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Student debt

Student loan calculator

Free student loan calculator. See your monthly payment, total interest, and exactly how much extra payments cut off the payoff date.

By Snowballr Research Team

Fact-checked against primary sourcesEditorial standards

Coverage: Compound interest · Retirement · FIRE · Debt payoff · Mortgages · Fraud prevention

Built from: IRS · FINRA · SEC · BLS · Federal Reserve · Freddie Mac30+ primary sources verified

Methodology & sourcesHow we review →

2026 regulatory snapshot · Updated for the laws as they stand

Content reviewed 2026-09-30; the federal rate snapshot below was verified 2026-09-14.

2026–2027 Direct Loan rates

Undergrad 6.52% · Grad Unsubsidized 8.07% · Parent/Grad PLUS 9.07%. Fixed for the life of the loan. (Source: Federal Student Aid.)

New RAP plan launches July 1, 2026

Tiered 1–10% of AGI by income band, +$50/dependent, 30-year forgiveness path. For borrowers whose loans were all first disbursed on or after July 1, 2026, RAP is the available IDR plan; the Tiered Standard plan is a separate fixed-payment option. Eligibility depends on loan type and disbursement dates. The IDR comparator below models it.

SAVE plan: blocked, 0% interest, forbearance

Existing SAVE borrowers are in administrative forbearance — payments paused, 0% interest accruing. PSLF months under SAVE forbearance do not count.

PSLF: still active, payment count rules tightened

120 qualifying payments under a qualifying IDR plan + qualifying employment. Direct Loans only — FFEL/Perkins need consolidation first.

We update this block when the law moves. See our 2,500-scenario refi vs forgiveness study for the math behind the choice.

Quick answer · 4 most-asked student loan scenarios

$37K avg borrower @ 6.5%/10 yrs

$420/mo · $13,415 total interest · +$100/mo extra saves $3,558 + 29 months

$60K grad school @ 8.07% / 10 yrs

$726/mo · $27,100 interest · refinance to 5% saves ~$15K if eligible

$80K teacher @ PSLF (10y, IBR)

~$280/mo on $45K salary → $0 paid off, $60K+ forgiven tax-free

$120K MD Resident → Attending

PAYE/IBR during residency (low income) · PSLF if 501(c)(3) hospital · refi at attending if private

Have multiple loans? Combine them here

Most borrowers leave school with 4-8 separate federal loans (subsidized, unsubsidized, Grad PLUS) at different rates. Enter each one to see your true combined monthly payment, total interest, and weighted APR for refinance comparisons.

IDR plan comparator — IBR vs SAVE vs RAP (July 1, 2026)

Income-driven repayment plans cap your monthly payment based on AGI and family size. The new RAP plan (Repayment Assistance Plan) launches July 1, 2026 under the 2025 reconciliation law. For borrowers whose loans were all first disbursed on or after July 1, 2026, RAP is the available IDR plan; the Tiered Standard plan is a separate fixed-payment option. Eligibility depends on loan type and disbursement dates. Enter your numbers to see which plan minimizes lifetime cost.

Public Service Loan Forgiveness (PSLF) tracker

10 years (120 qualifying payments) of full-time work at a 501(c)(3) or government employer + IDR plan = full federal loan forgiveness, tax-free. Track progress and see the dollar value of completing vs paying off normally.

Key student loan terms (used throughout this page)

IDR (Income-Driven Repayment): SAVE, PAYE, IBR, ICR, RAP — cap monthly payment at % of discretionary income, forgive remaining after 20-30 yrs.
PSLF: 120 qualifying payments + 501(c)(3) or government employment = full federal forgiveness, tax-free. Doctors, nurses, teachers, social workers.
RAP (Repayment Assistance Plan): Launches July 1, 2026 per PL 119-21. Tiered 1-10% of AGI, $50/dependent, 30-yr forgiveness. For borrowers whose loans were all first disbursed on or after July 1, 2026, RAP is the available IDR plan; the Tiered Standard plan is a separate fixed-payment option. Eligibility depends on loan type and disbursement dates.
Direct Subsidized: Federal undergrad need-based. Government pays interest in school + grace. Lower effective rate than Unsubsidized.
Capitalization: Unpaid interest added to principal. Happens at end of grace, deferment exit, plan changes. Avoid by paying accrued interest before triggers.
Grad PLUS / Parent PLUS: Federal loans for grad students / parents of undergrads. Higher rate (9.07% Parent PLUS for 2026-2027) + 4.228% origination fee.

