing Assumptions
Student loan refinancing interest rate you assume you can get(%) (1% to 6% is a typical range of answers)
Student loan refinancing term length in years (5, 7, 10, 15, and 20 year terms are the selections available)
Do you want to use the automatic assumption that you can refinance your loans at 4.00% for a 10-year term, or would you like to manually model your own refinancing deal? Choosing "Automnatic" will assume you can refinance your student loans at 4% APR for a 10-year term. Choose "Manual" to customize the refinanced loan term and interest rate.
Income Growth Assumption
Do you want to forecast your income automatically at 3% annual growth or enter it manually? Choose "Automatic" to forecast 3% annual income growth. Choose "Manual" to enable a field to input your own annual income growth rate.
Inputs for Spouse
Are you legally married?
Spouse’s Income Growth Assumption
Summary
Your Student Loan Repayment Summary
| Repayment Plan | Total Payments | Forgiven Balance | Taxes on Forgiven Debt | Total Cost of Student Loan Repayment | Present Value(Cost in Today's Dollars) Present value is the sum of all cash flows over the life of your loan repayment, including payments and applicable taxes, discounted to the present. It's an effective way to compare the true cost of repayment plans that stretch over different periods of time. | Year Loans are Forgiven or Paid Off |
|---|---|---|---|---|---|---|
| RAP Plan | $54,035 | $150,000 | $60,000 | $114,035 | $52,948 | 2047 |
| 20 Year New IBR | $155,367 | $180,211 | $72,084 | $227,451 | $109,944 | 2047 |
| 25 Year Old IBR | $233,050 | $131,153 | $52,461 | $285,511 | $147,656 | 2047 |
| Refinancing | $182,241 | N/A | N/A | $182,241 | $147,758 | 2033 |
| Standard 10 Year | $199,837 | N/A | N/A | $199,837 | $162,024 | 2034 |
| PSLF | N/A | N/A | $17,977 | $14,765 | 2032 |
Your Spouse's Student Loan Repayment Summary
Details
Your Monthly Payment
| Year | RAP Plan | PAYE | New IBR 20 Year |
Old IBR 25 Year |
Standard 10 Year |
Refi |
|---|---|---|---|---|---|---|
| 2024 | $147 | $376 | $376 | $564 | $1,665 | $1,519 |
| 2025 | $152 | $387 | $387 | $581 | $1,665 | $1,519 |
| 2026 | $156 | $399 | $399 | $598 | $1,665 | $1,519 |
| 2027 | $161 | $411 | $411 | $616 | $1,665 | $1,519 |
| 2028 | $166 | $423 | $423 | $635 | $1,665 | $1,519 |
| 2029 | $171 | $436 | $436 | $654 | $1,665 | $1,519 |
| 2030 | $176 | $449 | $449 | $674 | $1,665 | $1,519 |
| 2031 | $181 | $463 | $463 | $694 | $1,665 | $1,519 |
| 2032 | $187 | $476 | $476 | $715 | $1,665 | $1,519 |
| 2033 | $192 | $491 | $491 | $736 | $1,665 | $1,519 |
| 2034 | $198 | $505 | $505 | $758 | ||
| 2035 | $204 | $521 | $521 | $781 | ||
| 2036 | $210 | $536 | $536 | $804 | ||
| 2037 | $217 | $552 | $552 | $828 | ||
| 2038 | $223 | $569 | $569 | $853 | ||
| 2039 | $230 | $586 | $586 | $879 | ||
| 2040 | $237 | $604 | $604 | $905 | ||
| 2041 | $244 | $622 | $622 | $932 | ||
| 2042 | $251 | $640 | $640 | $960 | ||
| 2043 | $259 | $659 | $989 | |||
| 2044 | $266 | $679 | $1,019 | |||
| 2045 | $274 | $700 | $1,049 | |||
| 2046 | $283 | $721 | $1,081 | |||
| 2047 | $283 | $742 | $1,113 | |||
| 2048 | ||||||
| 2049 | ||||||
| 2049 | ||||||
| 2049 | ||||||
| 2049 | ||||||
| 2049 | ||||||
| 2049 |
Spouse's Monthly Payment
Your Student Debt Balance Over Time by Year
Your Spouse's Student Debt Balance Over Time by Year
Your Yearly Student Loan Interest
Your Spouse's Yearly Student Loan Interest
Present Value of Your Annual Student Loan Payments + Taxes on Forgiveness Using your investment return assumption above
Present Value of Spouse's Annual Student Loan Payments + Taxes on Forgiveness Using your investment return assumption above
Effective Interest Rate of Your Student Loans
| Year | RAP Plan | PAYE | New IBR 20 Year |
Old IBR 25 Year |
Standard 10 Year |
Refi |
|---|---|---|---|---|---|---|
| 2024 | ||||||
| 2025 | 1.22% | 4.48% | 5.83% | 5.91% | 6% | 4% |
| 2026 | 1.25% | 4.46% | 5.67% | 5.83% | 6% | 4% |
| 2027 | 1.29% | 4.45% | 5.52% | 5.77% | 6% | 4% |
| 2028 | 1.33% | 4.44% | 5.39% | 5.71% | 6% | 4% |
| 2029 | 1.37% | 4.43% | 5.26% | 5.66% | 6% | 4% |
