This student loan calculator compares the SAVE plan to other income-driven repayment plans, such as new and old IBR, PAYE, and refinancing. It's updated with the latest 2024 federal poverty line numbers. If you want to model more complex scenarios, you can also download a more powerful copy of this calculator as a spreadsheet.
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 annual rate of return do you think you can get on your investments?(%) Estimate of retirement and other stock market or other investments. The most common values used are between 2% and 10%.
%
What will your tax rate be in 20 to 25 years?(%) A tax rate between 20% and 50% is typical.
%
How much federal student debt do you owe? Input the current balance of all of your federal student loans.
What percent of your debt is from graduate school? Input the percent of your debt from graduate school
%
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 "%")
%
Did you borrow federal student loans before October 1, 2007?
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
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 |
|---|---|---|---|---|---|---|
| SAVE | $54,035 | $150,000 | $60,000 | $114,035 | $52,948 | 2047 |
| Old REPAYE | $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 | $17,977 | $185,152 | N/A | $17,977 | $14,765 | 2032 |
Your Spouse's Student Loan Repayment Summary
Details
Your Monthly Payment
| Year | SAVE | Old REPAYE | 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 |
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 | SAVE | Old REPAYE | 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 |