What is the average monthly student loan payment?

The average US borrower graduates with about $37,000 in student loans. On a standard 10-year repayment plan at 6.5% interest, that works out to roughly $420 per month — 120 payments totaling about $50,400, of which $13,400 is interest. Federal undergraduate rates are 5.5-6.5%, federal graduate 7-8.5%, and private loans range 4-14% based on credit.

Typical student loan numbers

The average US borrower graduates with ~$37,000 in student loans. At 6.5% on a standard 10-year plan, that's $420/month for 120 payments with about $13,400 in total interest.

Federal vs private student loans

Federal (Direct Loans)

Fixed rates set annually by Congress
Income-driven repayment plans (SAVE, PAYE, IBR)
Public Service Loan Forgiveness after 10 years (PSLF)
Deferment and forbearance options
Death/disability discharge
Generally do NOT refinance these unless you're sure you won't need the protections

Private

Variable or fixed rates, credit-based
No forgiveness, no income-driven plans
Limited hardship options
Freely refinance for better rates as credit improves

Extra payment impact

On $35,000 at 6.5% over 10 years:

$0 extra: about $397/mo, $12,690 interest, 120 months
$100 extra: about $3,504 interest saved, payoff in month 89 (31 months early)
$200 extra: about $5,471 interest saved, payoff in month 71 (49 months early)
$500 extra: about $8,267 interest saved, payoff in month 44 (76 months early)

If your loan has an "excess payment" instruction field, always specify "apply to principal". Otherwise servicers may advance the due date instead of reducing principal — wasting your extra payment.

Should you pay off aggressively?

Compare your rate to your alternative use of money:

Lower rate: compare the contractual interest saving with an after-tax investment assumption, risk and liquidity
Middle range: a split can be reasonable when the two choices are close; model your actual rate and tax position
Higher rate: paying down the loan becomes more compelling, subject to emergency savings and any employer-plan rules

Review any employer 401(k) match — the contribution is an addition on eligible dollars, subject to vesting, tax, fee and withdrawal rules.

Income-driven repayment: when it makes sense

Federal IDR plans cap payments at 5-10% of discretionary income, with loan forgiveness after 20-25 years (or 10 years for public service). Math:

Worth it: low income relative to balance (e.g., $100k loans on a $50k teacher salary heading toward PSLF)
Bad idea: high income, low balance — you'll pay more in interest over 20 years than you would under standard repayment

Federal student loan rates 2026-2027 academic year

Direct Subsidized/Unsubsidized (undergrad): 6.52% fixed for 2026-2027. Loan fee 1.057%.
Direct Unsubsidized (graduate/professional): 8.07% fixed. Loan fee 1.057%.
Grad PLUS / Parent PLUS: 9.07% fixed. Loan fee 4.228% — the highest of any federal loan.
Aggregate undergrad limit: $31,000 dependent, $57,500 independent. Grad: $138,500 total (Stafford lifetime).
Total US student loan debt: ~$1.77 trillion across ~43M borrowers (Federal Reserve Q1 2026). Average balance: ~$41K.
Private loan rates 2026: 3.99-15.99% variable / 4.49-16.99% fixed depending on credit (Sallie Mae, SoFi, Earnest, Discover). Cosigner often required for undergrads.

Who this student loan calculator is for

Recent undergrad ($30-50K)

Standard 10-yr: ~$340-570/mo. Choose IDR if income < $50K to ease cash flow; switch to Standard later. Don't refi to private — you'll lose IBR/PSLF rights.

Public-service worker (PSLF target)

Teacher, social worker, nonprofit RN, public defender. Use IBR or PAYE (low payment), certify employment annually, hit 120 payments → balance forgiven tax-free. Often $40K-$150K forgiven.

Grad school borrower ($60-150K)

High-income graduate (lawyer, engineer): refi private 4-6% if stable W-2 & no PSLF intent. Save 2-3 pp on rate. Otherwise stay federal for protections.

