Formulas and 2026 figures checked & updated: July 2026
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How to Use the Student Loan Repayment Plan Comparison
- Enter the balance and weighted average rate.
- Choose the standard repayment term.
- Enter AGI and the poverty guideline for your household/location.
- Set the percentage matching the scenario you want to illustrate, then verify eligibility and payment with Federal Student Aid or your servicer.
What This Calculator Does
This comparison shows the difference between a payment designed to amortize debt on schedule and an income-linked illustration.
Federal repayment programs and court orders can change. This calculator avoids labeling the income result as enrollment advice or guaranteed forgiveness.
Formula
Standard payment = amortized loan payment; illustrative income payment = max(0, AGI − 225% × poverty guideline) × entered percentage ÷ 12The standard plan uses fixed-payment amortization. The income-based figure is deliberately user-configurable and is not a determination of eligibility or an official federal plan quote. It uses entered AGI, poverty guideline, protected-income multiplier of 225%, and discretionary-income percentage. It assumes income, family circumstances, rate, capitalization, subsidies, and law never change; those assumptions are unrealistic over a long repayment period.
Examples
Standard versus income illustration
A $45,000 balance at 6.5% compared with a 10-year standard term and user-entered income assumptions.
The standard payment fully amortizes; the income result is explicitly labeled illustrative and may not amortize.
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Methodology
The standard plan uses fixed-payment amortization. The income-based figure is deliberately user-configurable and is not a determination of eligibility or an official federal plan quote. It uses entered AGI, poverty guideline, protected-income multiplier of 225%, and discretionary-income percentage. It assumes income, family circumstances, rate, capitalization, subsidies, and law never change; those assumptions are unrealistic over a long repayment period.
Frequently Asked Questions
Is the income-driven result an official payment quote?+
No. Official eligibility and payment depend on current law, loan type, tax filing status, family size, location, income documentation, and servicer calculations.
Why can the payoff time show 600 months?+
The projection is capped at 50 years. If the entered payment does not exceed monthly interest, the balance will not amortize under constant assumptions.
Does this calculate forgiveness?+
No. It does not promise or calculate forgiveness, tax treatment, qualifying-payment counts, interest subsidies, or public-service eligibility.
Is the Student Loan Plan Comparison exact?+
The arithmetic follows the formula shown on this page, but the result is an estimate because real-world rates, fees, taxes, timing, and provider rules can differ. Use the actual figures from your lender, plan, or agency before making a decision.
Does this calculator store my financial information?+
No. The calculation runs in your browser. Saved results remain in local browser storage and are not submitted as an application or professional financial record.
Can I save my results?+
Yes. Use “Save results” to store a snapshot. Without an account it remains in this browser. If you log in, saved scenarios sync securely to your SmartRates account so they are available on your other devices.
How do I share my calculation?+
Click “Share” in the toolbar to copy a link (or open your device’s share sheet). The link encodes your exact inputs, so whoever opens it sees the calculator pre-filled with the same numbers and the same result.
Can I email my calculator results?+
Yes. Click “Email results” to open your default email application with the current inputs, results, and calculator link already included. Review the message and choose the recipient before sending.
Can I export or print my results as a PDF?+
Yes. Click “Export PDF” to open a clean, printable summary of your inputs and results that you can save as a PDF or print. It includes a timestamp and a link back to the calculator.
How accurate are the calculator results?+
The arithmetic follows the formula and assumptions documented on this page. The result is still an estimate because actual rates, fees, taxes, timing conventions, eligibility rules, and provider calculations can differ. Use figures from your official quote, statement, contract, or tax form before making a financial decision.
Which inputs have the biggest effect on the result?+
Rate, time, starting balance, recurring payments or contributions, and fees usually have the largest effects. Change one input at a time to create a conservative, expected, and optimistic scenario instead of relying on a single forecast.
Are taxes, fees, and inflation included?+
Only when they appear as an input or are explicitly described in the methodology. Do not assume an omitted cost is zero. Review the formula and methodology sections to see exactly what is included before comparing the result with an outside quote.
Can this calculator predict future rates or returns?+
No. A calculator projects the assumptions entered; it cannot predict market returns, inflation, variable interest rates, tax-law changes, or provider decisions. Rerun the calculation with several assumptions to understand the range of possible outcomes.
Why might my lender, bank, broker, or tax software show a different result?+
Professional systems may use daily timing, transaction dates, compounding conventions, rounding rules, account-specific fees, credits, eligibility details, or regulations that a general-purpose calculator cannot know. A small difference can be rounding; a large difference usually means an assumption or included cost is different.
Disclaimer: Calculations are for informational purposes only and do not constitute professional financial advice. Please consult with a certified professional before making financial decisions.