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12 Best Graduate Student Loan Options of July 2024

Graduate students should max out federal unsubsidized loans before turning to federal PLUS or private loans to cover their remaining costs.

The federal government and private lenders offer graduate student loans. Max out federal unsubsidized loans — likely the cheapest option — before covering remaining costs with federal grad PLUS loans or private student loans .

Grad PLUS loans don't require credit and come with multiple repayment options, which will likely make them best for most borrowers. But you may pay less with a private graduate school loan if you or a co-signer has excellent credit.

Here are our picks for the best loans for graduate school , as well as information on how to choose between them and manage debt while you're in school.

• 10+ years of combined experience covering higher education and student loans.
• Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance .
• Governed by NerdWallet's strict guidelines for editorial integrity .
• 35+ student loans lenders reviewed and rated by our team of experts.

Best Graduate Student Loan Options

					Learn more
Federal Subsidized/Unsubsidized Loan	5.0/5Best for All borrowers as a first option	None
Federal Grad PLUS Loan	5.0/5Best for Borrowers without credit or a co-signer
College Ave Graduate Student Loan on College Ave's website on Credible’s website	5.0/5Best for Borrowers with good credit or a co-signer				on College Ave's website on Credible’s website
Ascent Graduate and Health Professions Student Loan on Credible’s website	4.5/5Best for Borrowers with good credit or a co-signer				on Credible’s website
Custom Choice Loan on Credible’s website	5.0/5Best for Borrowers with good credit or a co-signer				on Credible’s website

Our pick for

All borrowers as a first option

Graduate students can take out up to $20,500 annually in unsubsidized federal student loans.

Federal Subsidized/Unsubsidized Loan

Graduate school borrowers qualify for unsubsidized student loans only.

• More flexible repayment options for struggling borrowers than other lenders.
• Subsidized loans do not collect interest while in school or during deferment.
• Lower interest rates than many private lenders.
• You pay an origination fee.
• No credit check or minimum income is needed to borrow.
• Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
• Independent students and graduate students have higher loan limits.
• Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate

Borrowers without credit or a co-signer

Graduate PLUS loan interest rates aren't based on your credit score: All eligible borrowers receive the same fixed rate.

Federal Grad PLUS Loan

• More flexible repayment options for struggling borrowers compared with private lenders.
• All borrowers who attend a school authorized to receive federal aid can qualify.
• May have higher interest rates compared with private lenders.
• You can’t see if you’ll qualify without a hard credit check.
• Grad PLUS loan borrowers must not have adverse credit history.
• Borrowers with adverse credit history can still receive a grad PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.
• Loan amounts: Total cost of attendance minus other financial aid.

Borrowers with good credit or a co-signer

College Ave Graduate Student Loan

4.29-14.49%

5.59-14.49%

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.
• International students can qualify with a co-signer.
• Nine-month grace period is longer than other lenders offer.
• You must be at least halfway through your repayment term before you can request a co-signer release.
• Typical credit score of approved borrowers: Mid-700s.
• Minimum income: $35,000 per year.
• Loan amounts: $1,000 up to the total cost of attendance.

Ascent Graduate and Health Professions Student Loan

Low-Mid 600s

5.29-15.96%

7.60-16.34%

• Forbearance of 24 months is longer than many lenders offer.
• Grace period of 9 months is longer than many lenders offer.
• You must be enrolled at least half-time to qualify.
• Typical credit score of approved borrowers or co-signers: Not available.
• Minimum income: Not available.
• Loan amounts: up to $400,000.

Custom Choice Loan

4.43-14.04%

5.38-15.56%

• No late fees.
• Principal reduction of 2% if you graduate.
• Stands out for features that enable faster loan repayment.
• Doesn't apply extra payments to the principal balance by default.
• Forbearance program is less generous than others.
• Typical credit score of approved borrowers: 700 for a non-cosigned loan and 733 for co-signed loans.
• Minimum income: No minimum, but borrowers must demonstrate positive income.
• Loan amounts: $1,000 up to $99,999.

Earnest Graduate Loan

4.29-14.30%

5.89-15.97%

• Option to skip one payment every 12 months.
• Nine-month grace period is longer than most lenders offer.
• Loans aren't available in Nevada.
• Typical credit score of approved borrowers: 758.
• Minimum income: $35,000.
• Loan amounts: $1,000 up to your total cost of attendance.

RISLA Private Student Loan

• Income-based repayment plan available, with forgiveness after 25 years.
• Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.
• Fewer repayment terms available than other lenders.
• Typical credit score of approved borrowers: 768.
• Minimum income: $40,000.
• Loan amounts: $1,500 to $45,000.

Advantage Education Private Student Loan

Does not disclose

• Forbearance of 24 months is twice as long as most lenders.
• Loans are available if you’re enrolled less than half time.
• Fewer repayment terms than other lenders offer.
• Borrowers are not able to defer loans if they return to school after their grace period ends.
• Typical credit score of approved borrowers: Does not disclose.
• Minimum income: Does not disclose.
• Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.

SoFi Graduate Student Loan

4.74-14.83%

5.74-15.86%

• Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.
• Does not offer bi-weekly payments via autopay.

Sallie Mae Graduate Student Loan

Mid-600's

4.99-14.48%

5.37-14.97%

• One of the few lenders to provide loans to part-time students.
• Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.
• You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

International borrowers without credit or a co-signer

International students don't qualify for federal aid and have fewer private options without a co-signer who's a U.S. citizen.

MPOWER Private Student Loan

12.99-15.99%

• Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
• Borrowers are assigned a dedicated student loan advisor.
• Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
• Payment required while in school.
• Offers only one repayment term: 10 years.
• MPOWER considers future income potential but does not factor in credit scores.
• Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $50,000 per academic period.

Borrowers from Texas

Brazos Private Student Loan

• May offer lower rates for graduate students than what are available through the federal government.
• Applies extra payments to the loan principal by default.
• Offers five loan terms, which is more than most lenders.
• Not available to borrowers enrolled in two year programs at community colleges.
• Biweekly payments via autopay is not available.

What are the best loans for graduate school?

1. federal graduate student loans.

Borrowers are eligible for two types of federal loans for graduate school: unsubsidized direct loans and grad PLUS loans.

Federal grad PLUS loans have higher interest rates and fees than direct unsubsidized loans, but you can borrow more money — up to your total cost of attendance, minus other aid received. Use grad PLUS loans if you’ve maxed out your federal direct unsubsidized loans and still want to use federal loans to pay for graduate school.

No one can get subsidized loans for graduate school . Certain professional students may be eligible for a federal health professions student loan as well.

You can apply for federal loans for graduate school by completing the Free Application for Federal Student Aid, or FAFSA .

2. Ascent Graduate Student Loan

Ascent's graduate student loan is a good option if you or a co-signer has excellent credit.

While federal interest rates are historically low for the 2020-21 academic year, you still may get a better rate with a private graduate student loan. You'll almost certainly pay less in fees: Grad PLUS loans come with an origination fee of more than 4%, while most private lenders don't charge these fees.

Ascent's graduate student loan stands out due to its flexibility. The lender offers a nine-month grace period and 24 months of forbearance — both of which are longer than many other lenders provide.

3. College Ave Graduate Student Loan

College Ave is a good choice if you're working your way through graduate school. Unlike many lenders, including the federal government, College Ave offers graduate student loans if you're attending school less than half-time.

In addition to Ascent and College Ave, graduate students looking at private student loans may want to consider Advantage , RISLA and SoFi . It's best to get quotes from multiple lenders before applying to ensure you get the best rate possible.

4. MPOWER Graduate Student Loan

MPOWER is a good choice for international graduate students who don't have a U.S. citizen co-signer. You can qualify for a MPOWER graduate student loan without a co-signer; lending decisions are based on your future income, rather than your current financial situation. You’ll need to check if your school is on this lender’s approved list, as they only work with a limited number of institutions.

Which graduate student loan is best for you?

If you need loans to pay for graduate school , the best option will likely be federal student loans. These offer protections that private graduate school loans lack, including income-driven repayment plans and loan forgiveness programs.

Those benefits can come in handy depending on how much you owe. The average graduate student debt is $88,220, including undergraduate loans, according to the most recent data from the National Center for Education Statistics.

Your career plans may also be a factor. For example, you may want to pursue Public Service Loan Forgiveness if you plan to get a Ph.D. and work at a university.

If you won't work at a nonprofit or need federal benefits, compare private student loans to see what interest rate you'd qualify for. Many lenders have specific graduate student loan products based on the degree you're pursuing:

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Most lenders won't require you to pay student loans while in graduate school , provided you're enrolled at least half-time. But depending on how much you get paid as a graduate student , making payments can save you money because all graduate school loans accrue interest, increasing the amount you owe.

STUDENT LOAN RATINGS METHODOLOGY

Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Read more about our ratings methodologies for student loans and our editorial guidelines .

Last updated on June 27, 2024

NerdWallet's Best Graduate Student Loan Options of July 2024

• Federal Subsidized/Unsubsidized Loan : Best for All borrowers as a first option
• Federal Grad PLUS Loan : Best for Borrowers without credit or a co-signer
• College Ave Graduate Student Loan : Best for Borrowers with good credit or a co-signer
• Ascent Graduate and Health Professions Student Loan : Best for Borrowers with good credit or a co-signer
• Custom Choice Loan : Best for Borrowers with good credit or a co-signer
• Earnest Graduate Loan : Best for Borrowers with good credit or a co-signer
• MPOWER Private Student Loan : Best for International borrowers without credit or a co-signer
• RISLA Private Student Loan : Best for Borrowers with good credit or a co-signer
• Advantage Education Private Student Loan : Best for Borrowers with good credit or a co-signer
• SoFi Graduate Student Loan : Best for Borrowers with good credit or a co-signer
• Sallie Mae Graduate Student Loan : Best for Borrowers with good credit or a co-signer
• Brazos Private Student Loan : Best for Borrowers from Texas

Frequently asked questions

Most students should max out federal student loans for graduate school before considering other options. But if you have excellent credit, a private student loan may be cheaper in the long run.

Grad students can get up to $20,500 annually and $138,500 overall in unsubsidized federal loans. Federal PLUS loans and private loans can cover up to your cost of attendance minus other aid received.

Interest rates and loan fees are higher with grad PLUS loans. But you can also borrow more with these loans — up to your cost of attendance — compared to other federal options.

Complete the FAFSA to qualify for all federal aid, including unsubsidized loans and graduate PLUS loans. If you want a private student loan for grad school, apply directly with the lender.

Further reading

What is graduate school.

Discover is no longer accepting new student loan applications. Applications received on or before January 31, 2024, 11:59 pm CT will be processed as usual.

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• Search Search Discover When autocomplete results are available use up and down arrows to review and enter to select. Touch device users, explore by touch or with swipe gestures. .

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Graduate Student Loans

Fixed Rates xxx - xxx APR

Variable Rates xxx - xxx APR

Lowest APRs are available for the most creditworthy applicants, and include an interest-only repayment discount and Auto Debit Reward . 1   Applying with a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower rate.

What customers are saying

Average customer rating.

See how we calculate our ratings

Discover® Student Loans has you covered

That means no application, origination, or late fees.

Auto Debit Reward

Get a 0.25% interest rate reduction while enrolled in automatic payments. Learn more

Rewards for Good Grades

Get a cash reward for your good grades on each new student loan. Learn more

Repayment Options

Choose from in-school or deferred repayment options, and there is never a penalty for prepayment. Learn more

Common Graduate Loan Questions

Graduate loan features, am i eligible for a discover graduate student loan.

To qualify for a Discover Graduate Student Loan, you must:

• Be enrolled at least half-time in a graduate program at an eligible school.
• Be seeking a degree.
• Be making satisfactory academic progress as defined by your school.
• Be a US citizen, permanent resident, or international student (International students require a cosigner who is a US Citizen or permanent resident).
• Be 16 years or older at the time you apply.
• Pass a credit check.

How much can I borrow with a graduate loan?

• You can borrow up to 100% of your school-certified cost of attendance (including tuition, housing, books, and more) minus other financial aid. Aggregate loan limits apply.
• The minimum amount is $1,000 for each loan.
• We certify and disburse loan amounts through your school so you do not borrow more than you need.

Do I need a cosigner?

Private student loans are credit based. Students with no credit history or a low credit score may find it difficult to qualify for a private student loan on their own. Students may have the option to apply for a Discover student loan with a creditworthy cosigner . By applying with a creditworthy cosigner, you may improve your likelihood for approval and may receive a lower interest rate on your graduate loan.

What is the difference between a fixed interest rate and variable interest rate?

• A fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts.
• A variable interest rate may change quarterly during the life of the loan if the rate index changes. This may cause the monthly payment to increase, the number of payments to increase, or both.

What is 3-Month CME Term SOFR?

The variable rate for student loan applications received on or after November 14, 2021, is based on the 3-Month CME Term SOFR index. 3-Month CME Term SOFR (Secured Overnight Financing Rate) is a rate index based on what the market expects rates to be over the next three-month time period. You can find more information on 3-Month CME Term SOFR at CME Group .

