Student Loan Calculator USA 2026 — Repayment
Estimate your monthly payment, total interest, and forgiveness amount across all seven federal repayment plans — Standard, Extended, Graduated, IBR, PAYE, SAVE, and ICR. Uses 2026 federal poverty guidelines for income-driven plan calculations.
How It Works
- Enter your loan details
- Enter your income and household details
- Review your repayment projection
Understanding US Student Loan Repayment Plans
Federal student loan borrowers in the United States have seven main repayment plans to choose from. The right plan depends on your loan balance, income, career goals, and whether you are pursuing Public Service Loan Forgiveness. The difference in total cost between plans can be tens of thousands of dollars over the life of a loan.
Standard vs. Income-Driven Plans
The Standard 10-year plan pays off your loan in 120 equal monthly installments. It minimizes total interest paid but requires the highest monthly payment. The Extended 25-year plan lowers monthly payments but substantially increases total interest. The Graduated plan starts with lower payments that increase every two years, designed for borrowers who expect their income to rise.
Income-driven repayment (IDR) plans cap your monthly payment as a percentage of your discretionary income — the gap between your adjusted gross income and a multiple of the federal poverty guideline (FPL) for your family size. Remaining balances are forgiven after 20 or 25 years. For borrowers with high debt relative to income, IDR plans can dramatically reduce monthly payments, sometimes to $0.
| Plan | Payment Cap | Income Protection | Forgiveness |
|---|---|---|---|
| Standard | Fixed (10 yr) | — | None |
| Extended | Fixed (25 yr) | — | None |
| Graduated | Graduated (10 yr) | — | None |
| IBR | 10% discretionary | 150% FPL | 20 years |
| PAYE | 10% discretionary | 150% FPL | 20 years |
| SAVE | 5%/10% discretionary* | 225% FPL | 20/25 years |
| ICR | 20% discretionary | 100% FPL | 25 years |
*SAVE: 5% for undergraduate loans, 10% for graduate loans. Currently in legal limbo — see note below.
The SAVE Plan: Legal Status (2026)
The SAVE plan (Saving on a Valuable Education), introduced by the Biden administration in 2023 as a replacement for REPAYE, offered the most generous terms of any IDR plan — a 225% FPL income shield and undergraduate payments capped at 5% of discretionary income. Federal courts blocked key provisions of SAVE in mid-2024, citing that the Department of Education exceeded its statutory authority. As of early 2026, SAVE remains under an injunction. Borrowers enrolled in SAVE have been placed in an interest-free forbearance while courts and Congress work toward resolution. This calculator models SAVE as designed, but actual availability may differ. Check studentaid.gov for the latest status.
Public Service Loan Forgiveness (PSLF)
PSLF is a federal program that forgives the remaining Direct Loan balance after 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer — a government agency, public school, or 501(c)(3) non-profit. Payments must be made on an IDR plan. PSLF forgiveness is currently tax-free at the federal level, making it significantly more valuable than standard IDR forgiveness. If you work in public service, even a plan with a higher monthly payment under IDR may lead to much lower lifetime repayment costs when the forgiven balance is factored in.
Student Loan Interest Tax Deduction
You can deduct up to $2,500 of student loan interest paid per year from your federal taxable income — no itemizing required. For 2026, the deduction phases out for single filers with MAGI between $75,000–$90,000 and for married-joint filers between $155,000–$185,000. At a 22% tax bracket, a full $2,500 deduction saves $550 in federal taxes annually. Use our Tax Refund Calculator to model how the deduction reduces your overall tax bill.
Choosing the Right Plan
The best repayment strategy depends on your situation. If you can afford the standard payment and are not pursuing PSLF, the 10-year plan minimizes total interest. If your income is low relative to your balance, IBR or PAYE limits financial stress while working toward forgiveness. If you work in public service, maximize your PSLF eligibility by keeping payments on an IDR plan — lower monthly payments mean a larger tax-free forgiveness after 10 years. For a complete picture of your take-home pay after taxes, student loan payments, and other deductions, see our US Salary Calculator.
Frequently Asked Questions
All three are income-driven repayment (IDR) plans that cap monthly payments as a percentage of your discretionary income. IBR caps payments at 10% of discretionary income with forgiveness after 20 years (for new borrowers). PAYE also caps at 10% with 20-year forgiveness but has stricter eligibility requirements. SAVE (formerly REPAYE) is the most generous current plan — it uses 225% of the federal poverty line as the income protection amount and caps undergraduate loan payments at 5% of discretionary income, with forgiveness after 20 years for undergrad or 25 years for grad loans. Note: SAVE is currently in legal limbo due to court challenges.
PSLF forgives the remaining balance on Direct Loans after 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer — typically a government agency or 501(c)(3) non-profit. Payments must be made under an income-driven repayment plan. PSLF forgiveness is currently tax-free at the federal level. If you qualify, PSLF can dramatically reduce lifetime repayment costs compared to any standard plan.
Yes. The student loan interest deduction allows you to deduct up to $2,500 of student loan interest paid per year from your taxable income. For 2026, the deduction phases out for single filers with modified adjusted gross income (MAGI) between $75,000 and $90,000, and for married filing jointly between $155,000 and $185,000. You do not need to itemize to claim this deduction — it is an above-the-line adjustment to income.
It depends on the forgiveness program. PSLF forgiveness is currently tax-free. IDR forgiveness (after 20 or 25 years) is generally treated as taxable income at the federal level, though this may vary by year and any legislative changes. Some states do not tax forgiven amounts. You should consult a tax professional in the year your loans are forgiven to understand your liability.
The SAVE (Saving on a Valuable Education) plan was introduced in 2023 as a replacement for REPAYE. It provides the most generous income protection (225% of the federal poverty line) and reduces undergraduate payments to 5% of discretionary income. However, federal courts blocked key provisions of SAVE in 2024, citing that the Department of Education exceeded its authority. As of early 2026, the plan remains in legal uncertainty. Borrowers enrolled in SAVE have been placed in an interest-free forbearance while litigation continues. This calculator shows SAVE projections for informational purposes only.
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