| 2030 | 1.41% | 4.43% | 5.15% | 5.62% | 6% | 4% |
| 2031 | 1.45% | 4.43% | 5.04% | 5.59% | 6% | 4% |
| 2032 | 1.49% | 4.43% | 4.95% | 5.56% | 6% | 4% |
| 2033 | 1.54% | 4.44% | 4.86% | 5.55% | 6% | 4% |
| 2034 | 1.59% | 4.45% | 4.78% | 5.54% | 6% | 4% |
| 2035 | 1.63% | 4.47% | 4.71% | 5.55% | ||
| 2036 | 1.68% | 4.49% | 4.64% | 5.56% | ||
| 2037 | 1.73% | 4.51% | 4.58% | 5.58% | ||
| 2038 | 1.78% | 4.54% | 4.53% | 5.61% | ||
| 2039 | 1.84% | 4.57% | 4.48% | 5.66% | ||
| 2040 | 1.89% | 4.54% | 4.43% | 5.71% | ||
| 2041 | 1.95% | 4.64% | 4.39% | 5.78% | ||
| 2042 | 2.01% | 4.68% | 4.36% | 5.86% | ||
| 2043 | 2.07% | 4.73% | 5.96% | |||
| 2044 | 2.13% | 4.78% | 6% | |||
| 2045 | 2.19% | 4.84% | 6% | |||
| 2046 | 2.26% | 4.9% | 6% | |||
| 2047 | 2.33% | 4.97% | 6% | |||
| 2048 | ||||||
| 2049 | ||||||
| 2049 | ||||||
| 2049 | ||||||
| 2049 | ||||||
| 2049 | ||||||
| 2049 |
Effective Interest Rate of Your Spouse's Student Loans
Here are the payment plans that you can model using the student loan repayment calculator above.
- Repayment Assistance Plan (RAP) (for comparison purposes only. Not yet available. Coming July 2026)
- 20 Year Pay As You Earn (PAYE)
- 20 Year New Income-Based Repayment (IBR)
- 25 Year Old IBR
- Refinancing
- Standard Repayment Plan (10-year)
- Public Service Loan Forgiveness (PSLF)
Note that not every borrower will qualify for all the listed payment plans, as eligibility depends on various factors such as borrowing date, types of loans, and more.
You can also compare PSLF with non-PSLF forgiveness options to see how factors like monthly payments, repayment terms, interest rates, and state of residence affect your total repayment.
If you want to compare Income-Contingent Repayment, check out our Parent PLUS calculator.
Estimate Your Future Monthly Payments
You know what you're paying now, but you'd probably like to know what you could be paying in five years too. You'd also like to calculate if you should refinance your student loan debt and compare tradeoffs for federal loans.
Pretend you're a resident physician making $60,000 for the next four years. You'll finish your residency in July 2026. For half the year, you'd make a resident income of $60,000, but the other half the year, you'd make an attending income of $200,000. Hence, you'd make $130,000 for this “in-between” year.
Once you become an attending, you'll earn $200,000 adjusted up for inflation. What would your monthly student loan payments be under RAP, PAYE, and IBR?
To find out, manually enter your income growth over time and instantly see how your monthly payments change.
If Refinancing is Your Best Option, Get Exclusive Cash Bonuses
After entering all your info into the student loan calculator, you'll notice different costs for the various plans. If the student loan refinancing row shows up as the cheapest option, I think there's a chance you could save a lot of money by checking out refinancing offers from private lenders.
For example, see how much you could potentially save in interest by completing a quick rate check with Splash Financial (and you get a refinancing bonus of up to $1,000 if you end up using them).
Earnest: Best for flexible repayment
- Positives: Flexible repayment terms, custom loan payments
- Allows cosigners: Yes
- Deferment or forbearance available: Yes, up to 36 months
- Interest rates: Fixed starting at 4.05% APR; Variable starting at 5.73% APR
- Bonus: $200 for refinancing 50k to $99,999; $1000 for refinancing 100k or more.
Payment flexibility and consistently low rates make Earnest a top lender that Student Loan Planner® readers use when refinancing student loans. Earnest also services its own loans and has a Rate Match program that matches competitors' contractual interest rates. If you refinance $100,000 or more, you can get a $1000 bonus ($500 Earnest bonus + $500 from Student Loan Planner®). Additional terms apply.
Many personal finance blogs and student loan-focused websites embed referral links and take all of the referral bonuses for themselves. I think it's better for the reader and client to split it with you.
