Updated for 2026

Student Loan Calculator

Calculate your monthly payment, total interest, and payoff date. Compare 5 to 25-year repayment terms side by side, including the 10, 15, 20 and 25-year terms of the new Tiered Standard plan.

Last updated · 2026-27 federal loan rates, RAP and loan limits checked against studentaid.gov and ed.gov

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How Student Loan Repayment Works

New federal undergraduate loans for 2026 to 2027 carry a fixed 6.52% rate. At that rate $35,000 costs $398 a month over 10 years ($12,733 of interest), or $305 a month over 15 years, the term the new Tiered Standard plan gives a $35,000 balance. Enter your balance, rate and term above to see your payment, payoff date and what extra payments save.

Your monthly student loan payment is calculated using the standard amortization formula. Early in repayment, the majority of each payment goes toward interest. As the balance decreases, more goes toward principal until the loan is fully paid off.

Federal student loans offer multiple repayment plans, income-driven options, and potential forgiveness programs. Private loans typically offer fewer protections, making it critical to understand your full cost before borrowing.

Current Federal Student Loan Rates: 2026

Subsidized & Unsubsidized (Undergrad)

6.52% for loans first disbursed from 1 July 2026 to 30 June 2027. Fixed for the life of the loan. Subsidized: government pays interest during school. Unsubsidized: interest accrues immediately from disbursement.

Graduate Unsubsidized

8.07% for graduate and professional students (2026 to 2027 rate). Higher rates reflect the larger balances typically borrowed. No subsidized option is available for graduate students under current law.

PLUS Loans (Parent & Grad)

9.07% for 2026 to 2027, the highest federal rate. Used when other federal limits are exhausted. Full credit check required. A 4.228% loan fee applies to loans first disbursed before 1 October 2026. Grad PLUS closed to new graduate borrowers on 1 July 2026.

Private Student Loans

Variable: 4 to 16% depending on credit score, co-signer, and lender. Can be lower than federal for excellent-credit borrowers, but lack income-driven repayment and forgiveness options.

Federal Repayment Plans After July 2026

The One Big Beautiful Bill Act replaced the old menu of plans. The SAVE plan has ended: a court order closed it on 10 March 2026, and borrowers who were in it are being notified and given 90 days to choose another plan. Since 1 July 2026, anyone taking out a new federal loan repays under one of two plans.

PlanWho can use itHow the payment is set
Tiered StandardAll loans made on or after 1 July 2026; also open to current borrowersFixed payment over 10, 15, 20 or 25 years depending on the balance, minimum $50 a month
Repayment Assistance Plan (RAP)Direct Loan borrowers (Parent PLUS excluded)1% to 10% of adjusted gross income, minus $50 a month per dependent, minimum $10 a month; balance forgiven after 360 qualifying payments
Income-Based Repayment (IBR)Loans made before 1 July 2026Share of discretionary income; stays available after the other older plans close
ICR and PAYECurrent enrollees onlyClosing on 1 July 2028; borrowers must move to RAP, Tiered Standard or IBR by then

RAP has two features the older plans lacked. If your payment does not cover the month's interest, the unpaid interest is waived, and the government reduces your principal by up to $50 a month so the balance always falls. On-time RAP payments count toward Public Service Loan Forgiveness.

Tiered Standard Payments at 6.52%

The term is set by your balance. These examples use the 2026 to 2027 undergraduate rate.

Balance tierTermExample balanceMonthly paymentTotal interest
Under $25,00010 years$20,000$227$7,276
$25,000 to $49,99915 years$35,000$305$19,949
$50,000 to $99,99920 years$75,000$560$59,415
$100,000 or more25 years$150,000$1,015$154,406

A longer term lowers the payment but costs more. On $35,000, the 15-year schedule costs $7,216 more in interest than paying it off in 10 years. You can always pay more than the minimum; enter an extra payment above to see the effect.

RAP Payment Examples

Your yearly payment is a percentage of adjusted gross income: 1% between $10,000 and $20,000, rising one point per $10,000 band to 10% above $100,000. Divide by 12 and subtract $50 for each dependent. At $10,000 or less the payment is $10 a month. Married couples filing jointly are assessed on combined income.

AGIRateNo dependentsWith dependents
$25,0002%$42 a month$10 with 1 (the minimum)
$45,0004%$150 a month$100 with 1
$65,0006%$325 a month$225 with 2
$85,0008%$567 a month$517 with 1
$120,00010%$1,000 a month$950 with 1

Use the official Loan Simulator on studentaid.gov to compare RAP with Tiered Standard on your actual loans before you switch.

2026 to 2027 Rates and New Borrowing Limits

Fixed rates for Direct Loans first disbursed from 1 July 2026 to 30 June 2027: 6.52% for undergraduates, 8.07% for graduate and professional unsubsidized loans and 9.07% for PLUS loans. PLUS loans first disbursed before 1 October 2026 also carry a 4.228% loan fee (1.057% on subsidized and unsubsidized loans).

Borrower (loans from 1 July 2026)Annual limitTotal limit
Graduate student$20,500$100,000
Professional student (law, medicine and similar)$50,000$200,000
Parent PLUS, per dependent student$20,000$65,000
Any borrower, lifetimeno separate annual cap$257,500

Grad PLUS is closed to new graduate borrowers. Students already enrolled in a program before 1 July 2026 who had a loan for it can keep borrowing under the old limits for up to three years, or until they finish, whichever comes first. Undergraduate limits did not change.

