Student Loan Calculator 2026
Compare standard, graduated, and extended repayment plans. Total interest and payoff timeline.
On $50,000 in student loans at 6.8% interest over a standard 10-year repayment, your monthly payment is approximately $576 and you'll pay $19,163 in total interest. Refinancing to 4.5% reduces the payment to $518/month and saves $6,935 in interest.
Monthly Payment (Standard)
$397.95
Total Interest (Standard)
$12,754.28
Total Paid (Standard)
$47,754.28
Monthly Payment (Extended 25yr)
$236.98
Total Interest (Extended)
$36,093.71
Interest Difference
$23,339.43 more
Federal student loan interest rates 2025-26: 6.53% undergrad, 8.08% grad, 9.08% PLUS.
Federal student loan interest rates 2025-26: 6.53% undergrad, 8.08% grad, 9.08% PLUS.
About This Calculator
Federal student loan rates for 2025-26 are: undergraduate Direct Loans at 6.53%, graduate Direct Loans at 8.08%, and Graduate PLUS loans at 9.08%. Interest accrues daily on the outstanding balance.
The standard repayment plan is 10 years with fixed payments. Income-driven repayment (IDR) plans — IBR, SAVE, PAYE, ICR — cap monthly payments at 5–15% of discretionary income, which can make payments manageable if income is low relative to debt.
After 20–25 years of qualifying payments on IDR plans, remaining balances are forgiven (though forgiven amounts were historically taxable income; the SAVE plan eliminated this through 2025, with future treatment uncertain). Public Service Loan Forgiveness (PSLF) forgives balances after 120 qualifying payments in government or nonprofit employment.
How to Use
- 1Enter your total student loan balance.
- 2Enter your interest rate (check your loan servicer — federal rates for 2025-26 are 6.53% undergraduate, 8.08% graduate).
- 3Select your repayment term (10 years is standard; extended plans allow up to 25 years).
- 4Review monthly payment, total interest paid, and total cost of the loan.
- 5Compare with income-driven repayment if your monthly payment exceeds 10–15% of your take-home pay.
Formula & Methodology
Monthly Payment (Standard) = P × [r(1+r)^n / ((1+r)^n − 1)], where P = loan balance, r = monthly interest rate (annual ÷ 12), n = 120 months (10 years). Total Interest = (Monthly Payment × n) − P.
Frequently Asked Questions
What is the federal student loan interest rate for 2025-26?
For loans first disbursed in 2025-26: undergraduate Direct Loans: 6.53% · graduate Direct Unsubsidized: 8.08% · Graduate PLUS: 9.08% · Parent PLUS: 9.08%. Rates are fixed for the life of the loan and set annually in June based on the 10-year Treasury note.
What is the difference between IDR plans (IBR, SAVE, PAYE)?
Income-driven repayment plans cap monthly payments based on income: IBR caps at 10% of discretionary income (for new borrowers after 2014); PAYE caps at 10%; SAVE (the newest plan) caps undergraduate loans at 5% of discretionary income and has the most generous forgiveness terms. All IDR plans offer forgiveness after 20–25 years.
Should I refinance federal student loans?
Refinancing federal loans into private loans permanently eliminates federal protections: income-driven repayment, deferment/forbearance options, PSLF eligibility, and potential forgiveness programs. Only refinance federal loans if: you have secure high income, don't need IDR, and can get a significantly lower rate (typically 2%+ reduction to justify losing protections).
What is Public Service Loan Forgiveness?
PSLF forgives federal student loan balances after 120 qualifying monthly payments while working full-time for a qualifying employer (federal, state, local government or 501(c)(3) nonprofits). Payments must be on qualifying IDR plans. Tax-free forgiveness — unlike other IDR forgiveness which may be taxable.
Sources & References
Last updated: 2026-04-12