What are Rewards for Good Grades?

Doing your homework has its rewards. Students who get at least a 3.0 GPA (or equivalent) may qualify for a one-time cash reward of 1% of the loan amount on each new Discover Graduate Loan. Reward redemption period is limited.

Rewards for Good Grades Policy

What is an Auto Debit Reward?

Get a 0.25% interest rate reduction while enrolled in automatic payments. To enroll, log in to your secure account or call us at 1‑800‑STUDENT. Auto Debit Reward Policy

Graduate Loan Repayment

What is a deferment period.

If you are in school at least half-time, on active military duty, serving a public service organization, or in a medical residency, you may qualify for a deferment. A deferment period is a period of time when a borrower is not required to make any payments. During deferment, interest will continue to accrue. At the end of a deferment period, any unpaid interest will be added to your principal balance. This may increase the amount of your monthly payments and the total cost of your loan(s). Deferment options

What is my repayment period?

A repayment period is the period of time during which scheduled payments are required to be made to repay the principal balance and interest on a loan. Your repayment period is 20 years after the deferment period ends.

APR examples

What are my repayment options?

• In-School Interest-Only - Required to make interest-only monthly payments while you are in school and during your grace period to lower your overall loan cost and receive a 0.35% interest rate discount.
• In-School Fixed - Required to make $25 fixed, monthly payments while you are in school and during your grace period to lower your overall loan cost.
• Deferred - Monthly payments are not required until 9 months after you graduate or your enrollment drops below half-time.

You can make payments anytime to help reduce the overall cost of your graduate loan and there is never a penalty for prepaying. If you're not receiving monthly billing statements, we will send you quarterly statements showing you how much interest is accruing and how to make optional payments while you are in school.

What if I need help making my monthly payments?

If you are experiencing financial difficulties and you are unable to make your student loan payments, we have options to help. To learn more about your repayment assistance options  and determine if you qualify, please call our Repayment Assistance Department at 1-800-STUDENT.

Compare graduate student loans

The table below compares federal and private student loans for graduate students, including masters and doctoral candidates.

Select Loan Type

Direct Loans for Students

Direct PLUS Loans for Graduate / Professional Students

	Graduate Loan
Borrower	Student (may require a cosigner)	Student	Student (may require an endorser)
Lender	Discover Bank®	Government	Government
Annual Loan Limit Loan amounts are certified and disbursed through the school.	Cover up to 100% of school-certified graduate school costs, minus other financial aid.* Aggregate loan limits apply.	Up to $20,500 (certain health profession programs may be higher; contact your financial aid office for exact amounts).	Up to 100% of your cost of attendance minus other financial aid.*
Interest Rate	Fixed xxx - xxx APR Variable xxx - xxx APR (3-Month CME Term SOFR + xxx to 3-Month CME Term SOFR + xxx) Lowest APRs are available for the most creditworthy applicants, and include an repayment discount and .	7.05% fixed (for unsubsidized loans with a first disbursement between July 1, 2023 and June 30, 2024).	8.05% fixed (for loans with a first disbursement between July 1, 2023 and June 30, 2024).
Origination Fee	Zero	1.057% of loan amount for subsidized and unsubsidized loans with a first disbursement made on or after October 1, 2023 and before October 1, 2024.	4.228% of loan amount for loans with a first disbursement made on or after October 1, 2023 and before October 1, 2024.
	yes	no	no
	yes	yes	yes
Payment Deferment while in School	No payments are due until 9 months after graduation or enrollment in school less than half-time unless the borrower has elected, during the application process, to make either interest-only or $25  fixed monthly payments while in school and during the grace period.	No payments due until 6 months after graduation or enrollment in school less than half-time.	No payments due until 6 months after graduation or enrollment in school less than half-time.
Eligible Academic Programs Must be enrolled at least half-time.	Graduate degree programs.	Degree, certificate, study-abroad, or certain distance education programs. For more information, contact your school's financial aid office.	Degree, certificate, study-abroad, or certain distance education programs. For more information, contact your school's financial aid office.
Repayment Plans	20 years standard repayment.	10 years standard with flexibility to extend up to 25 years. Multiple repayment options available.	10 years standard with flexibility to extend up to 25 years. Multiple repayment options available.
Free Application for Federal Student Aid (FAFSA®) Required	no	yes	yes
Credit Check Required	yes	no	yes
Cosigner	Depends on your credit evaluation. Applying with a creditworthy cosigner may improve your likelihood for loan approval and may lower your interest rate.	no	Borrowers with adverse credit history may be required to apply with an endorser.

Comparisons based on information obtained from the US Department of Education as of August 2023. *Annual cost of attending a specific school, including tuition, fees, room and board, books and supplies, transportation, and personal expenses. This amount is determined by your school. FAFSA® is a registered trademark of the US Department of Education and is not affiliated with Discover Student Loans.

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The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is X as of X . 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates .

Borrow responsibly . 1. Maximize grants, scholarships, and other free financial aid. 2. Compare federal and private student loans. 3. Choose the loans that best fit your needs.

Federal Direct Graduate PLUS Loan Program (Grad PLUS)

The Federal Direct Graduate PLUS Loan is a fixed interest supplemental loan program that enables graduate students to borrow directly from the U.S. Department of Education to help pay for their educational expenses. The Program is administered by the Harvard Graduate School of Education Financial Aid Office, which works with the U.S. Department of Education to offer this loan. This loan is only available to U.S. Citizens and permanent residents; students must be enrolled in a minimum 6 credits per term in a degree-granting program (residential or online) to be eligible.

This loan has many benefits such as a fixed interest rate, high credit approval rate and streamlined application process. Loan payments can be deferred while in school at least half time and the loan has flexible repayment options. As part of the Federal Direct Loan Program, this loan would also conveniently become part of your loan account that contains your Federal Direct Subsidized/Unsubsidized Loan(s), thus reducing your number of lenders. Since Harvard University participates in the Federal Direct Loan Program this is the most commonly borrowed supplemental loan by the HGSE students, however students may select any supplemental loan of their choice.

The 2024-2025 Federal Direct Graduate PLUS Loan Application is available. After submitting your application the HGSE Financial Aid Office will be notified and we will work to add the approved loan to your financial aid package- please allow several business days for this process to be completed. The 2025-2026 Federal Direct Graduate PLUS Loan Application will be available in May 2025.

Federal Direct Graduate PLUS Loan Eligibility

The Federal Direct Graduate PLUS Loan (Grad PLUS) is available to U.S. citizens and permanent residents. It is not based on need, however you must still file the FAFSA to be eligible. You must be enrolled at least half-time in a graduate degree-granting program (residential or online) and meet basic credit criteria set by the U.S. Department of Education to be eligible for this loan.

Federal Direct Graduate PLUS Loan Limits and Terms

You may borrow up to the full student budget less total financial aid from all sources. The interest rate is fixed at 9.083% for 2024-2025 loans. There is a 4.228% loan origination fee deducted from the loan by the U.S. Department of Education for loans with a first disbursement date prior to October 1, 2024 (for example: if you borrow a $10,000 Grad PLUS Loan a net disbursement of about $9,577 will be applied to your student account). The Grad PLUS Loan is credit-based and requires credit approval by the U.S. Department of Education.

Refer to the Federal Student Aid website for additional information regarding Direct Grad PLUS Loans.

Student Loan Support Center for Grad PLUS Loan Applicants & Borrowers

Phone: 1-800-557-7394  8 a.m. – 8 p.m. EST Monday to Friday 877-461-7010 TDD Grad PLUS Loan Borrowers can contact the Support Center for:

• Appealing a credit decision
• Endorser application questions
• Assistance with the StudentLoans.gov website

Credit Criteria

Credit approval is based on federally mandated criteria, not a credit score. In order to qualify, you must not have any of the following items on your credit report:

• Any debt that is 90 or more days delinquent or that are in collection or have been charged off during the two years preceding the date of your credit check, but only if the total combined outstanding balance of those debts is greater than $2,085.
• Any of the following within the preceding five years of the date of the credit check: default, bankruptcy, discharge, foreclosure, repossession, tax lien, wage garnishment, write-off of a Title IV debt, open collection. 

Credit Approval

Credit approval is valid for 180 days. Your credit is evaluated every time you request a new loan unless you have had a credit decision within the preceding 180 days.

If you think you may have one or more of the items outlined in the credit requirements listed above you may want to obtain your credit report in advance of applying for a Grad PLUS Loan. You should work to correct negative items on your credit report as soon as possible.

Credit denial options include:

• Applying for the loan with an endorser, which is a credit worthy loan cosigner.
• Correct any invalid information on your credit report and reapplying.
• Appeal the denial with the Student Loan Support Center (see above for contact information) due to extenuating circumstances relating to your adverse credit history.
• Correspondence will be sent to Grad PLUS Loan applicants who receive an adverse credit determination. Information will include instructions regarding appealing the denial of a Grad PLUS Loan Application and securing an endorser for the loan.

Federal Direct Grad PLUS Loan Repayment

Repayment can be managed on the website of your loan servicer, which will be assigned to you by the U.S. Department of Education. While the interest rate on the loan is fixed, interest starts accruing on the loan at the time of disbursement to Harvard. Payments can be deferred until after graduation while you are enrolled at least half time. Accrued interest can be paid quarterly while you are in school or capitalized (added) the loan when you enter repayment if you prefer. You will accrue future interest based on the higher principle balance while in repayment. The U.S. Department of Education has a loan repayment calculator that can help estimate your loan repayment options.

Loan Application

The 2023-2024 Federal Direct Graduate PLUS Loan application is available. After submitting your application the HGSE Financial Aid Office will be notified and we will work to add the approved loan to your financial aid package, please allow several business days for this process to be completed. The 2024-2025 Federal Direct Graduate PLUS Loan Application will be available in May 2024.

• Best Graduate Student Loans of 2024
• College Ave
• Custom Choice
• Federal Direct
• Why You Should Trust Us

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate student loans to write unbiased product reviews.

Student loans may allow people to bridge the gap between what they can afford for college and the overall cost of an education. If you've already used your "free money" (scholarship, grants, and your savings) to pay for college and still find that you're unable to pay for school, a student loan could be a good option.

When considering your options, federal student loans should always take precedence over private ones. Federal loans have the lowest interest rates and come with a level of protection that private lenders don't offer.

The Best Graduate Student Loans of 2024

Ascent graduate student loans, college ave graduate student loans, earnest graduate student loans, sallie mae graduate student loan, custom choice graduate student loans, compare the top graduate student loans.

Graduate students don't qualify for all types of federal loans, but they are able to take out Direct Unsubsidized loans and Direct PLUS loans.  Here are some of the best options for graduate students looking to take out private loans. 

Ascent has a lower minimum APR on fixed-rate graduate student loans than most other competitors. However, its maximum APRs on both fixed and variable are higher than what you'll find at most comparable companies. 

Ascent also doesn't charge any origination fees. 

What to watch out for: Maximum APRs on both fixed and variable are higher than what you'll find at most comparable companies

Read our Ascent graduate loans review .

College Ave offers many term lengths and doesn't charge any origination or prepayment fees. Five, eight, 10, or 15 year repayment terms are available. A longer repayment term will reduce out your monthly payments, but you'll pay more in overall interest.

What to watch out for: Middle-of-the pack interest rates. College Ave's graduate student loans aren't quite as good of an offering as its undergraduate students loans, as the lender has so-so APRs compared to competitors and comes with no extra perks.

Read our College Ave graduate loans review .

Earnest's loans have a distinguishing feature: the ability to skip one payment every year. You can request your first skip once you've made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing.

However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period. 

What to watch out for: May need to add a cosigner. To get the lowest rates, you may need to enlist a cosigner to help. Cosigners can also help you qualify for a loan where you otherwise might not have. 

Read our Earnest graduate loans review .

Sallie Mae loans are available to international students with an eligible cosigner. Not all lenders allow international students to apply, so Sallie Mae may be able to help you if you're coming to the US to study from abroad. 

What to watch out for: Only one repayment term option. Your repayment term will be set for you at 15 years. However, if you want to pay off your loan earlier and avoid forking over more cash in interest, you won't pay any prepayment penalties. 

Read our Sallie Mae graduate loans review .

Custom Choice offers a 2% reduction of your loan's principal after you graduate. This may not seem like much, but will save you some on the overall cost of your loan. 

What to watch out for: Credit check required. While most of the lenders on the list require a credit check, you run the risk of not qualifying if your credit isn't in the best shape. 

Read our Custom Choice graduate loans review .

Federal Direct Unsubsidized Loan

Federal loans have some of the lowest rates around. And you don't need to have a superb credit score to qualify for them like you would with the private lenders on our list.

You'll also qualify for certain protections with federal loans that you otherwise wouldn't with private loans. This includes the ongoing repayment pause on federal loans and the potential for student loan forgiveness — though that is currently being challenged in courts.

