Student Loan Payoff Calculator 2026 2026 — Free Online Tool

Compare Standard 10-Year, SAVE IDR Plan, PSLF & Refinancing.

Quick Answer

Compare student loan repayment plans including Standard 10-Year, Extended 25-Year, SAVE Income-Driven Repayment, and Public Service Loan Forgiveness.

Last updated: 2026-07-31 Editorially reviewed by PakDigitalz Editorial Team

Your Student Loans (3)

Balance ($)

Interest Rate (%)

Loan Type

Balance ($)

Interest Rate (%)

Loan Type

Balance ($)

Interest Rate (%)

Loan Type

Selected Repayment Plan

Extra Monthly Payment ($)Annual Adjusted Gross Income ($)Family Size (for SAVE/IDR)

Public Service Loan Forgiveness (PSLF) Eligible

Standard 10-Year Fixed Plan

$737/mo

Payoff Timeline: 8 yrs 2 mos

Total Loan Debt

$54,500

Total Interest Paid

$17,528

Est. Student Loan Tax Deduction (IRC §221)$2,146/yr

Total Out-of-Pocket Cost by Repayment Plan

Standard 10-Year Fixed$72,028 (8 yrs 2 mos)

Extended 25-Year Fixed$89,506 (15 yrs 3 mos)

SAVE / IDR Plan$68,681 (20 years) • Forgiven: $74,554

STUDENT LOAN PAYOFF CALCULATOR — TECHNICAL REFERENCE (2026)

Federal vs Private Student Loan Mechanics:

1. Amortization Formula: PMT = P * [r(1+r)^n] / [(1+r)^n - 1]
2. SAVE IDR Discretionary Income = AGI - (2.25 × 2026 Poverty Threshold)
3. SAVE Monthly Payment = (Discretionary Income × 5% Undergrad / 10% Grad) / 12
4. Public Service Loan Forgiveness (PSLF): 120 Qualifying Cumulative Payments
5. Student Loan Tax Deduction: Max $2,500 IRC § 221 Deduction

PakDigitalz.com Financial Engineering Suite.

How to Use This Tool

Enter your federal and private student loan details (Balance, Interest Rate, Current Monthly Payment).
Input your Annual Income (AGI) and Family Size to evaluate Income-Driven Repayment (SAVE/IDR) options.
Add any extra monthly payment amount to accelerate payoff.
Compare Standard 10-Year, Extended 25-Year, and IDR/SAVE plans with forgiveness projections.

Formula & Specifications

Student Loan Amortization Formula:

Standard Monthly Payment (M):
M = P × [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
P = Principal, r = Annual Rate / 12, n = Term Months

SAVE / IDR Payment Formula:
Discretionary Income = AGI - (225% × Federal Poverty Line)
Monthly IDR Payment = Max(0, (Discretionary Income × 5% to 10%) / 12)

Forgiveness = Balance remaining after 240 or 300 qualifying monthly payments.

About Student Loan Payoff Calculator 2026

Free 2026 student loan payoff calculator. Compare Standard 10-Year, Extended 25-Year, SAVE Income-Driven Repayment (IDR), PSLF Forgiveness, and Private Refinance.

Frequently Asked Questions

What is the SAVE plan and how does it lower student loan payments?

The SAVE (Saving on a Valuable Education) plan is an Income-Driven Repayment (IDR) plan for federal student loans. 1) It calculates payments based on 225% of the federal poverty line (higher than older plans), resulting in $0 monthly payments for single borrowers earning under ~$34,380. 2) Undergrad loan payments are capped at 5% of discretionary income. 3) INTEREST SUBSIDY: If your monthly SAVE payment doesn't cover accrued interest, the government covers 100% of the remaining unpaid interest so your loan balance NEVER grows.

How does Public Service Loan Forgiveness (PSLF) work?

PSLF forgives 100% of remaining federal Direct Loan balances tax-free after making 120 qualifying monthly payments under an accepted Income-Driven Repayment (IDR) plan while working full-time for a qualifying government or 501(c)(3) non-profit employer. Combining PSLF with the SAVE plan often results in paying back only a fraction of what you originally borrowed.

Should I refinance my student loans to a private lender?

Refinancing federal student loans to a private lender is beneficial ONLY IF you get a significantly lower interest rate and do NOT plan to use federal benefits. WARNING: Refinancing federal loans into private loans permanently waives access to PSLF forgiveness, SAVE/IDR income-driven plans, federal forbearance/deferment options, and federal discharge protections.

Can I deduct student loan interest on my taxes in 2026?

Yes! You can deduct up to $2,500 of student loan interest paid each year as an above-the-line deduction (you don't need to itemize). The deduction phases out at higher Modified Adjusted Gross Incomes (MAGI) starting around $80,000 for single filers and $165,000 for married joint filers.