Student Loan Repayment Plan Comparison Calculator

Compare Payment Plans: This calculator compares the proposed RAP (Repayment Assistance Plan) with existing IBR (Income-Based Repayment) and SAVE (Saving on a Valuable Education) plans.

Past Payment History

Account for Past Payments: Enter your payment history to calculate remaining time until forgiveness under each plan. This is especially important for PSLF (Public Service Loan Forgiveness) tracking.
Enter the number of qualifying payments you've already made
Enter the total dollar amount you've paid so far
Select your current repayment plan

PSLF requires 120 qualifying payments (10 years) while working for a qualifying employer. Check this if you're employed by a government organization or qualifying non-profit.

Loan Parameters

AGI Calculator Help: Your AGI is typically your gross salary minus:
  • 401(k) or traditional IRA contributions
  • Health insurance premiums (if pre-tax)
  • HSA/FSA contributions
  • Student loan interest paid (up to $2,500)
For a more accurate AGI, check line 11 of your most recent tax return (Form 1040).

Personal Factors

Old IBR (default): 15% of discretionary income, 25-year forgiveness (for loans before July 1, 2014)
New IBR: 10% of discretionary income, 20-year forgiveness (for loans on/after July 1, 2014)

Plan Comparison Summary

Repayment Plan First Month Payment Total Paid Total Interest Forgiven Amount Tax on Forgiveness Total Cost Years to Forgiveness Add to Budget
Standard (10-year) - - - $0 $0 - 10
RAP (Proposed) - - - - - - -
IBR (Current) - - - - - - -
SAVE - - - - - - -
Note: SAVE plan is currently suspended pending legal challenges. IBR version can be selected above (Old IBR: 15%, 25 years vs New IBR: 10%, 20 years). RAP includes interest subsidy that waives unpaid interest and principal reduction match that ensures at least $50/month principal reduction.

Detailed RAP Analysis

Repayment Rate: 6%

Estimated Monthly Payment (Year 1): $340

Amount Previously Paid: $0

Total Amount Paid: $162,420

Total Interest Paid: $0

Remaining Balance at Forgiveness: $0

Estimated Tax on Forgiven Amount: $0

Total Cost (Payments + Tax): $0

Payments Until Forgiveness: 360

Show in Charts:

Detailed Payment Schedule

Year Adjusted Income Standard RAP Payment IBR Payment SAVE Payment Standard Balance RAP Balance IBR Balance SAVE Balance

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Glossary

Standard Repayment Plan
The default federal repayment plan with fixed monthly payments calculated to pay off your loan in 10 years. Payments are the same each month regardless of income. No forgiveness, but lowest total interest cost.
RAP (Repayment Assistance Plan - Proposed)
A proposed income-driven repayment plan where payments range from 0-10% of AGI based on income brackets, with a $50/month deduction per dependent child. Features 30-year forgiveness timeline with interest subsidy that waives unpaid interest and principal reduction match that ensures at least $50/month principal reduction.
IBR (Income-Based Repayment)
Federal plan with two versions: Old IBR (Pre-2014): 15% of discretionary income, 25-year forgiveness for loans before July 1, 2014. New IBR (2014): 10% of discretionary income, 20-year forgiveness for loans on/after July 1, 2014. Both cap payments at the 10-year Standard payment amount.
SAVE (Saving on a Valuable Education)
Newest federal plan with 5% of discretionary income for undergraduate loans (10% for graduate). Uses 225% poverty guideline threshold. Currently suspended due to legal challenges. Features 100% interest subsidy.
PSLF (Public Service Loan Forgiveness)
Program that forgives federal student loans after 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer. Forgiveness is tax-free.
Discretionary Income
For IBR/SAVE: Your AGI minus a percentage of the federal poverty guideline based on family size. This protects a basic living amount from loan payments.
AGI (Adjusted Gross Income)
Your total income minus specific deductions. Used to calculate payments under all income-driven plans.
Interest Subsidy
Government forgiveness of unpaid interest to prevent balance growth. SAVE offers 100% subsidy, RAP proposes similar protection with additional principal reduction matching.
Principal Reduction Match
RAP feature where the government ensures at least $50/month in principal reduction. If the borrower's payment doesn't achieve this, the government chips in the difference. This helps borrowers make steady progress on their loan balance.
Qualifying Payments
For forgiveness programs, payments that count toward the required number. Must be made on-time, for the full amount due, under a qualifying repayment plan.

Income & Expense Tracker

Track Your Finances: Monitor your income and expenses to better understand your financial situation and how it affects your student loan repayment options.

Income Sources

Expenses

Budget vs Actual Summary

Financial Summary

Total Monthly Income

$0.00

Total Monthly Expenses

$0.00

Net Monthly Income

$0.00

Savings Rate

0%

Financial Analysis

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