What to watch out for:  Interest will begin to accrue shortly after you take out the loan. This means that if you don't pay off your interest while in school, you'll end up with a higher balance than you initially borrowed. 

Federal Direct PLUS Loan

Federal loans offer some of the lowest rates available, and you don't need to have excellent credit to qualify for them like you would with the private lenders on our list.

Additionally, you'll qualify for certain protections with federal loans that you otherwise wouldn't with private loans. This includes the ongoing repayment pause on federal loans and the potential for student loan forgiveness.

What to watch out for: You'll pay an origination fee of 4.228% with Direct PLUS loans, which will be deducted from the loan disbursement. However, there are no prepayment penalties with a Direct PLUS Loan, so you can pay it off early without facing a fee.

Which Graduate Student Loan Lender Is the Most Trustworthy?

We've only selected student loan lenders with no public controversies in the last three years. We've also compared each institution's Better Business Bureau  score.

The BBB, a non-profit organization focused on consumer protection and trust, evaluates companies by judging a business's responses to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company's score:

Federal Direct PLUS Loan	N/A
	A-
	A+
	A
	A+
	N/A

Of our top private lender picks, only Custom Choice is not currently rated an A- or higher by the BBB. The BBB doesn't have a rating for Custom Choice. That said, this doesn't necessarily reflect Custom Choice's trustworthiness, and you should ask others about their experiences with the businesses before deciding against borrowing from the companies. 

Graduate Student Loans FAQs

Federal student loans have a number of protections that private student loans don't. These include  income-based repayment plans , which help to lower payments to a percentage of a person's income. It's always best to use all of your available federal loan options first to take advantage of these protections.

Unfortunately, private student loans are not eligible for any federal forgiveness programs. However, if you have federal student loans, you may be eligible for forgiveness if you are under a certain income threshold or if you work a certain job.   

As you'll likely be repaying your student loans over a longer period, you'll want to know your options for your term length. You may want an extended length to spread your costs out, but be aware that you'll pay more in overall interest this way. Some lenders, like Sallie Mae, set your repayment term for you.

Every lender is different when it comes to your repayment choices while you're in school. Some allow you to pay down your monthly debt in full every month, others offer interest-only or flat payments, and you may be able to defer all costs until after you graduate.

Why You Should Trust Us: How We Chose the Best Graduate Student Loans

Personal Finance Insider's mission is to help smart people make the best decisions possible with their finances. To do that, we looked through many student loan companies, comparing interest rates, terms, and fine print so you don't have to. We looked for several factors in determining the best student loans, including: 

• Interest rates: The lower the interest rate the better, and we prioritized lenders with the lowest interest rates for graduate students.
• Nationwide availability: We searched for student loans available in all or most US states. 
• Flexibility of repayment plans:  There are four main options for repayment offered by most lenders: defer payments until after school; interest-only payments in school; small, fixed payments in school; and full monthly in-school payments. We looked for lenders with the most ways to pay.
• No or few fees: We prioritized lenders that didn't charge fees, like origination fees or prepayment penalties.

See our full ratings methodology for student loans >>

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

• Main content

SAVE Calculator: Estimate Payments on Biden’s New IDR Plan

The new SAVE plan will offer the lowest monthly payment for the vast majority of borrowers.

Written By: Michael P. Lux, Esq.

Last Updated: June 11, 2024

Affiliate Disclosure and Integrity Pledge

The newest federal income-driven repayment plan will be called SAVE, Saving on a Valuable Education. It includes several exciting changes for borrowers.

The calculator below was created using the exact terms as defined in the federal registrar . The Department of Education has also released a fact sheet that provides a nice summary of the new SAVE plan .

Sherpa Tip: This calculator estimates SAVE payments using the fully implemented SAVE calculation. This means that undergraduate and graduate loan balances are needed. Scroll down for more details. It has been updated to include the new 2024 Federal Poverty Level Guidelines.

REPAYE, New REPAYE, and SAVE

The new SAVE plan will essentially replace several different IDR plans .

Notably, the REPAYE plan has been completely replaced by SAVE plan.

By July 1, 2024, the transition from REPAYE to SAVE should be complete. At that time, the calculations become even more favorable for borrowers with undergraduate debt.

The calculator above is designed to help borrowers project payments on the final version of SAVE. If you enrolled before July 1, 2024, your payment should drop in July if you have any undergraduate debt. If you have only undergraduate debt, the July 1 changes should cut your payment in half.

Want to Sign Up? Signing up for SAVE is easy, but there are some mistakes borrowers will want to avoid.

Important Eligibility Notice

All federal student loans would be eligible for this repayment plan except for two notable exceptions.

FFEL Loans and Perkins Loans – FFEL and Perkins loans are not eligible for SAVE but could be made eligible through federal direct consolidation.

Parent PLUS Loans – Parent PLUS loans are not eligible for any IDR plan other than the income-contingent repayment plan (ICR). The proposed changes would not alter this rule. Unlike FFEL loans, a simple consolidation does not fix the Parent PLUS eligibility issue. However, the double-consolidation loophole may work for the borrowers who complete the process in time.

Note for Married Couples

Calculating monthly payments without counting spousal income is now possible with the SAVE plan. This is a significant change from REPAYE, where married couples could not file separately to exclude spousal income from monthly payment calculations.

If you file separately, enter only your adjusted gross income in the line asking about income. If you are filing jointly, please enter your combined income.

Calculator Shortcomings

This calculator is not a perfect tool. There are some potential issues that borrowers using it should understand.

• The SAVE Plan could change. It’s possible that Congress passes legislation or someone files a lawsuit that causes the new plan to get blocked. Such an event is unlikely, but it remains a possibility.
• Mistakes happen. If a number gets transposed or there is confusion about eligibility, payments might not happen exactly as you hoped.
• Calculations for married couples get complicated. If you and your spouse both have federal student loans, filing separately may become extra beneficial under the new plan . That calculation is a bit more complicated and will be available in a future update.
• No Cap on SAVE Payments. If you have a small loan balance and a large income, it’s possible that you might be better off enrolling in a balance-based plan such as the 10-year plan or the graduated repayment plan. In this scenario picking a different IDR play might also make sense .

Plan Highlights and Other Benefits

The big headline is the lower payments that you have probably seen after using the calculator.

These lower payments happen for two main reasons. First, discretionary income gets redefined for the SAVE plan. Previous calculations used a discretionary income of 150% of the federal poverty level . This new plan would use 225% of the federal poverty level .

Additionally, undergraduate borrowers only pay 5% of their discretionary income toward their loans. In the past, it was a minimum of 10%. Borrowers with only graduate debt will still pay 10%. This isn’t really fair to teachers and social workers , but it is still an improvement. Those with a mix will pay a weighted percentage between 5% and 10%. For this reason, the calculator asks about undergraduate and graduate debt.

Beyond the lower payments, there are some other significant changes:

• Borrowers with balances of $12,000 or less are eligible for forgiveness after just ten years instead of the standard 20. This benefit is available starting July 1, 2024.
• The already excellent REPAYE interest subsidy will cover 100% of a borrower’s unpaid monthly interest. This benefit is available from day one of the restart. Use this calculator to estimate the value of the monthly SAVE subsidy .
• Borrowers can file separately to reduce the marriage penalty .

Repayment Plan Alerts

Because we are dealing with some legal challenges to the new repayment plan, I’ve set up a mailing list to notify readers of any big changes.

At most, you will receive one email per month. The idea is to highlight the critical changes and essential deadlines that borrowers need to know.

Student loan expert Michael Lux is a licensed attorney and the founder of The Student Loan Sherpa. He has helped borrowers navigate life with student debt since 2013.

Insight from Michael has been featured in US News & World Report, Forbes, The Wall Street Journal, and numerous other online and print publications.

Michael is available for  speaking engagements and to respond to  press inquiries .

The Latest Upates from The Student Loan Sherpa:

4 Ways to Save for Retirement AND Eliminate Student Loan Debt

How to Find Employers Eligible for PSLF

SAVE Lawsuits: Some Provisions Remain, Others Struck Down

159 thoughts on “SAVE Calculator: Estimate Payments on Biden’s New IDR Plan”

I was wondering if you’ve had any opportunity to see a draft of the new Biden student loan forgiveness plan that is being implemented under a different legal theory than his original plan that was struck down by SCOTUS. I am particularly interested in three aspects of the plan. First, will it forgive the accrued interest that has tripled the balance of my loan over 22 years. When I graduated I owed $44,000 and I currently owe $127,000 even though I have never missed a required payment. Although some of those monthly payments were zero due to low income. Second, will the plan separate undergraduate loans from graduate loans and forgive the undergraduate balances that have been in an IDR plan for over 20 years and require 25 years of repayment for the graduate loan balances only. Third, will they be forgiving undergraduate and/or graduate loans for people over 65 years old who have been in an IDR plan for over 20 years.

Great questions, Jeff. I have had the opportunity to look at some of the early drafts of the proposed changes, but before I answer your specific questions, I think it is important to point out a couple of items. First, we don’t have final language, and it will almost certianly change during the rulemaking process. Second, in Biden’s recent annoucement he made reference to terms that were not included in the early drafts.

Thus, at this point, the best we can do is speculate. When the opportunity for public feedback comes, we can get involved, but for now, I can’t give you anything definitive for planning purposes. Instead, I’ll give you my best guess.

As for your first question, based on the most recent announcement, I think you have a good shot at forgiveness for the accurred interest that caused your balance to grow so much. You may find that your balance is back to the original amount that it was when you graduated.

I don’t expect that the plan will parse out undergrad debt from graduate debt for forgiveness timing. Additionally, even if it did, I don’t know that it would help much for most borrowers. IDR payment are based on your income, not your loan balance. Thus, even if part of your balance is forgiven in year 20, the payments for the remaining 5 years would be the same. Your proposed change might help borrowers with a small amount of graduate debt, but in most cases that I’ve seen, the graduate debt dwarfs the undergraduate debt.

Finally, I haven’t seen anything about a special early forgiveness provision for seniors.

I’d encourage you to keep an eye out for the opportunity to leave public feedback, as I do think you propose some good ideas that merit further discussion.

Repaye Calculator question: If I’m married but filing MFS (separately), is my family size now =1 for the calculator…. or is it still =2 (husband and wife).

Also since I (we) live in a community property state, when we each file MFS, all the tax software now asks us to fill out the IRS Form 8958, but those instructions are vague and am I entering MFS amounts or MFJ amounts…..? and do any of these 8958 figures now count against us to raise our student loan repayment amounts?

Great questions here Mark.

First, family size includes your spouse IF you file taxes jointly. If you file seperately, your spouse is not included.

Community property states defintiely complicate things. This article breaks down the rules in community property states and provides some strategy tips.

It seems like the SAVE Plan doesn’t work for everyone and is really geared towards lower incomes. I make a 6-figure income but with a family of 6 it doesn’t get you very far in this economy. How can you apply for this program if you are married? I still have a hefty balance of $71k in student loans that I feel like will never go away with the horrible way the interest always tacks on… Any insights on when the one-time IDR Waiver adjustments will happen?

Hi Terence,

There is a lot to cover here. First, I think your assessment that it is geared toward lower incomes is somewhat fair. If you fall at or around 225% of the federal poverty level, SAVE is a great deal. As you income increases you reach a point where the balance-based plans become more affordable than the income-driven plans.

You can apply for SAVE if you are married. If you file taxes jointly your spouse’s income is included in the calculation. If you file seperately, it is not included.

The one-time adjustment is supposed to happen this year. This article provides a full breakdown of what is supposed to happen, when, and how to qualify.

I see that my current FFEL Program Loan is one that is ineligible UNLESS it goes through federal direct consolidation. It is already listed as “Consolidation Loan” on studentaid.gov. Do I have the option to get into SAVE and how do I start that process? Or do I need to come to terms with the fact that I will never have a mortgage.

You may have an FFEL consolidation loan. Did you consolidate before 2010?

I started IBR in 2009 so I think I did then?

That makes sense.

Signing up for SAVE requires the borrower to have a direct loan. Typically people with FFEL loans can consolidate into an direct consolidation loan to get eligiblity. Your situaiton is a bit confusing becuase you have a consolidation loan, but it isn’t a direct consolidation loan. (I say this based on the timeline, but I can’t say for certain without getting more details from you.)

The good news is that you can still consolidate into a direct consolidation loan, but the bad news is that you should probably make a decision before the April 30 deadline . The bad news is that direct consolidation may impact your interest rate. However, it could move you closer to your goal of getting a house.

The ideal approach for your situaiton will depend on your income, future plans, and several other factors. If you’d like, we can schedule a consultation and discuss things in more detail.

Hello there,

I’m curious about the SAVE forgiveness after 10 years. I have multiple undergraduate loans each individually under $12,000 (and totaling around $20,000 collectively). Will they all be forgiven after the 10 years of repayments under SAVE?