Medical resident / fellow

$150-300K at 7-8.5%. PAYE during residency (low income), PSLF if 501(c)(3) hospital, refi after PSLF or as attending if private route. Student loan strategy guide.

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Methodology & sources

Amortization formula: standard annuity present-value (M = P × r(1+r)^n / [(1+r)^n − 1])
Federal loan rates: U.S. Department of Education studentaid.gov (2026-2027 academic year)
IDR plan math (SAVE, PAYE, IBR, ICR, RAP): 34 CFR §685.209-685.221; Public Law 119-21 for RAP
PSLF rules: 34 CFR §685.219; ED Office of Federal Student Aid
Total US student loan debt: Federal Reserve G.19 Consumer Credit release
Discretionary income calculation: 150% (IBR/PAYE) or 225% (SAVE/RAP) of federal poverty guideline by family size
Private loan rate ranges: Sallie Mae, SoFi, Earnest, Discover 2026 rate sheets

Student loan FAQ

Should I pay off student loans aggressively or invest?

Compare your rate and fees with an after-tax investment assumption, liquidity needs and repayment protections. Lower-rate federal loans may fit alongside investing; higher-rate private or graduate loans often deserve closer payoff analysis. Review any employer match separately, including vesting and withdrawal rules, and keep a starter emergency fund before extra payoff.

What is the average student loan interest rate?

Federal undergraduate: 5.5-6.5% (set by Congress, fixed for the loan). Federal graduate: 7-8.5%. Private loans: 4-14%+ depending on credit. Older federal loans from 2010-2020 had rates as low as 3-4.5%, which are worth keeping around rather than refinancing away.

Should I refinance federal student loans?

Be very careful. Refinancing federal loans to private permanently loses: income-driven repayment, forgiveness programs (PSLF), deferment options, death/disability discharge. Only refinance if you have stable high income, no plans for forgiveness, and the rate drop is significant (2%+). Private loans can always be refinanced — fewer protections to lose.

What's the average monthly student loan payment in 2026?

On a $37,000 balance (US average) at 6.5% federal undergraduate rate over the standard 10-year plan: ~$420/month for 120 payments. Total interest: ~$13,400. Grad-school borrowers with ~$80K balances pay ~$910/month standard. IDR plans cap payments at 5–10% of discretionary income — often half the standard plan or less for low-income borrowers.

How does the new RAP plan compare to SAVE and PAYE?

RAP (Repayment Assistance Plan, launching July 1, 2026 under PL 119-21) is tiered 1–10% of AGI by income band, with $50/dependent reductions and 30-year forgiveness — longer than SAVE's 20–25 years. For borrowers whose loans were all first disbursed on or after July 1, 2026, RAP is the available IDR plan; the Tiered Standard plan is a separate fixed-payment option. Eligibility depends on loan type and disbursement dates. RAP's marginal rates climb faster than SAVE's flat 5%, so high-income borrowers may pay more under RAP; very low-income borrowers may pay similar amounts. Use our IDR comparator above to model your exact case.

Is the SAVE plan still available?

Not for new enrollments. Existing SAVE borrowers are in administrative forbearance — payments paused, 0% interest accruing — pending litigation. PSLF qualifying months do NOT accrue during SAVE forbearance. If PSLF is your goal, switch to IBR or PAYE while qualifying employment continues.

Does PSLF still exist in 2026?

Yes. PSLF (Public Service Loan Forgiveness) remains active under 34 CFR §685.219. Requirements unchanged: 120 qualifying payments on Direct Loans (FFEL and Perkins must be consolidated first) while working full-time for a 501(c)(3) nonprofit or government employer. Certified employment annually via the PSLF Help Tool. Tax-free forgiveness on remaining balance.

How do I see my exact payoff date with extra payments?

Use the calculator above — enter your balance, rate, and term, then add the extra monthly amount. The amortization shows the new payoff month and total interest saved. For a $35,000 loan at 6.5%: $0 extra finishes month 120; $100/mo extra finishes month 89 (saves $3,504); $200/mo extra finishes month 71 (saves $5,471).