Student Loan Repayment & Payoff Calculator (2026)
Compare federal student loan repayment plans — standard 10-year, IBR, and PSLF. Enter your balance, interest rate, and income to see monthly payments, total interest, and forgiveness timeline.
Standard 10-Year
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Income-Based (IBR) 20-Year
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PSLF (10-Year / Public Service)
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Federal student loan monthly payment under the standard 10-year plan uses the amortization formula M = P × [r(1+r)^n] / [(1+r)^n − 1] over 120 months. IBR (Income-Based Repayment) limits payments to 10% of discretionary income — AGI minus 150% of the HHS Federal Poverty Guideline for your family size (89 Fed. Reg. 2963; $15,650 single in 2026, making the 150% threshold $23,475 per 34 CFR 685.221).
PSLF forgives the remaining balance after 120 qualifying payments at a government or nonprofit employer, tax-free under IRC §108(f)(3) (34 CFR 685.219). IBR forgiveness after 20–25 years is currently taxable — a key planning difference between the two paths.
Worked example: $45,000 at 6.5%, standard 10-year: $511/month, $61,320 total paid, $16,320 interest. IBR (single, $50K AGI): discretionary = $50K − $23,475 = $26,525; monthly IBR = 10% × $26,525 ÷ 12 = $221/month. Balance remaining at year 10 ≈ $27,400 → PSLF forgives this amount tax-free.
How it's calculated
How to use this calculator
- Enter your loan balance and interest rate (find these at studentaid.gov).
- Enter adjusted gross income (AGI) and family size for income-driven plan estimates.
- Select your repayment plan to see standard, IBR, or PSLF projections side by side.
- Results show monthly payment, total paid, total interest, and estimated forgiveness amount and timing.
Formula and assumptions
// Standard 10-year M = P × [r(1+r)^120] / [(1+r)^120 − 1] where r = annualRate / 12 // IBR (new borrowers post 7/1/2014) FPL = $15,650 × familySizeMultiplier (89 Fed. Reg. 2963) discretionaryIncome = AGI - (1.5 × FPL) IBR_monthly = max(0, discretionaryIncome × 0.10 / 12) forgiveness after 240 months (undergrad) or 300 (grad) // PSLF Same IBR payment; forgiveness after 120 payments tax-free
- FPL 2026
- $15,650 single (48 contiguous); per 89 Fed. Reg. 2963
- IBR rate
- 10% for post-2014 loans; 15% for pre-2014 loans
- Income growth
- Held flat — actual IBR payments will increase with income
- PSLF
- Requires qualifying employer + eligible payment plan; not automatically granted
Worked example
$60,000 balance, 6.8% rate, $55,000 AGI, single, family size 1
Standard vs IBR vs PSLF crossover analysis
The right plan depends on income and career path. Below is a crossover analysis for a borrower with $60,000 in federal loans at 6.8%, $55,000 AGI (held flat), family size 1, 2026 FPL. All figures are estimates; IBR payments are held constant for simplicity.
| Plan | Monthly pmt | Years to done | Total paid | Forgiven |
|---|---|---|---|---|
| Standard (10-yr) | $690 | 10 | $82,776 | $0 |
| IBR (20-yr) | $263 | 20 | $63,120 | ~$22K (taxable) |
| PSLF (10-yr IBR) | $263 | 10 | $31,560 | ~$44K (tax-free) |
PSLF dominates if you qualify for a public-service employer. IBR beats standard if your income is low relative to debt. Standard wins if your income is high enough that IBR payments would exceed the standard payment — in that case, IBR effectively becomes standard.
Limitations
- Income held flat — real IBR payments rise with salary growth.
- PSLF requires employer certification for each payment period — not all employers qualify.
- RAP plan details are based on 2025 regulatory proposals; verify at studentaid.gov.
- Tax treatment of forgiven amounts may change — consult a tax professional.
- Educational estimate only — not professional financial or legal advice.
Frequently asked questions
Standard 10-year payment: M = P[r(1+r)^120]/[(1+r)^120−1]. IBR caps payments at 10% of discretionary income (AGI minus 150% of 2026 FPL; single threshold $23,475). PSLF forgives remaining balance after 120 qualifying payments, tax-free under IRC §108(f)(3). For $60K at 6.8%, $55K AGI: standard $690/mo vs IBR $263/mo.
Recent updates
- May 2026Initial launch. 2026 HHS FPL for 48-contiguous states: $15,650 single per 89 Fed. Reg. 2963. IBR per 34 CFR 685.221. PSLF per 34 CFR 685.219.
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