Unfortuantely, it doesn’t work that way.

You are definitely not the first person to ask this question, and the Department of Education and servicers have done a really poor job explaining how it works. Sadly, the SAVE early forgiveness provision is based on the total amount originally borrowed .

Thank you for clarifying. I’ve been looking for this info for months without luck. Even messaged my servicer 3 times with no response!

I have collectively borrowed almost $200,000 in federal loans. Undergraduate was approx. 190,000 and started repayment in 1998 under income based repayment plans. between 2003 and 2006 I was in grad school so loan repayment was on pause. I borrowed an additional $10,000 in grad school and consolidated all the fed loans in 2006. after 25 years since the initial loan payments started in 1998 I am now in repayment with only $11,000 left until they are all paid off. I suspect, my servicer didn’t count my total years in repayment correctly but am unsure if there is any forgiveness available at all. Should I apply for the save program. Wait? Do it now? Do it at all? Getting questions answered has been difficult.

Since you borrowed loans for graduate school, it means SAVE forgiveness comes after 25 years. Notably, that clock stops while you are in school, even under the expanded count update .

As for whether or not you should switch, the answer is probably yes if your are on IBR. You will get lower payments that way. However, your income could be high enough that your remaining balance is forgiven before you reach the 25 years. In that case, paying off the remaining loans aggressively could save money on interest.

Its really hard to answer without getting an idea of what your estimated SAVE payments would be. The smaller the payment, the more likely the math will say that SAVE is the best option.

How is family size determined for married filed separately. I make more than my wife, so I believe i have to claim the 2 kids on my taxes and she can’t because my AGI is higher. Does she get to claim a family size of 3 (excludes me) for SAVE purposes?

That’s a tricky question Noah.

On the applicaiton it asks for children who recieve more than half their support from you (the applicant). Notably, in the form instructions, it also says that: Your family size may be different from the number of exemptions you claim for tax purposes.

Dealing with loan servers and the Department of Education is such a headache. I have been trying to get one simple question answered for 11 month. I have been in different IDR plans (currently REPAYEE) for over 21 years with over 90% of my student loans being undergraduate and have never missed a required payment. EdFinancial, my servicer, cannot tell me when my last scheduled payment will be. Four months ago I turned to constituent services in my Congressman’s office and they contacted my servicer on my behalf and they can’t get an answer either. Why can’t anyone tell me when my loans will be forgiven?

There is no question that servicing has been a nightmare for a while .

However, in this case, I think the servicer is probably doing the right thing by not giving you a specific date. The reason they cannot give you a specific date is because they will soon be updating payment counts towards loan forgiveness. Certain periods of deferements an forbearances will now count toward the 20 or 25 years required for forgiveness .

By this time next year, you should have an updated tally of your IDR payments that you can access on your servicer portal.

In short, they should be able to tell you if you need 20 or 25 years for forgiveness, and for now, you can try to do some quick math using the article above. At some point next year, when the udpate is complete, they should be able to give you an exact estimate.

This is a great and informative article. I’m trying to figure out the best approach to take in my current situation. I have about 10-11 years left on my graduate loans under SAVE (25 years I believe is the timeline). $234K is the total debt, and my interest is around $1200/month at this point. AIG for 2023 was $200,000, and I expect that it will be increasing as the years go by. My new repayment monthly amount under SAVE is lower than my monthly interest, which means my balance won’t be moving unless I start making substantially more money next year/year after. I also have saved $150K that I could put towards the balance, but then I would be left with no safety net.

Is it best to stay on the SAVE plan for the next 10-11 years, with the understanding that I may have a very large balance that will be forgiven, and potentially taxed, or move to a different plan (which would accrue interest to my balance) forcing me to aggressively pay, or alternatively, use my savings to pay down a good portion of the balance down?

The high debt is an obstacle with purchasing a home (the interest rate is not ideal by any means) so it would have a detrimental effect longer term. But would I save a substantial amount under SAVE where it would offset such a higher interest rate?

Lots of great questions here, and I’ve got a few resources that should shed some light on your situation.

First, if you qualify for any subsidy on SAVE, it means SAVE will almost certianly be the best repayment option. It also means it doesn’t make sense to make extra payments.

In some cases, it makes sense to pay extra to payoff the debt faster so that you spend less on interest. Based on your comment, I doubt you fall into this category. The potential tax is definitely a concern, but there is a real possiblity it won’t get taxed , and even if it does, there are ways to prepare for the tax bill .

If purchasing a home is in the near future for you, SAVE is also the best option for that route . Remember, when lenders look at debt-to-income ratios, they are looking at monthly debts and monthly income. The total balance isn’t a part of this equation. Picking the repayment plan with the lowest monthly payment will give you the best shot at getting the mortgage you want.

My student loan balance increased by almost 10k because my IDR repayments were lower than the interest being accrued. I just received a raise to 110K salary but have a lot of separate credit and loan debt and worry that my payments will be too high to afford my other payments. I don’t know what my best option is.

With the new SAVE subsidy , you no longer have to worry about your balance increasing while you make income-driven payments.

If income-driven payments are too high due to your new salary, you can explore balance based options such as graduated or extended repayment. The Department of Education Loan Simulator can help you estimate payments on the various plans. The downside is that these balance based plans don’t count toward student loan forgiveness.

Balancing other debts makes things even more complicated. If you have a high interest credit card, sometimes the best bet is to pick the student loan repayment plan with the lowest monthly bill and focus your efforts on eliminating the credit card debt. Once the credit card balance is taken care of, then you can shift your focus to your student loans.

thank you so much

Great article, very helpful information. I’ve used this calculator as well as gone through the other repayment options on the federal student loan website, ultimately I’ve applied for the new SAVE plan. My question is, is there a way to tell what might be best for next year’s tax filing.

Situation, I finished paying my student loans a few years back, my wife has ~75K (15 undergrad, 60 grad.), joint AGI is 195K last year. We’ve made no payments during COVID pause. Her own AGI for 2023 taxes will be ~30K or less, as she is staying home with our 2 kids for the next couple years. Would it make sense to file taxes separately for 2023, so her SAVE payment would be based on her loans/income alone, and ultimately be $0, based on my estimates. Would this be allowed? I haven’t found anything that explicitly says it wouldn’t. If so, I could then try to make payments above to bring the balance down.

Interested in your thoughts on this and really appreciate you time and attention as well as this site. It has served as a valuable resource for me.

Thanks for the kind words!

Filing seperately is a common strategy to get lower payments on student loans. Based on your description, it sure sounds like your wife could qualify for $0 per month payments.

The one thing I would add is that if she qualifies for $0 per month payments, paying extra to knock down the balance may not be the best approach .

Thank you for your timely reply. I had a follow-up after reading more about the 0$ payment strategy article. While I understand that investing any ‘extra’ money in a high-yield savings account or something else is a good idea, ultimately how am I going to get out of debt? Is this just continuing to qualify for $0 (or a low payment) for 20/25 years?

My other follow-up question, is related; if I have ‘extra’ money in the budget to put towards student loans, while on a $0 SAVE payment, am I understanding that correctly that the ‘extra’ dollars can’t be applied as a principal only payment? -they would go to interest first? If that is the case, then I’d be defeating the purpose of having the government cover the interest, right? Again really appreciate all you do!

The goal would be to either save up enough money to pay the loan off in full or to reach forgiveness.

However, it is worth noting that the “extra” payments would go toward principal because the subsidy would cover the interest.

I suppose like everyone else…I am trying to clarify best options … Student loan debt $40,000; paid for 2 years on loan prior to covid pause of pymts; household of 2; income $70,000. If I use the SAVE program my monthly pymt will be lower but the number of years I pay will be extended. At current payments I have 8 more years to pay off loan (pause years do not count, correct?). If I move to the SAVE program do the two years I have paid count? (so 18 years left at reduced pymt) or do I start over and have 20 years left to pay?

Good questions. First, switching to SAVE doesn’t mean a restart . Second, time during the payment and interest pause WILL COUNT toward forgiveness .

As for the best strategy, I do have one question, are you getting a subsidy from SAVE? ( This calcluator will help you answer that question.)

Hi thanks in advance for all the great info! My son’s direct loans total 8000. His income qualifys for 0 payment on the SAVE program for now. Do the loans stay at 10 years? Do they get forgiven? Or do you need to actually pay a payment for that? And when income and payment go up are you paying all the interest plus a portion of the principal? Just want to make the best plan for him. Thanks

Lots of good questions here. With that total balance, SAVE forgiveness after ten years could be a good option. If you qualify for $0 per month payments, there is no need to send a check.

As his income increases, monthly payments may also increase. You can use the calculator above to see what those payments might be at various income levels.

For planning, you might also want to read about ways to take advantage of $0 payments and the SAVE subsidy .

Michael, This is a great website! Is any interest that is “forgiven” taxable?

It should not be taxed. Think of it as an interest discount rather than forgiveness.

However, if you are concerned, I’d encourage you to talk to a local tax professional. Tax isn’t my area of expertise, and I can’t guarantee that there isn’t some state or local tax rule that might cause an issue. That said, I’ve never heard of anyone having this problem.

The calculator isn’t working. It keeps spinning and then kicks me out of the website.

If we have our daughter sign up for the program so she can save the interest, is there any penalty for us making payments on the Principal for her?

First, I REALLY appreciate you taking the time to let me know that there is an issue. I’m not a computer programmer, so getting this thing working was a big challenge, and any help to improve it is greatly appreciated.

That said, I’ve tried it out on a couple of different browsers and both a mac and a PC and I haven’t been able to recreate the issue. Could you please let me know what browser and device type isn’t working so that I can try to figure out the issue?

As for paying extra on a SAVE plan, there isn’t a penalty. However, it isn’t necessarily the best strategy. I’ve written another article explaining another option to maximize the SAVE subsidy benefit .

Hi there! I owe a 6 digit figure in grad school debt and have a lower and unpredictable income (due to working in the humanities) and recently went on the SAVE plan. My monthly payments are now $59 but I see that interest has already been added (during the COVID forbearance I actually paid off all my interest). Surprisingly, the interest amount seems lower than my initial calculations based on the 6.25% rate.

I’m seeing inadequate information online about how exactly the interest subsidy for the SAVE plan works- could you speak more about that? I know that interest that is not covered by my monthly payment does not get capitalized into my principal balance, but this still means that interest will accrue regularly, yes? And eventually after my 25 years are up, will the accrued interest amount also be forgiven along with the principal? In which case, I’d have to prepare for a tax bomb in about 18 years that factors in the accrued unpaid interest?

Any elaboration into this topic would be super helpful, thanks!

Those are definitely big issues. I have an article dedicated to understanding how the subsidy works and a separate one explaining the tax bomb .

Hi, I have a $6100 balance for undergrad. Mine are FFEL. I am curious, how do I consolidate to an eligible loan for the SAVE program. Do I contact the lender I pay now? Also, do any of the years I have paid on this loan count toward the 10 year forgiveness? And finally, what happens to the balance of the loan after 10 years? It seems that it is forgiven, but I have also seen where you would receive a form to have to file on your taxes that year. Would this be considered income as far as tax filing is concerned?

You have clearly done your homework. These are all good questions, and I think I’ve got an article that answers each of them.

Here is a guide to federal student loan consolidation . Because of the upcoming IDR count adjustment , you should get credit for prior payment activity as long as you consolidate before the 12/31/23 deadline. Your balance should get forgiven after 10 years of certified payments, and there could be a tax on the forgiveness . I’m hopeful that there won’t be a tax bill when your debt gets forgiven, but as someone in a similar situation, I have a backup plan in case I do get a tax bill .

I have been scouring the internet trying to figure out one MAJOR problem I am facing: Why my payment skyrocketed from $47 a month pre-COVID under REPAYE, to $648 after automatically converting to SAVE. What I am deducing is that all the loan calculators are using a ten year repayment instead of a twenty-five year repayment… but WHY?

The kicker is that I am a local government worker, and only have thirty-five more payments left (of the original 120) before I reach PSLF. If MOHELA is using a ten year repayment, that: 1) violates my original loan agreement, and 2) would make the PSLF program pointless. I am being forced to pay my loan off in ten years!

Am I missing something?

This sounds like an error. Your monthly payments should be based on your last income certification, and if you haven’t sent one in since before the pause started, you should get at least six months to do so .

I’d suggest calling MOHELA and asking what is going on. What you are describing does not sound correct.

my son has over 130K in private and 49K in federal. Hes a teacher in Florida. He can not make the payments and eat. This program even if he gets approved dosent help with the private. The government needs to help with this. BTW he went to a STATE SCHOOL. How is this allowed to happe

You are absolutely right about the private loan issue. It is a massive problem.

I wish there was a program like SAVE for private borrowers, but it just doesn’t exist.

The government is able to do more to help federal borrowers because the government is the lender. With private loans, the government isn’t a part of the contract, which limits how much they can help.

