The SAVE Plan Calculator fills the gaps left by other tools, helping you understand what repayment might look like under the SAVE Plan—or its alternatives. While StudentAid.gov offers some tools, they don’t always give you the full picture of your payment options or potential savings.

That’s where this tool comes in. By combining your loan details, income, and family size, the calculator helps you:

• Estimate your monthly payment based on your loan balance, interest rate, and income.

• Compare repayment plans side by side, so you can see how SAVE stacks up against other IDR options like PAYE or IBR.

• Project your total costs over time and determine if forgiveness could save you money in the long run.

To get the most accurate results, have these details ready:

• Your loan balance, average interest rate, and repayment term.

• Your annual income, family size, tax filing status, and state of residence.

Whether you’re figuring out your next move or exploring how changes in income or family size might affect your payments, this tool gives you the clarity to plan with confidence.

The SAVE Plan offers lower payments based on your income and family size, calculated using the adjusted gross income (AGI) from your federal tax return. But not everyone qualifies. And with new enrollments currently on hold due to ongoing litigation, borrowers are left waiting to see how the plan’s future plays out.

Here’s what to know about eligibility:

Who Qualifies for the SAVE Plan?

• Loan Type: Only federal Direct Loans qualify. FFEL, Perkins Loans, or private loans aren’t eligible unless you consolidate them into a Direct Loan.

• Income Requirements: There’s no income cap, but payments are calculated based on discretionary income, so lower-income borrowers benefit the most.

• Other Requirements: You must be current on your loans—not in default.

Special Cases to Consider

• Parent PLUS Loans: These loans don’t qualify for SAVE—unless you use the double consolidation loophole to make them eligible.

• Spousal Income: If you’re married and file jointly, your spouse’s income will be factored into your payment. Filing separately may lower your payment.

• Consolidation: Consolidating older loans into a Direct Loan can make you eligible, but this resets any progress you’ve made toward forgiveness.

If you’re not sure about your loan type or eligibility, log in to StudentAid.gov or contact your loan servicer for more details.

If you’re not eligible for SAVE —whether because of the current litigation or eligibility issues—, here’s what you can consider instead,

1. Pay As You Earn

• Why It’s an Option: PAYE offers payments capped at 10% of your discretionary income and forgiveness after 20 years. For many borrowers, this plan provides a manageable payment similar to what SAVE offered.

• What to Know: PAYE is only available to borrowers who took out loans after October 1, 2007, and had no outstanding loan balance as of October 1, 2011.

• Who It Works For: Borrowers who qualify under the timeline requirements and have a partial financial hardship, meaning their calculated PAYE payment is lower than what they’d pay on a standard 10-year plan.

2. Income-Based Repayment

• Why It’s an Option: IBR is the next best choice for many borrowers. Payments are capped at 10-15% of discretionary income, and forgiveness is possible after 20-25 years.

• Who It Works For: Borrowers who qualify based on financial hardship, particularly those with older loans or without access to PAYE.

3. Income-Contingent Repayment

• Why It’s an Option: ICR is a last-resort plan with higher payments (20% of discretionary income), but it’s the only IDR option for Parent PLUS borrowers who’ve done a single consolidation. It also helps borrowers with high incomes and low loan balances who don’t qualify for IBR or PAYE.

• Who It Works For: Parent PLUS borrowers or those who don’t meet the criteria for other plans.

4. Forbearance or Deferment

• Why It’s an Option: If you’re temporarily unable to afford payments, forbearance or deferment can give you breathing room. But interest usually keeps growing, and time spent here won’t count toward forgiveness.

• Who It Works For: Borrowers who need to buy time while the new administration announces its repayment plans.

5. Refinancing

• Why It’s an Option (But Probably Isn’t): Refinancing could lower your payment or shorten your loan term. But here’s the catch: when you refinance, you lose access to federal repayment plans, forgiveness programs, and protections like deferment and forbearance. For most borrowers, it’s just not worth it.

• Who It Works For: Borrowers with stable, high incomes, great credit scores, and private student loans—or those who are confident they can afford their payments without federal protections.

6. Bankruptcy

• Why It’s an Option: The process for discharging federal student loans in bankruptcy has improved, but it’s still a tough road. For many, it’s more realistic to explore other IDR Plans before considering this option.

• Who It Works For: Borrowers facing extreme financial hardship with no viable repayment options.

Federal student loans aren’t straightforward. Your payments can shift over time because of income changes, family size adjustments, deferments, or even switching between repayment plans. For borrowers considering or already on the SAVE Plan, ongoing litigation adds another layer of uncertainty.

Our SAVE Plan Repayment Calculator is designed to estimate your monthly payment amount and total repayment costs under the plan. It’s a helpful tool to give you a clear starting point, but keep in mind that changes in income, family size, or repayment rules can affect your actual payments and forgiveness timeline.

For a detailed breakdown of repayment options, including eligibility for income-driven repayment plans like SAVE, visit the Federal Student Aid website at StudentAid.gov. Their Loan Simulator offers a broader look at repayment plans and how they compare.

Use the SAVE Calculator to get clarity now, then explore the Loan Simulator for a deeper dive into your long-term repayment strategy.