You'll get anywhere from $100-$750 AND a lower interest rate (which is the only reason to refinance student loans, of course). If you decide to refinance your loan amount after using this tool, I really appreciate it! You help me a lot by supporting this site and keeping this tool free for others.
Of course, consider the potential downsides of refinancing federal student loans before deciding.
How Does the Process Work, and What are the Companies You Suggest?
You can check your rate without affecting your credit score. Moreover, it only takes as little as a couple of minutes. I suggest checking at several companies, as you never know who will show up with the best interest rates to refinance your college costs.
If you decide to go through with the refinancing, then your score takes a temporary hit. Even so, it would be totally worth it if you cut your interest rate by 1%-3%. One time I even had a client who dropped her rate from 13% to under 3%. That result is unusual, but I see folks who save thousands in interest payments by refinancing their loans all the time. I highly suggest you consider it if you owe less than twice your income.
Want to check refinancing interest rates? Check out these awesome refinancing bonuses available to Student Loan Planner® readers and clients. You won't get them at all if you visit the lender websites directly. Additionally, it doesn't affect the interest rate they offer. So you should definitely check it out.
Need Help? Contact a Planner
Wondering what Student Loan Planner® can do for you? The average savings we find over the life of the loan repayment period is over $80,000 per person.
In contrast, a consult costs $595 for new clients and $495 for existing clients. Additionally, the savings we find vary widely, from $0 to over $300,000. The most common savings we have found over 20-25 years is about $50,000. Please verify the info I'm telling you. Check out what Student Loan Planner® clients are saying by reading our reviews.
Many borrowers will use this tool and never contact me for help, and I'm cool with that. If that's you, please share it on social media and with your professional networks if you find it useful. If you have comments on the tool or want to learn more about how I help craft student loan strategies, contact me directly.
Additional Student Loan Calculators
- Student Loan Refinance Calculator
- Student Loan Income-Based Repayment Plan (RAP, IBR, PAYE) Calculator
- Public Service Loan Forgiveness (PSLF) Calculator
- Student Loan Payoff Calculator
- Student Loan Interest Deduction Calculator
- Student Loan Interest Calculator
If you're looking for a calculator for help with private student loans, try the Payoff or Refinance calculators.
Frequently Asked Questions (FAQs)
This calculator uses federal formulas and current poverty guidelines to provide estimates, but it may contain errors and shouldn't be relied upon for final decisions. Your actual payments may vary based on servicer calculations, recertification timing, and individual circumstances. We always recommend consulting with a student loan expert before committing to a repayment strategy.
RAP (Repayment Assistance Plan) replaces SAVE starting July 1, 2026. The biggest changes: no more $0 payments (minimum is $10/month), payments are based on a tiered percentage of your full AGI (1-10%) rather than discretionary income, and forgiveness takes 30 years instead of 20-25. RAP does keep SAVE's interest subsidy and adds a matching principal payment of up to $50/month.
It depends on your income, debt, and career path. PSLF is often cheapest for those who qualify. A RAP with 30-year forgiveness may work well for high-debt-to-income borrowers; refinancing or a Standard tends to favor higher earners. The “Present Value” column in this calculator can help you compare.
Consider refinancing if you have high income relative to your debt, don't qualify for PSLF, and can get a competitive rate. Staying on IDR may make more sense if you're pursuing forgiveness or value federal protections. Keep in mind that once you refinance, you permanently lose access to IDR, PSLF, and federal forgiveness.
RAP allows married borrowers to file separately and exclude their spouse's income from the payment calculation, which can help if your spouse earns more. However, filing separately may mean losing some tax benefits and limiting dependent deductions to kids you claim on your return. It's worth running both scenarios annually to see which might save more overall.
You typically must recertify annually to remain on IDR, though during the COVID pandemic, the requirement was relaxed in the past few years. Your servicer will notify you when it's due. If your income dropped, recertifying early could lower payments sooner. If it jumped, waiting until the deadline may keep your lower payment longer. Missing the deadline spikes your payment to the standard amount and can cost you forgiveness credit. See this post to learn more.
Adjusted gross income is your annual income with certain adjustments subtracted. Your prior-year AGI can be found on your Form 1040, line 11.
Your family size is the total number of people in your family, including you, your spouse, and your children. You should also include unborn children who will be born this year.
Enter Your Email Below, and Your Free, Private and Downloadable Loan Calculator Will Be on the Way
If you find this spreadsheet useful, please share it so that other borrowers can benefit.
I can't wait to help you save money on your student debt, whether you use our calculator or hire us for a one-on-one consult. We've worked with dozens of dentists, doctors, veterinarians, lawyers, businesspeople, chiropractors, pharmacists, physician assistants, psychologists, family counselors, and other professionals! Get your plan today or download the more advanced copy of the calculator above in spreadsheet format by entering your info below.