The only hope for this is the Fresh Start Through Bankruptcy Act that is currently languishing in the Senate even though it has bipartisan support from liberal Democrats and some conservative Republicans. Though they would have the votes to get it out of the Senate committee the leaders don’t want to put it on the floor until they have 60 votes for it. This legislation would allow student loans both public and private to be included in most bankruptcy filings.

If you think bankruptcy is the best path forward for you, waiting for Congress to act may not be necessary. New rules make it much easier for federal borrowers to discharge their debt in a bankruptcy proceeding.

Hello Michael!

I’m trying to figure out if I should change to the SAVE plan to save myself on interest, yet I don’t quite understand how that works. I have $167k left after paying off around $20k, but stopped paying due the covid pause (yes i know, dumb). I earn around $125k per year and ultimately would love to pay them off in 5 years or so if we are aggressive with them. Can you help me understand the interest being canceled if you make your monthly payment? I understand it will still accumulate daily, but struggling to understand how it cancels it each payment.

The benefit you are describing I covered in more detail in my detailed article about the interest subsidy .

If you do benefit from the subsidy, there are a couple of strategies you can use to elimiate the debt .

My son is trying to figure out whether SAVE makes sense for him, but he’s wondering about penalties/effects of having to switch from SAVE if he were to make more than the 225% ceiling to qualify. He’s got about $14K in loans and is single. Odds are decent that in a year or two he would be earning more than the $34k limit. So what happens then?

Does he get transitioned into the PAYE (or other) plan? Is there a penalty/cost to do so? Does the “clock” to cancellation reset, so he’d lose the two years on the SAVE plan he’d have toward loan forgiveness?

I saw you’d recommended not paying down principal but saving that money instead, so it earns interest for you. But if there is a real potential that the borrower would cease to qualify for the SAVE plan, is paying something to knock down principal worth doing anyway?

That 34k “limit” at 225% of the federal poverty level that you are describing would be the ceiling in order to qualify for $0 per month payments . You can use the calculator above to see what his payments would be if he earned more money.

There isn’t a scenario where he would get kicked out of SAVE and put on PAYE.

The risky with SAVE is that income goes up so high that the payments become really expensive. In that scenario, it would result in paying off the loan in full.

There shouldn’t be any penalities with SAVE and earning too much money. I’d encourage you to use the calculator to see how different annual incomes might impact the SAVE payments.

I have loans that I went and consolidated. One is DL subsidized and the other is DL unsubsidized. I requested the save plan and they put me under the IBR I am not sure why. Also I have worked for a 501C since 2015. It is not showing my PSLF time either. Is this incorrect, or am I eligible for Save and Loan forgiveness?

Putting your loans on IBR instead of SAVE is strange.

If they put you on ICR, I’d suspect that it was because you had Parent PLUS loans, but with IBR, there isn’t an obvious answer.

I’d suggest calling your servicer right away to figure out why they did that. If it was a mistake, hopefully they can fix it quickly. If you happened to check the wrong box, it should be easy to change repayment plans.

Hello Michael,

Thanks for all the great info. If I have two separate loans thru studentaid.gov. Can they be put into 2 different repayment plans? One is ~$11,000 while the other is ~$6000(FFEL). I began paying in 2005. Would the ~$11,000 loan be immediately forgiven on July 1st 2024 based on the $12,000 rule?

Thanks for the help!

The $12,000 rule wouldn’t apply to you because it is based on the total balance of all the original loans, not the balance on individual loans.

However, with the IDR payment count update , you are probably very close to earning IDR forgiveness on these loans.

I’d suggest calling your servicer right away to verify eligibility and to find out when they expect your loans to be eligible for forgiveness on an IDR plan like SAVE.

Hi Michael, here is the question I can’t find the answer to. If my payment under SAVE is $0, does that mean my interests will be waived and then can I pay down the principal?

thanks, jordan

You are correct. The subsidy will cover all of the interest in a $0 payment situation, so your extra payments will lower the principal balance.

However, this might not be the best approach. For example, you could put your extra payments in a high-yield savings account. If you eventually get your debt forgiven, you keep the money in the savings account. If your income goes up and you decide to pay off the loans aggressively, you can use the funds to put a huge dent in your balance or eliminate it.

Hello! Great article. My husband and I filed jointly this past year, but plan to file separately this coming year for taxes. Do I need to include my husband’s income on the application NOW or can I only use mine since we plan to file separately? Thanks! Kya

Unfortunately, if you filed your most recent tax return jointly, his income will be included in the calculation unless you are separated, or you can’t reasonably access his income information. Check out Section 4A of the IDR request form for more details.

If you were on an IDR plan before the Covid-19 pause, you can resume payments on your old plan for at least six months before you have to recertify.

Also, if you do use his income when calculating payments for this fall, you can request your payments be recalculated as soon as you file your married filing seperate tax return in 2024.

If I have loans that I was paying on prior to Covid, does the 10 year repayment with the new SAVE Program count those prior payments?

Between the IDR payment count update and the ability to switch to SAVE without restarting progress , your previous payment activity will probably count.

my original loans were from the early 2001-2005 they were ffel i payed the majority of them off it was undergraduate. I entered into a income based payment plan in 2012 and have qualified for 0 repayment since. I currently have less than 4000 in loan balance left would it benefit me to switch to save and would I have to re consolidate in order to do so.

If you have FFEL loans, you would need to consolidate to sign up for SAVE.

Consolidating could get you closer to loan forgiveness , and you wouldn’t have to restart if you switched to SAVE .

The big benefit to switching to SAVE would be the lower monthly payments and the interest subsidy .

Hi Michael, this comment of yours is tantalizingly close to answering a huge question I’ve been having. I hope you’ll see this reply and find time to respond.

Basically, I have some FFEL loans like Stacie does, among other loans types. I understand that I’d need to consolidate to enter the SAVE plan. All my loans, of all types, are from 2012 and earlier, so I am on the Old IBR. Total outstanding balance is about $140,000 and my AGI is about $95,000. They are a mix of undergrad and grad school loans.

In your comment to Stacie, you seem to indicate that she would not have to restart the forgiveness clock if she consolidates those FFEL loans to enter SAVE. Is that what you meant?

Just trying to make sure, because I am using the Loan Simulator on Studentaid.gov right now, and it is saying, of course, that I must consolidate to enter SAVE. Then, it spits out a loan end date of 2048, which is 25 years from now.

So, that makes it seem like one would lose all progress toward forgiveness as a result of consolidating the FFEL loans to become eligible for SAVE. So I’m just struggling to figure out if I should consolidate and get into SAVE or if doing so would actually destroy the 11-12 years of payments I’ve already made.

Really hoping to hear from you. And thank you for all the information you put out on this site. It is unbelievably helpful.

I think your understanding is correct. I’d suggest reading up on the IDR payment count update , as this is a big factor for your FFEL loans, and also reading about how switching to SAVE won’t restart your IDR forgiveness progress .

Hello! Great articles and tips!

I’ve read a couple other previous comments and I think I already know my answer, but just wanted to check. I currently have $290,571 of federal loans with a family of 4 (We file jointly, my wife is a stay at home mom with two kids under 6) and my AGI is ~$140,000. I am just over 4 years into the 10 years of PSLF. Currently I am on the PAYE repayment plan.

Due to the timing of Covid I haven’t made any payments. This is with the intent of the loans to be forgiven after staying with PSLF for 10 years. My income has increased a fair amount since I started working. I know I will need to recertify/self-report/update my income in the next couple months when payments resume. I’m striving to keep the lowest absolute monthly payment that will still qualify with PSLF.

From what I gather- at least according to some of the above comments, the SAVE plan is what I should switch to from my PAYE plan? Is that a correct conclusion?

That will probably be the case. However, if PAYE payments based on your old certification are lower than the SAVE payments based on your current income, you might want to wait to change plans. Borrowers have at least six months from the start of the restart before they will be required to recertify .

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What's on this page?

• What's available?

How to apply

Eligibility, what's available.

You could get a Postgraduate Doctoral Loan of up to:

• £29,390 if your course starts on or after 1 August 2024
• £28,673 if you started between 1 August 2023 and 31 July 2024

This is to help with your course and living costs while you’re studying, and has to be repaid .

Your loan payments will be spread out across all the academic years of your course. For example, if you’re studying over five years and apply for the maximum loan amount of £29,390, your payments would be £5,878 in each academic year. The loan is paid in three instalments at the start of each term.

You can apply for a Postgraduate Doctoral Loan amount in any year of your course, but if you apply after the first year, you might not get the maximum amount.

Disabled Students' Allowance

If you have a disability, including a long-term health condition, mental health condition, or specific learning difficulty, such as dyslexia, you might be able to get Disabled Students’ Allowance. This doesn’t have to be paid back. You don’t have to be getting a Postgraduate Doctoral Loan to apply.

Find out more

Applications for 2024 to 2025 Postgraduate Doctoral courses are now open! The quickest and easiest way to apply is online at  www.gov.uk/studentfinance .

When you apply for student finance, you'll need to agree to Student Finance England's terms and conditions .

You can apply for a Postgraduate Doctoral Loan in any year of your course, but you might not get the full amount if you apply after the first year of your course.

To get a Postgraduate Doctoral Loan, you must apply no more than nine months after the first day of the final academic year of your course.

You don't need to apply each year for a Postgraduate Doctoral Loan.

If Student Finance England ask you for any evidence, send this as quickly as possible to avoid delays with your application.

If you don’t have a UK passport, you may have to send Student Finance England evidence, such as a non-UK passport, or a copy of your UK birth or adoption certificate.

You should send this as quickly as possible to avoid any delay in your application being processed. Remember to include your Customer Reference Number with everything you send them.

In some circumstances, you may be asked to send Student Finance England additional information or evidence, for example, evidence of your previous addresses or documents from the Home Office. They can’t process your application until they have everything they need, so you should send them anything they ask for as soon as possible, so your application isn’t delayed.

Changing your details

If any of your details change after you’ve applied for student finance, don’t worry – you can simply update your application. You can use your online account to make changes to your personal details before or after your course has started. To update any other details, such as your university or course, you need to send Student Finance England a completed postgraduate 'Change of circumstances' form. You can download this from www.gov.uk/doctoral-loan . 

What happens next?

Once Student Finance England has assessed your application, they’ll send you a letter confirming how much Postgraduate Doctoral Loan you’re getting. The letter will also show the dates they expect to pay your Postgraduate Doctoral Loan to you. You should keep this letter safe, as your university might ask to see it when you register.

If you’re starting a full-time or part-time postgraduate Doctoral course in the 2023 to 2024 academic year, you could get a Postgraduate Doctoral Loan to help towards your course and living costs.

Nationality and residency

To apply for a Postgraduate Doctoral Loan you must:

• be a UK national or Irish Citizen or have 'settled status' under the EU Settlement Scheme or Indefinite leave to remain, with no restrictions on how long you can stay in the UK
• normally live in England
• have lived in the UK, the Channel Islands or the Isle of Man for three continuous years before the first day of your course, apart from temporary absences such as going on holiday. You can also have been living in the UK, Islands and/or Ireland, or the UK, Islands and/or the specified British Overseas Territories.

If you’re an EU national or a family member of an EU national, you may be eligible if all of the following apply:

• you have pre-settled status under the EU settlement scheme. (Irish citizens do not need EU Settlement Scheme status but need to have been living in the UK by 31 December 2020)
• you’ve normally lived in the UK, Gibraltar, the European Economic Area, Switzerland, or the Overseas territories for the past three years (this is also known as being ‘ordinarily resident’)
• you’ll be studying at a university in England

You may also be eligible if you’re a UK national (or family member of a UK national) or an Irish citizen who either:

• was living in the EU, Switzerland, Norway, Iceland or Liechtenstein on 31 December 2021, or returned to the UK by 31 December 2020 after living in the EU, Switzerland, Norway, Iceland or Liechtenstein
• has been living in the UK, the EU, Gibraltar, Switzerland, Norway, Iceland or Liechtenstein for the past three years

You can apply for funding if:

• you’re a UK national (or the family member of a UK national) and living in the EEA or Switzerland on 31 December 2020 or living in the UK on 31 December 2020 after returning from the EEA or Switzerland on or after 1 January 2018
• you have Gibraltarian status as an EU national or family member
• you are resident in Gibraltar as a UK national or family member

You may also be able to apply for a Postgraduate Doctoral Loan if your residency status is one of the following:

• refugee (including family members)
• humanitarian protection (including family members)
• migrant worker from the EU, Switzerland, Norway, Iceland or Liechtenstein (including family members) with settled or pre-settled status
• a family member of a UK national and living in the UK and Islands for three years
• child of a Swiss national and you and your parent have settled or pre-settled status under the EU Settlement Scheme
• child of a Turkish worker who has permission to stay in the UK – you and your Turkish worker parent must have been living in the UK by 31 December 2020
• a stateless person (including family members)
• an unaccompanied child granted ‘Section 67 leave’ under the Dubs Amendment
• a child who is under the protection of someone granted ‘Section 67 leave’, who is also allowed to stay in the UK for the same period of time as the person responsible for them (known as ‘leave in line’)
• granted ‘Calais leave’ to remain
• a child of someone granted ‘Calais leave’ to remain, who is also allowed to stay in the UK for the same period of time as their parent (known as ‘leave in line’)
• you, your parent or step-parent have been given settled status (‘indefinite leave to enter or remain’) because you have been a victim of domestic violence
• you, your parent or step-parent have been granted indefinite leave to remain as a bereaved partner
• family member of a person with Settled Status in the UK
• you or your family member have been granted leave under the Afghan Relocations and Assistance Policy (ARAP) or the Afghan Citizens Resettlement Scheme (ACRS)
• you or your family member have been granted leave to enter or remain in the UK under the Ukraine Family Scheme, the Homes for Ukraine Sponsorship Scheme or the Ukraine Extension Scheme
• you’re a person of Chagossian descent and have British citizenship

You could also be eligible if you’re not a UK national and are either:

• under 18 and have lived in the UK for at least seven years
• 18 or over and have lived in the UK for at least 20 years (or at least half of your life)

To be eligible for support under the long residence category, you must have lived in the UK for three years before the first day of your course and have held a form of leave to remain in the UK issued by the Home Office during that time. You must also live in England on the first day of your course.

