Student Loan Repayment Calculator

How to Use This Calculator

1. Enter your loan — total federal balance and weighted average interest rate (find both at studentaid.gov).
2. Enter your income — your Adjusted Gross Income from your latest tax return, household size, and dependents claimed.
3. Pick your IBR type — New IBR if you first borrowed on or after July 1, 2014 (most current borrowers), Old IBR otherwise.
4. Compare the three plans — monthly payment, forgiveness timeline, and how each plan treats interest and dependents.

Why This Decision Is Urgent in 2026

The SAVE plan — the income-driven plan millions of borrowers have used since 2023 — is being wound down. Starting July 1, 2026, the Department of Education begins notifying SAVE borrowers that they have 90 days to choose a new repayment plan. Anyone who doesn't choose is moved automatically to the Standard (or Tiered Standard) plan, which typically means a significantly higher monthly payment than an income-driven option.

The replacement income-driven plan is RAP (Repayment Assistance Plan): payments scale from 1% to 10% of your AGI in $10,000 income brackets, reduced by $50 per dependent, with a $10/month floor. Unlike older plans, RAP waives any unpaid interest each month, so your balance can't grow even if your payment doesn't cover interest — and the government matches up to $50 of principal on top of your payment.

IBR is still available and, for some income and balance combinations, produces a lower payment than RAP — this calculator runs your numbers through both formulas (plus the fixed 10-year Standard plan) so you can see the real comparison before your window to choose closes.

Frequently Asked Questions

Why do I need to choose a new repayment plan in 2026?

The SAVE plan is being wound down. Starting July 1, 2026, borrowers enrolled in SAVE receive a notice and have 90 days to choose a new plan — RAP, IBR, or the Standard plan — or they're automatically moved to the Standard (or Tiered Standard) plan, which usually means a higher monthly payment. This calculator helps you compare the alternatives before that deadline.

What is RAP (Repayment Assistance Plan)?

RAP is the new income-driven plan that replaces IBR, PAYE, and ICR for anyone borrowing on or after July 1, 2026, and is also open to existing borrowers choosing a new plan. Your payment is 1-10% of your Adjusted Gross Income (AGI), in 1-point steps per $10,000 of income, minus $50 per dependent, with a $10/month minimum. Unpaid interest is waived each month so your balance can't grow, and the Department of Education matches up to $50 of principal on qualifying payments. Any remaining balance is forgiven after 30 years (360 payments).

What is IBR (Income-Based Repayment)?

IBR caps your payment at a share of your discretionary income (AGI minus 150% of the federal poverty guideline for your household size). New IBR — for loans first taken out on or after July 1, 2014 — charges 10% of discretionary income and forgives any remaining balance after 20 years. Old IBR charges 15% and forgives after 25 years. Either way, your IBR payment is capped at what you'd pay on the Standard 10-year plan.

Which plan has the lowest monthly payment?

It depends on your income relative to your loan balance. Lower earners with larger balances usually see the lowest payment on RAP or IBR; higher earners, or anyone with a small balance and a high income, often find the Standard plan's fixed payment is actually lower than an income-driven percentage — and it pays off the loan in 10 years instead of stretching payments over decades.

Is loan forgiveness under RAP or IBR taxable?

Tax treatment of forgiven student loan balances has changed more than once in recent years and depends on federal and state rules current at the time of forgiveness, which is likely decades away for most borrowers on these plans. This calculator doesn't model taxes on forgiveness — check the latest guidance at studentaid.gov or with a tax professional before relying on any forgiveness amount.

Does this calculator show my exact federal payment?

No — it's an estimate using the published RAP and IBR formulas and your current numbers. Real IDR payments are recalculated every year based on your updated income and family size, and servicers apply rounding and processing rules this calculator doesn't replicate. Confirm your actual payment with your loan servicer or the Loan Simulator at studentaid.gov before choosing a plan.

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