Method and sources. Payments use the amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1); RAP examples apply the published AGI brackets; every figure was computed with these rules. Sources: U.S. Department of Education fact sheet on the final rule implementing the student loan provisions of the One Big Beautiful Bill Act (published 1 May 2026); Federal Student Aid electronic announcements on 2026 to 2027 interest rates and FY 2026 loan fees; RAP details from the Federal Student Aid servicer information center on studentaid.gov; portfolio totals from the FSA Data Center. Estimates only; your servicer has the official figures.
Estimates only. Actual payment may vary based on your servicer, grace periods, and capitalized interest from school years. Contact your servicer for official figures.
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Frequently Asked Questions

The average federal student loan debt per borrower is about $40,000. Federal student loans totaled about $1.7 trillion owed by 42.6 million borrowers on 31 March 2026, according to the FSA Data Center. Graduate and professional school graduates often owe $100,000 to $200,000 or more. Undergraduate federal loan limits are $31,000 for dependent students and $57,500 for independent students over four years.

Subsidized loans are need-based: the government pays the interest while you are enrolled at least half-time, during grace periods, and during deferment. Unsubsidized loans are available regardless of financial need, but interest accrues from the moment of disbursement. If you do not pay that interest during school, it capitalizes (is added to your principal) when repayment begins: increasing your total debt. Always maximize subsidized loans before taking unsubsidized ones.

Income-driven repayment (IDR) plans set your monthly payment from your income instead of your balance. The SAVE plan ended by court order in March 2026. Since 1 July 2026 the main option is the Repayment Assistance Plan (RAP), which charges 1% to 10% of adjusted gross income minus $50 a month per dependent and forgives any balance after 360 qualifying payments. Loans made before 1 July 2026 can also use IBR, while ICR and PAYE close on 1 July 2028. Forgiven amounts may be taxable. IDR plans are available for federal Direct Loans only: not private loans. Enrollment is free through studentaid.gov.

Yes: you can deduct up to $2,500 of student loan interest as an above-the-line deduction (no itemizing required). The deduction phases out at MAGI of $85,000 to $100,000 for single filers and $175,000 to $205,000 for married filing jointly in 2026. You must be legally obligated to repay the loan and not be claimed as a dependent. Your servicer sends Form 1098-E showing interest paid each year.

Refinancing makes sense if you can qualify for a significantly lower rate and have stable income. Critical warning: refinancing federal loans with a private lender permanently eliminates all federal protections: income-driven repayment, Public Service Loan Forgiveness, deferment, and forbearance rights. Only refinance federal loans if you are certain you will not need PSLF or IDR. Private loan refinancing has fewer downsides and can save thousands in interest.

PSLF forgives the remaining balance on federal Direct Loans after 120 qualifying monthly payments (10 years) while working full-time for an eligible public employer: government agencies, 501(c)(3) nonprofits, and certain other organizations. Payments must be made under a qualifying plan, such as an income-driven plan (on-time RAP payments count) or the 10-year Standard plan. Forgiven amounts under PSLF are not taxable. Submit the PSLF Employment Certification Form annually to track progress. Only Direct Loans qualify: FFEL loans must be consolidated first.

For federal loans, missing payments leads to delinquency. Default occurs after 270 days of missed payments and has serious consequences: damaged credit, wage garnishment, tax refund seizure, and loss of eligibility for future federal aid. If you cannot afford payments, contact your servicer immediately to explore income-driven repayment, deferment, or forbearance options. Do not simply stop paying: proactive communication with your servicer preserves options.

Even modest extra payments have significant impact. On a $35,000 loan at 6.5% over 10 years, paying an extra $100/month saves about $3,500 in interest and cuts payoff time by 31 months. An extra $200/month saves about $5,470 and cuts payoff time by just over 4 years. Always ensure extra payments are applied to principal, not future installments: contact your servicer to confirm. Target your highest-rate loan first for maximum interest savings.

The answer depends on your loan rate versus expected investment returns. If your rate is below 5 to 6%, investing in broad index funds (historically 7 to 10% annual returns) may be more beneficial long-term. If your rate is above 7%, aggressively paying down debt often makes more financial sense. A smart approach: always contribute enough to capture your employer's 401k match first, then pay down high-rate loans, then invest the remainder. Do not neglect an emergency fund either.

Federal loan limits for dependent undergraduates: $5,500 in year 1 (max $3,500 subsidized), $6,500 in year 2 (max $4,500 subsidized), $7,500 in years 3+ (max $5,500 subsidized). Total aggregate limit: $31,000 (max $23,000 subsidized). Independent undergraduates have higher limits: $9,500, $10,500, $12,500 per year respectively, with a $57,500 aggregate limit. For loans made from 1 July 2026, graduate students can borrow up to $20,500 a year ($100,000 in total) and professional students up to $50,000 a year ($200,000 in total). Grad PLUS is closed to new borrowers, Parent PLUS is capped at $20,000 a year and $65,000 per student, and every borrower has a $257,500 lifetime limit.

SAVE no longer exists. A federal court order ended it on 10 March 2026, and borrowers who were enrolled are being notified and given 90 days to pick another plan. The main options now are the Repayment Assistance Plan (RAP), the Tiered Standard plan and, for loans made before 1 July 2026, Income-Based Repayment. ICR and PAYE close on 1 July 2028.

RAP is the income-driven plan that opened on 1 July 2026. You pay 1% to 10% of your adjusted gross income a year, divided by 12, minus $50 a month for each dependent, with a $10 minimum. Unpaid interest is waived when your payment is too small to cover it, the government adds up to $50 a month toward principal, and any balance left after 360 qualifying payments is forgiven. At $65,000 of AGI with no dependents the payment is $325 a month.

For loans first disbursed between 1 July 2026 and 30 June 2027 the fixed rates are 6.52% for undergraduate subsidized and unsubsidized loans, 8.07% for graduate and professional unsubsidized loans and 9.07% for PLUS loans. They are set from the 10-year Treasury auction in May (4.468% this year) plus a fixed margin, and stay the same for the life of each loan.
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