You must be under 60 years of age on the first day of the first academic year of your course to get a Postgraduate Doctoral Loan.

Previous study

If you have a loan from a previous undergraduate course or postgraduate master’s course, it won’t affect your eligibility for a Postgraduate Doctoral Loan.

You can only get a Postgraduate Doctoral Loan if you don’t already have an equivalent Doctoral qualification, such as a PhD.

Course eligibility

You must be studying at an eligible university in the UK and your course must be a full postgraduate Doctoral course leading to a qualification, such as:

• ​Subject specialist doctorates: a formal programme of study such as a PhD
• Integrated subject specialist doctorates:  a supervised research project carried out alongside a structured taught course, or after you’ve completed a taught course. (You must register for the doctoral degree at the outset to be eligible for Postgraduate Doctoral Loan.)
• Professional and practice-based doctorates: post-experience qualifications aimed at mid-career professionals, for example an Engineering Doctorate (EngD) ​

A Postgraduate Doctoral Loan is not available to ‘top up’ a lower-level qualification to a Doctoral degree. The course must be a full standalone Doctoral course.

You can choose to study your course at a university in person or by distance learning. Your course must last between three and eight years, and can be studied on a full-time or part-time basis.

University eligibility

Other funding.

You'll be due to start making repayments either:

• the April after you finish or leave your course
• the April four years after the start of your course, if you’re on a course longer than four years 

but only if you're earning over a certain amount of money, which is currently £21,000 a year, £1,750 a month, or £404 a week. You'll be due to start repaying the April after you finish or leave your course, but only if you're earning over a certain amount of money, which is currently £21,000 a year, £1,750 a month, or £404 a week.

Any loan remaining 30 years after you’re due to start making repayments will be cancelled.

You’ll repay 6% of what you earn over the threshold. So if you’re paid monthly and earn £2,500 per month before tax, you’ll repay 6% of the difference between what you earn and the threshold.

For example:

£2,500 - £1,750 = £750

6% of £750 = £45

The table below shows how much you’ll repay towards your loan.

Yearly income before tax	Monthly income before tax	Monthly repayment
£21,000	£1,750	£0
£22,000	£1,833	£4
£23,500	£1,958	£12
£25,000	£2,083	£19
£30,000	£2,500	£45

A student loan repayment will be taken even if you don’t earn £21,000 in a year, but earn over the weekly or monthly threshold at any time, for example, if you work overtime or get a bonus.

Previous loans

If you’ve had a previous loan from Student Finance England, you’ll continue to repay this loan at the same time. How much you’ll repay depends on when you started your undergraduate course.

Courses that started after 1 September 2012

If you borrowed a loan for your undergraduate course that started after 1 September 2012, you’ll repay 9% of your income above ££27,295 towards that loan, and 6% of your income above £21,000 towards your Postgraduate Doctoral Loan.

If you borrowed a Postgraduate Loan for a master’s course as well as a Doctoral course, the repayment amount due will remain at 6%. This will go towards any loans borrowed for both master’s and Doctoral courses.

The table below shows how much you’ll repay towards your loans.

Yearly income before tax	Monthly income before tax	Undergraduate loan repayment	Postgraduate loan repayment
£21,000	£1,750	£0	£0
£22,000	£1,833	£0	£4
£23,500	£1,958	£0	£12
£25,000	£2,083	£0	£19
£27,000	£2,250	£3	£30

Courses that started before September 2012

If you borrowed a loan for your undergraduate course that started before 1 September 2012, you’ll repay 9% of your income above £19,390 towards that loan, and 6% of your income above £21,000 towards your Postgraduate Doctoral Loan.

Yearly income before tax	Monthly income before tax	Undergraduate loan repayment	Postgraduate loan repayment
£19,390	£1,615	£0	£0
£21,000	£1,750	£12	£0
£25,000	£2,083	£42	£19
£30,000	£2,500	£79	£45

You can find out more about repaying your loans at www.gov.uk/repaying-your-student-loan .

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Student Loan Calculator

Oct 05, 2023

Using a student loan calculator can help you create a student loan repayment strategy that’s right for you. With some basic information about your existing or prospective student loans, the Bankrate student loan calculator can show your estimated monthly payment based on the length of your repayment term. Additionally, it will show you how much interest you’ll pay overall. Simply enter the details of your student loan into the calculator below to see your personalized results.

What you need to know for this calculator

To use the calculator above, you’ll need certain details about your loan.

Loan amount

Loan amounts vary depending on whether you’re exploring a federal or private student loan. The loan amount you’re offered might also be limited based on your academic year (freshman, sophomore, etc.), level of education (undergraduate, graduate or professional), dependency status and degree.

Federal student loan amounts

Undergraduate students:.

• Direct Subsidized Loans: Up to $5,500 annually.
• Direct Unsubsidized Loans: Up to $12,500 annually.

Graduate students:

• Direct Unsubsidized Loans: Up to $20,500 annually.
• Direct PLUS Loans: Up to the school’s reported cost of attendance, minus other financial aid received.

Parents of dependent undergraduate students:

• Parent PLUS loans: Up to the school’s reported cost of attendance, minus other financial aid received.

Private student loan amounts

Loan amounts for private student loans vary by lender. Each lender also sets its own borrowing criteria, interest rates and repayment terms. In general, private student loan lenders offer loan amounts that cover the gap between a school’s cost of attendance and any other financial aid a student receives. Some lenders also impose lifetime borrowing limits, which may be up to $150,000 or more, depending on your degree. Regardless of whether you borrow federal or private student loans, borrow only the amount you need per school year after exhausting all grant and scholarship options . If you must take out loans to finance educational gaps, consider maximizing federal student loan limits before turning to a private student loan, as federal student loans come with additional benefits like income-driven repayment plans and forgiveness programs .

Your loan term is the amount of time you have to repay the loan in full. For federal student loans under a standard repayment plan, the default loan term is 10 years. However, student loans that are under an alternative payment plan offer terms from 10 to 25 years. Like private student loan amounts, private student loan repayment terms vary by lender. Terms for private student loans can be as short as five years and as long as 20 years. A shorter loan term can help you save more money on interest charges during your repayment period but result in a larger monthly payment. Some lenders offer lower interest rates as an incentive for a short term length. On the flip side, a longer term for your student loans will lower your monthly payment but will accumulate more interest charges over time. Before borrowing student loans , make sure you know all of the term options your lender offers so you can choose the right path for your financial needs.

Interest rate

The interest rate you're offered depends on the type of lender you're pursuing and your financial picture. Federal student loans come with fixed rates and offer the same interest rate to all borrowers, regardless of credit score or income. Private student loans, on the other hand, will often do a credit check and set interest rates according to your creditworthiness. The higher your credit score, the lower your interest rates. Keep in mind that the lowest interest rates advertised on lender websites may not be available to you. To find out what interest rates you'll receive, take advantage of lenders' pre-qualification features, if available. Pre-qualification allows you to input basic details about yourself and your desired loan in exchange for a snapshot of the rates and terms offered.

Additional factors to consider when calculating student loan interest

When calculating your student loan interest, keep in mind that there are a few other key factors at play:

• Fixed vs. variable rates.  Unlike federal student loans, which offer only fixed interest rates, some private lenders offer fixed or variable student loan interest rates. A fixed rate won’t change during your loan term, but variable rates can decrease or increase based on market conditions.
• Term length.   How short or long your student loan term is dramatically changes how much total interest you’ll pay. In addition to calculating your total interest paid, the student loan calculator above shows you how much of your monthly payment goes toward interest; to see this view, click on “show amortization schedule.”
• Credit score.   Private student loans require a credit check. The stronger your credit, the more likely you’ll be offered competitive, low interest rates. Borrowers shopping for bad credit student loans might be approved at a higher interest rate, which means more money spent on interest charges overall.

What’s next?

Students who need to borrow a student loan for the upcoming school year should always compare a handful of loan options. Examine interest rates, repayment terms and borrower perks between various lenders before making a decision.

Student loan resources

5 fastest ways to repay your college loans.

How can you get out from under that debt quickly? Here are five of the fastest ways to pay off that student loan.

What to do when you can't pay student loan

If you are having trouble making your student loan payments, there are options to help you cover the debt. Learn how to avoid defaulting on loan debt.

6 things to know about private student loans

Learn about all the options available before taking out a private student loan. Here is what you need to know about private student loans.

Find and compare student loans

Compare loan rates and terms from various lenders to find the loan that best fits your needs.

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GRADUATE PLUS LOAN CALCULATOR

The calculator below will help you to better understand the amount to borrow to finance your education, as well as information on the amount of the loan disbursement you will receive.

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Doctoral Program Loans

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Pursuing a doctorate degree? You’re already one step closer to your dream career. Don’t let concerns about paying for your PhD derail your ambitions.

Earn your doctorate degree and become debt-free within a target number of years with Brazos’ affordable PhD loans.

Brazos Higher Education offers Texans more repayment flexibility than most lenders, allowing you to focus on your studies and plan your career. No matter what PhD program you are pursuing, Brazos’ student loan for doctorate degree makes it easy to achieve your educational and career goals while fulfilling your monthly obligations.

Even if you live outside of Texas and plan to attend a Texas college, we have loans that can save you money.

Brazos PhD Loan Rates 4

Fixed rates.

Starting at

Including 0.25% Auto-Pay Discount 3

Variable Rates

Why a brazos phd loan is right for you, competitive rates with no hidden fees, up to 100% of school-certified expenses covered.

Brazos student loan for doctorate degree makes it easier for you to focus on your career goals. You can borrow up to the full cost of attendance, less other financial aid received. Qualified expenses include tuition and fees, books and supplies, a computer, living expenses and other school-certified incidentals.

As a non-profit organization, Brazos doesn’t charge application fees, origination fees, or prepayment penalties ever. Use our loan calculator to see what your student loan PhD costs would be with various loan rates and repayment terms.

Repayment on Your Terms

Paying for your PhD is made even more achievable with Brazos’ multiple loan terms and repayment options. Take time to compare rates and evaluate what's best for your educational and career goals before making a decision.

Apply Online in Minutes 8

Check your Brazos PhD student loan eligibility and apply for a doctoral loan fast through our online portal. Unlike other lenders, Brazos offers a quick and easy doctoral student loan application process for your convenience.

Cosigning Made Easy

If you’ve got a limited credit history and are unsure how to pay for a doctorate degree, Brazos can help you. Add your parent, spouse or relative as a cosigner and increase your likelihood of securing the lowest possible student loan rate.

Texans Serving Texans

Brazos Higher Education is a Texas non-profit dedicated to making higher education more attainable for Texas residents. Even if you live outside Texas, if you plan to attend a Texas college, our loan can save you money.

Plus, GET $200 when you Refer-A-Friend .

Not a Texas Resident & Not attending a Texas school? - CLICK HERE

Earning a degree and paying for your PhD shouldn't take a toll on your finances. Use our doctoral student loan calculator to estimate your interest cost and evaluate your payoff options.

Comparing Student Loan Rates Can Save Significant Money!

Brazos’ nonprofit status and mission allow us to offer competitive rates to Texas borrowers. Our rates are designed to save you money over the life of your loan. 7 Compare Brazos Student Loan rates to rates offered by other lenders. Ranges cover multiple available repayment options and include available discounts.

Student Loan Doctoral Programs Fixed Interest Rates (APRs)

All displayed rates include a .25% Auto-Pay discount for auto-debit payments. Displayed rates taken from competitor websites as of 01 June 2024. For Earnest, displayed rates are taken from ELM Select (www.elmselect.com) as of 01 June 2024. The range of rates shown may have changed. Please visit the applicable website for each lender's most current rates and for terms and conditions to qualify for the auto-pay discount. Like at Brazos, the specific rate you receive from other lenders is dependent on numerous factors, including your creditworthiness, the term and repayment option you select, available borrower benefits and the length of any deferment period(s) assumed in calculating the rates.

