Compare the cash outlays for the routes you enter. Adjust extra payments or a refinance quote, then review eligibility and tax assumptions before saving.
1 · Current payoff route
Current student-loan balance Current balance represented by this comparison. Separate loans or differing terms may need separate scenarios. Current weighted interest rate Weighted annual rate held constant in the payoff and forgiveness scenarios. Current required payment Required monthly payment for the payoff scenario. Confirm your actual obligation with the servicer.
2 · Private refinance quote
Proposed refinance rate Quoted fixed refinance rate. A lower rate does not restore federal protections lost by refinancing. Refinance term in years Whole years in the proposed private loan. The model solves for a fixed monthly payment. Refinance fees Fees paid separately, added to total cash outlay. They are not financed into the new balance.
3 · Verified forgiveness assumptions
Current income-driven payment Monthly amount held fixed for this hypothetical path. This tool does not calculate an income-driven payment or certify eligibility. Qualifying months remaining to forgiveness Your verified qualifying months remaining, not simply elapsed months. Enter 0 only for an immediate-forgiveness assumption you have confirmed. Estimated tax rate on forgiven balance Entered flat tax-rate assumption on the projected forgiven balance. Do not assume 0% without reviewing the applicable federal and state tax treatment.
Calculate
Model assumptions and limits Rules checked in 2026. Federal repayment and forgiveness rules can change. Refinancing federal loans into a private loan permanently gives up federal protections and forgiveness access. This model does not determine program eligibility, qualifying payments or an income-driven formula. The broad temporary federal tax exclusion covered 2021–2025 discharges; verify the applicable tax treatment for later forgiveness before entering a rate. Income-driven payments may rise. This fixed-payment screen excludes changing formulas, interest subsidies, actual capitalization rules, state tax and employer assistance. A weighted single balance does not reproduce every loan. Verify the live options at StudentAid.gov.