Rates are not the only factor to consider when shopping for a private student loan. As with any loan, think carefully about your financial situation and understand the details about the loans you’re comparing when deciding which private student loan is right for you.

3 Ways to Repay Brazos Doctoral Loans

Choose one of three ways to repay your doctoral student loan:

Deferred Repayment

Make no payments of principal or interest while in school (up to 54 months) and for six months after you graduate or cease to be enrolled at least half-time at an eligible school.

Interest Only Repayment

Pay only the interest while studying and during a six-month grace period after you graduate or withdraw enrollment at least half-time at an eligible school.

Immediate Repayment

Begin repayment of principal and interest immediately after your student loan for doctorate degree is fully disbursed, even while you’re in school.

What If I Need to Refinance?

Need help paying for your PhD? Consolidate your student loans into one monthly payment to save money and make budgeting easier.

What People Say About Us

"Brazos was very timely with their responses and did a good job. It was my first time taking a student loan, the rate was lower than others and the process of accepting and submitting my loan and documents was easy."

- Ryan, Brazos Student Loan Borrower

"The customer service rep took her time to ensure she answered all my questions. She explained the loan options in detail and with examples and ensured I understood her."

- Crystal, Brazos Student Loan Borrower

"Brazos was able to get me all my loans to attend grad school and was very easy to work with! Communication was always great and they were always willing to answer any questions and help out when needed."

- Kayla, Brazos Student Loan Borrower

"Very easy process. Hassle free."

- Bryan, Brazos Student Loan Borrower

"Straight forward & easy application. Approved quickly putting us at ease."

- Justin, Brazos Student Loan Borrower

"Everything was smooth. I really liked how easy it was for me to communicate with someone on the phone and how thorough they were when explaining matters. I appreciate Brazos."

- Kadesha, Brazos Student Loan Borrower

"Our family has worked hard to build good credit. The team at Brazos made sure we were able to make that effort really pay off. We received a better rate on our two student’s education costs than we could find anywhere. Our advisor was always available and went the extra mile to make a complicated process work for us. Thank you... We will see you again next year!"

- Kenn, Brazos Borrower

"Great people and service. Always there to help or answer my questions."

- Mitchell, Brazos Borrower

“I was surprised to find the Federal Parent PLUS Loan charges an origination fee of 4.2% with interest rates in the 7.6% range. Brazos offers lower rates and zero fees. They made it easy to apply and work through the process."

- Brad, Brazos Borrower

"Easy access to communicate with representatives. Prompt responses from all communication as well. Customer service is excellent and feels like a small town local bank. I’ve never felt like just another number."

- Alison, Brazos Borrower

"Great experience. Super easy. Zero fees and decreases the overall amount I will owe on my student loans. So happy!"

- Kelley, Brazos Borrower

Frequently asked questions.

If your credit history does not meet our minimum credit criteria, you can still qualify by applying with a qualified cosigner. Additionally, even if you meet the minimum requirements, applying with a cosigner who has a stronger credit history may reduce the interest rate on your student loan PhD rate even further, thereby saving you more money over the lifespan of the loan.

Brazos PhD Loans cover school-certified educational expenses, including:

• Tuition and fees
• Living expenses, including room and board
• Textbooks, supplies and equipment
• Transportation
• Other costs necessary to complete your degree

Texas student loans may be requested up to the cost of attendance, less other financial aid, as certified by the school.

Texas Residents - The minimum student loan eligibility amount is $1,000.

Non-Texas Residents Attending a Texas School - The minimum student loan eligibility amount is $2,001.

We encourage all students to exhaust all forms of federal student aid, grants and scholarships before taking out a private student loan like the Brazos Student Loan.

To be eligible for a Brazos Student Loan, you must:

• Be a United States citizen or National, permanent resident, or, if applying with an Eligible Cosigner, a non-citizen with a work or student visa or a DACA Recipient.
• Be at least 18 years old.
• Be applying to finance an undergraduate or graduate degree and be enrolled at least half-time in a degree-granting program at one of over 2,000 schools nationwide.
• Be applying to finance an undergraduate or graduate degree and be enrolled at least half-time in a degree-granting program at an eligible college in Texas.
• Apply for an amount that is certified by the school the student is attending (see the "Certifying the Cost of Attendance" section of the FAQs)
• Have a minimum annual income of $35,000, or apply with a qualified cosigner.
• Have a FICO score of at least 680, or apply with a qualified cosigner.
• Have a strong credit history and meet other credit requirements, or apply with a cosigner who meets these requirements.
• Not a Texas Resident & Not attending a Texas school? We Can Still Help!

Yes. If you have chosen the Deferred Repayment option at the time you applied, your Interim Period includes a six-month period after you have graduated or ceased to be enrolled half time during which time payments are not due. In addition, for both the Deferred Repayment option and the Immediate Repayment option, if you have qualified for an In-School Deferment, you may also request a six-month Post-Deferment Grace Period immediately following the In-school Deferment.

Still have questions about Brazos Student Loan for doctorate degree? We're here to help! See our full list of FAQs , send us an email or call us at 1-800-453-0841.

Dedicated To Providing Affordable Access To Higher Education Through Resources, Scholarships, And Information. We offer great rates on loans.

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Financial Aid Information

Loan Payment Calculator

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (The loan calculator can be used to calculate student loan payments, auto loans or to calculate your mortgage payments.) Want to find your interest rate? Credible lets you compare rates from multiple lenders to find your best prequalified rate.

Calculating Interest

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. Currently the 2020-2021 Undergraduate Federal Stafford Loan has a fixed interest rate of 2.75% (a record low) and the Federal PLUS loan has a fixed rate of 5.3%. (Perkins loans have a fixed interest rate of 5%.). The calculator can also be used for auto loans and mortgages.

Calculating Monthly Payments

The calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as  graduated repayment and income contingent repayment .

Educational Loan Minimum Monthly Payments

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented .

Comparing Loans

Need to compare several loans? Get the benefit of comparing loans (monthly payments, interests rates, loan terms, fitting your budget and what is best for you) when you use our Loan Comparison Calculator or connect directly with the lenders below to compare today’s rates.

Featured Student Loan Providers

Sallie mae® – undergraduate student loans.

Get the money you need to pay for undergraduate, career training or trade school costs—bigger ones like tuition and housing, and smaller ones like books and a laptop. 3

You have options:

• Apply once to get money for the whole year.
• Choose from multiple repayment options, including no payments while in school. 1
• Borrow up to 100% of your school-certified expenses, whether you’re studying online or on-campus. 3
• Add a cosigner. Last year, students were 4X more likely to be approved with a cosigner 9 and it may help you get a better rate.

Choose the #1 Private Student Loan Lender in the Nation. Applying online is easy – you could receive a credit result in about 10 minutes.

More Sallie Mae Loan & Disclosure Information

Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply. Information advertised valid as of 5/31/2024. Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.

Smart Option Student Loan ®

For undergraduate and career training students. (School Certified)

Pay now or later – choose an in-school repayment option or deferment option 1 :

• Make monthly interest-only payments while in school

• Make monthly fixed $25 payment while in school 8

• Defer payment until after you finish school

Find more information on Sallie Mae student loans .

Borrow up to 100% of school-certified expenses ($1,000 minimum) 3

• Variable Rates: 30-day SOFR + 5.63% (5.37% APR) to 30-day SOFR + 16.75% (15.70% APR) 1

• Fixed Rates: 4.75% (4.50% APR) to 16.53% (15.49% APR) 1

• Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments by auto debit. Lowest APRs shown include the auto debit discount. 1

Fees and Terms

• 10-15 years based on cumulative Sallie Mae loan balance, repayment option and year in school. 8

• No prepayment penalty or origination fees. You can pay off your undergraduate student loan as early as you’d like to reduce your total loan cost. 5

*Sallie Mae Disclosures

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Student Loan Providers

Citizens – undergraduate student loans.

Citizens offers student loan options for undergrad, grad students and parents with competitive rates and flexible terms. We also offer these interest rate discounts:

• Loyalty Discount* of 0.25 percentage point interest rate discount if you have a qualifying account with Citizens.
• Automatic Payment Discount* of 0.25 percentage point interest rate discount.

After applying for a Citizens Student Loan™, you may qualify for Multi-Year Approval. If eligible, prior to each academic year, simply log in to your account and request funds with no application and no hit to your credit score.*

Plus, adding a qualified cosigner could increase your likelihood of loan approval and help you borrow more money or get a lower interest rate – meaning lower monthly payments and less interest paid over the life of the loan.*

Our easy application could help get you on the path to funding your education and with more than 40 years’ experience, we’re here to help guide you to the student loan that fits you best. Plus, get your rate in about 2 minutes with no impact to your credit score.*

* https://www.citizensbank.com/promo/student.aspx

A Citizens Student Loan™ lets you choose from competitive rates and repayment options that give you the freedom to pay back your loan on your schedule – along with a team of Student Lending Advisors to help you through the process.

Minimum: $1,000

Maximum: Maximum qualified loan amount or the total cost of education, whichever is lower (Maximum loan limit: $100,000 and Aggregate limit: $150,000 applies)

Fixed rates: 4.39% – 15.46% APR (Including all available discounts)*

Variable rates: 5.98% – 16.48% APR (Including all available discounts)*

No application, origination, or disbursement fees. No prepayment penalty.

Multiple repayment options such as immediate or interest-only payments with Citizens Student Credit Builder™* or deferred repayments

Flexible terms available ranging from: 5, 10, 15-year options.

Rate and repayment examples

NEXT STEPS:

• Search for scholarships at Fastweb .
• Consider education loans to help fill the gap. Remember to borrow federal first, as federal loans are cheaper, more available, and have better repayment terms.
• Learn more about the Free Application for Federal Student Aid , also known as FAFSA .
• Don’t overlook the education tax benefits such as the Hope Scholarship tax credit.
• Need a Student Loan? Check the Credible Marketplace to compare rates from multiple lenders without affecting your credit score!

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Auto Loan Calculator

• Total Price
• Monthly Payment

Monthly Pay

Loan Term
Interest Rate
Cash Incentives
Down Payment
Trade-in Value
Amount Owed on Trade-in
Your State
Sales Tax
Title, Registration and Other Fees
Include All Fees in Loan

Monthly Pay:   $754.85

Total Loan Amount	$40,000.00
Sale Tax	$3,500.00
Upfront Payment	$15,500.00
Total of 60 Loan Payments	$45,290.96
Total Loan Interest	$5,290.96
Total Cost (price, interest, tax, fees)	$60,790.96

Find Average Tax Rate and Fees in Your State.

Amortization schedule

Month	Interest	Principal	Ending Balance
1	$166.67	$588.18	$39,411.82
2	$164.22	$590.63	$38,821.18
3	$161.75	$593.09	$38,228.09
4	$159.28	$595.57	$37,632.52
5	$156.80	$598.05	$37,034.48
6	$154.31	$600.54	$36,433.94
7	$151.81	$603.04	$35,830.90
8	$149.30	$605.55	$35,225.34
9	$146.77	$608.08	$34,617.27
10	$144.24	$610.61	$34,006.65
11	$141.69	$613.15	$33,393.50
12	$139.14	$615.71	$32,777.79
End of year 1
13	$136.57	$618.28	$32,159.51
14	$134.00	$620.85	$31,538.66
15	$131.41	$623.44	$30,915.23
16	$128.81	$626.04	$30,289.19
17	$126.20	$628.64	$29,660.54
18	$123.59	$631.26	$29,029.28
19	$120.96	$633.89	$28,395.39
20	$118.31	$636.54	$27,758.85
21	$115.66	$639.19	$27,119.66
22	$113.00	$641.85	$26,477.81
23	$110.32	$644.53	$25,833.29
24	$107.64	$647.21	$25,186.08
End of year 2
25	$104.94	$649.91	$24,536.17
26	$102.23	$652.62	$23,883.56
27	$99.51	$655.33	$23,228.22
28	$96.78	$658.07	$22,570.16
29	$94.04	$660.81	$21,909.35
30	$91.29	$663.56	$21,245.79
31	$88.52	$666.33	$20,579.46
32	$85.75	$669.10	$19,910.36
33	$82.96	$671.89	$19,238.47
34	$80.16	$674.69	$18,563.78
35	$77.35	$677.50	$17,886.28
36	$74.53	$680.32	$17,205.96
End of year 3
37	$71.69	$683.16	$16,522.80
38	$68.85	$686.00	$15,836.80
39	$65.99	$688.86	$15,147.93
40	$63.12	$691.73	$14,456.20
41	$60.23	$694.62	$13,761.59
42	$57.34	$697.51	$13,064.08
43	$54.43	$700.42	$12,363.66
44	$51.52	$703.33	$11,660.33
45	$48.58	$706.26	$10,954.06
46	$45.64	$709.21	$10,244.86
47	$42.69	$712.16	$9,532.69
48	$39.72	$715.13	$8,817.56
End of year 4
49	$36.74	$718.11	$8,099.45
50	$33.75	$721.10	$7,378.35
51	$30.74	$724.11	$6,654.25
52	$27.73	$727.12	$5,927.12
53	$24.70	$730.15	$5,196.97
54	$21.65	$733.20	$4,463.77
55	$18.60	$736.25	$3,727.52
56	$15.53	$739.32	$2,988.21
57	$12.45	$742.40	$2,245.81
58	$9.36	$745.49	$1,500.32
59	$6.25	$748.60	$751.72
60	$3.13	$751.72	$0.00
End of year 5

Year	Interest	Principal	Ending Balance
1	$1,835.98	$7,222.21	$32,777.79
2	$1,466.48	$7,591.71	$25,186.08
3	$1,078.07	$7,980.12	$17,205.96
4	$669.80	$8,388.40	$8,817.56
5	$240.63	$8,817.56	$0.00

Related Cash Back or Low Interest Calculator | Auto Lease Calculator

The Auto Loan Calculator is mainly intended for car purchases within the U.S. People outside the U.S. may still use the calculator, but please adjust accordingly. If only the monthly payment for any auto loan is given, use the Monthly Payments tab (reverse auto loan) to calculate the actual vehicle purchase price and other auto loan information.

Most people turn to auto loans during a vehicle purchase. They work as any generic, secured loan from a financial institution does with a typical term of 36, 60, 72, or 84 months in the U.S. Each month, repayment of principal and interest must be made from borrowers to auto loan lenders. Money borrowed from a lender that isn't paid back can result in the car being legally repossessed.

Dealership Financing vs. Direct Lending

Generally, there are two main financing options available when it comes to auto loans: direct lending or dealership financing. The former comes in the form of a typical loan originating from a bank, credit union, or financial institution. Once a contract has been entered with a car dealer to buy a vehicle, the loan is used from the direct lender to pay for the new car. Dealership financing is somewhat similar except that the auto loan, and thus paperwork, is initiated and completed through the dealership instead. Auto loans via dealers are usually serviced by captive lenders that are often associated with each car make. The contract is retained by the dealer but is often sold to a bank, or other financial institution called an assignee that ultimately services the loan.

Direct lending provides more leverage for buyers to walk into a car dealer with most of the financing done on their terms, as it places further stress on the car dealer to compete with a better rate. Getting pre-approved doesn't tie car buyers down to any one dealership, and their propensity to simply walk away is much higher. With dealer financing, the potential car buyer has fewer choices when it comes to interest rate shopping, though it's there for convenience for anyone who doesn't want to spend time shopping or cannot get an auto loan through direct lending.

Often, to promote auto sales, car manufacturers offer good financing deals via dealers. Consumers in the market for a new car should start their search for financing with car manufacturers. It is not rare to get low interest rates like 0%, 0.9%, 1.9%, or 2.9% from car manufacturers.

Vehicle Rebates

Car manufacturers may offer vehicle rebates to further incentivize buyers. Depending on the state, the rebate may or may not be taxed accordingly. For example, purchasing a vehicle at $50,000 with a cash rebate of $2,000 will have sales tax calculated based on the original price of $50,000, not $48,000. Luckily, a good portion of states do not do this and don't tax cash rebates. They are Alaska, Arizona, Delaware, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, Oklahoma, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Vermont, and Wyoming.

Generally, rebates are only offered for new cars. While some used car dealers do offer cash rebates, this is rare due to the difficulty involved in determining the true value of the vehicle.

A car purchase comes with costs other than the purchase price, the majority of which are fees that can normally be rolled into the financing of the auto loan or paid upfront. However, car buyers with low credit scores might be forced into paying fees upfront. The following is a list of common fees associated with car purchases in the U.S.

• Sales Tax —Most states in the U.S. collect sales tax for auto purchases. It is possible to finance the cost of sales tax with the price of the car, depending on the state the car was purchased in. Alaska, Delaware, Montana, New Hampshire, and Oregon are the five states that don't charge sales tax.
• Document Fees —This is a fee collected by the dealer for processing documents like title and registration.
• Title and Registration Fees —This is the fee collected by states for vehicle title and registration.
• Advertising Fees —This is a fee that the regional dealer pays for promoting the manufacturer's automobile in the dealer's area. If not charged separately, advertising fees are included in the auto price. A typical price tag for this fee is a few hundred dollars.
• Destination Fee —This is a fee that covers the shipment of the vehicle from the plant to the dealer's office. This fee is usually between $900 and $1,500.
• Insurance —In the U.S., auto insurance is strictly mandatory to be regarded as a legal driver on public roads and is usually required before dealers can process paperwork. When a car is purchased via loan and not cash, full coverage insurance is often mandatory. Auto insurance can possibly run more than $1,000 a year for full coverage. Most auto dealers can provide short-term (1 or 2 months) insurance for paperwork processing so new car owners can deal with proper insurance later.

If the fees are bundled into the auto loan, remember to check the box 'Include All Fees in Loan' in the calculator. If they are paid upfront instead, leave it unchecked. Should an auto dealer package any mysterious special charges into a car purchase, it would be wise to demand justification and thorough explanations for their inclusion.

Auto Loan Strategies

Preparation

Probably the most important strategy to get a great auto loan is to be well-prepared. This means determining what is affordable before heading to a dealership first. Knowing what kind of vehicle is desired will make it easier to research and find the best deals to suit your individual needs. Once a particular make and model is chosen, it is generally useful to have some typical going rates in mind to enable effective negotiations with a car salesman. This includes talking to more than one lender and getting quotes from several different places. Car dealers, like many businesses, want to make as much money as possible from a sale, but often, given enough negotiation, are willing to sell a car for significantly less than the price they initially offer. Getting a preapproval for an auto loan through direct lending can aid negotiations.

Credit, and to a lesser extent, income, generally determines approval for auto loans, whether through dealership financing or direct lending. In addition, borrowers with excellent credit will most likely receive lower interest rates, which will result in paying less for a car overall. Borrowers can improve their chances to negotiate the best deals by taking steps towards achieving better credit scores before taking out a loan to purchase a car.

Cash Back vs. Low Interest

When purchasing a vehicle, many times, auto manufacturers may offer either a cash vehicle rebate or a lower interest rate. A cash rebate instantly reduces the purchasing price of the car, but a lower rate can potentially result in savings in interest payments. The choice between the two will be different for everyone. For more information about or to do calculations involving this decision, please go to the Cash Back vs. Low Interest Calculator .

Early Payoff

Paying off an auto loan earlier than usual not only shortens the length of the loan but can also result in interest savings. However, some lenders have an early payoff penalty or terms restricting early payoff. It is important to examine the details carefully before signing an auto loan contract.

Consider Other Options

Although the allure of a new car can be strong, buying a pre-owned car even if only a few years removed from new can usually result in significant savings; new cars depreciate as soon as they are driven off the lot, sometimes by more than 10% of their values; this is called off-the-lot depreciation, and is an alternative option for prospective car buyers to consider.

People who just want a new car for the enjoyment of driving a new car may also consider a lease, which is, in essence, a long-term rental that normally costs less upfront than a full purchase. For more information about or to do calculations involving auto leases, please visit the Auto Lease Calculator .

In some cases, a car might not even be needed! If possible, consider public transportation, carpool with other people, bike, or walk instead.

Buying a Car with Cash Instead

Although most car purchases are made with auto loans in the U.S., there are benefits to buying a car outright with cash.

There are a lot of benefits to paying with cash for a car purchase, but that doesn't mean everyone should do it. Situations exist where financing with an auto loan can make more sense to a car buyer, even if they have enough saved funds to purchase the car in a single payment. For example, if a very low interest rate auto loan is offered on a car purchase and there exist other opportunities to make greater investments with the funds, it might be more worthwhile to invest the money instead to receive a higher return. Also, a car buyer striving to achieve a higher credit score can choose the financing option, and never miss a single monthly payment on their new car in order to build their scores, which aid other areas of personal finance. It is up to each individual to determine which the right decision is.

Trade-in Value

A trade-in is a process of selling your vehicle to the dealership in exchange for credit toward purchasing another vehicle. Don't expect too much value when trading in old cars to dealerships. Selling old cars privately and using the funds for a future car purchase tends to result in a more financially desirable outcome.

In most of the states that collect sales tax on auto purchases (not all do), the sales tax collected is based on the difference between the new car and trade-in price. For a $50,000 new car purchase with a $10,000 trade-in value, the tax paid on the new purchase with an 8% tax rate is:

($50,000 - $10,000) × 8% = $3,200

Some states do not offer any sales tax reduction with trade-ins, including California, District of Columbia, Hawaii, Kentucky, Maryland, Michigan, Montana, and Virginia. This Auto Loan Calculator automatically adjusts the method used to calculate sales tax involving Trade-in Value based on the state provided.

Using the values from the example above, if the new car was purchased in a state without a sales tax reduction for trade-ins, the sales tax would be:

$50,000 × 8% = $4,000

This comes out to be an $800 difference which could be a reason for people selling a car in these states to consider a private sale.

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• Student Loans

Biden Student Loan Forgiveness FAQs: The Details, Explained

Updated: May 6, 2024, 4:56am

Student loan borrowers can now apply for the Biden administration’s new income-driven repayment (IDR) plan online. The Department of Education has launched a beta website for its Saving on Valuable Education (SAVE) plan.

SAVE is expected to significantly reduce the monthly payments of many low- and middle-income borrowers and provide a shorter path to loan forgiveness.

SAVE will be rolled out in stages, and all program features won’t be active until 2024. But the application for SAVE is now open, allowing the Department of Education to refine its processes before the program’s official launch.

When applying, you will be able to select the option for your loan servicer to place you on the plan with the lowest monthly payment, which will usually be SAVE, according to the website.

“If you submit an IDR application now, it will be processed and will not need to be resubmitted,” the department said on its website. “The application may be available on and off during this beta testing period. If the application is not available, try again later.”

If you apply this summer, your application will be processed in time for your first due date when payments resume this fall, according to the site.

President Joe Biden’s Student Loan Forgiveness Update

What happened to biden’s student loan forgiveness program.

The beta site is being unveiled about a month after the Supreme Court rejected President Joe Biden’s one-time $441 billion debt relief program.

Under that initiative, borrowers who earned less than $125,000 ($250,000 for married couples) would have been able to qualify for forgiveness of up to $10,000 of outstanding federal loans. Borrowers who received Pell Grants to pay for part of their education could have been eligible for up to $20,000 of loan forgiveness.

Following the Supreme Court ruling, the Department of Education is prohibited from forgiving any federal loans under this program.

Who qualifies for student loan forgiveness?

After the Supreme Court struck down the forgiveness plan, the Biden administration set up a Student Loan Relief Committee to engage in “negotiated rule-making” over the next few months to discuss the next steps for student debt relief. It’s unclear if any new forgiveness program would have the same eligibility requirements as the first one, but the administration has indicated that it will prioritize relief for borrowers with financial hardship.

Although Biden’s student loan forgiveness plan isn’t available anymore, you might still qualify for loan forgiveness if any of the following apply:

• You work full-time in public service for 10 years and make 120 qualifying payments on your federal student loans.
• You’re a teacher in a low-income school or at an educational service agency for five consecutive years.
• You’re a nurse or nurse faculty member serving a high-need population in a critical shortage area.
• You qualify for Perkins loan cancellation.
• You’ve experienced a total and permanent disability.
• You have another qualifying reason for student loan discharge, such as being defrauded by your school.
• You make payments for 20 or 25 years on an IDR plan.

How do I apply for student loan forgiveness?

The application process for student loan forgiveness will depend on the program you pursue. Here are some steps you might take, depending on the program:

• Public Service Loan Forgiveness (PSLF). To apply for PSLF, use the PSLF Help Tool to generate and submit the PSLF & Temporary Expanded PSLF (TEPSLF) certification and application to your loan servicer. Submit this form annually so your servicer has a record of your progress. When the 10 years are up, you’ll submit a final PSLF form to federal student loan servicer MOHELA.
• Teacher Loan Forgiveness. Submit this Teacher Loan Forgiveness Application to your loan servicer(s). You’ll need the chief administrative officer of your school or agency to complete the certification section of this application.
• Nurse CORPS Loan Forgiveness. You can apply through your account on the Health Resources & Services Administration’s (HRSA) site. This guide explains the process in greater detail.
• IDR plan forgiveness. Your loans should automatically qualify for forgiveness after you’ve spent 20 or 25 years in repayment. Reach out to your loan servicer about any steps you may need to take.
• Total and permanent disability (TPD) discharge. Borrowers with a total and permanent disability may get an automatic discharge of their student loans. If you don’t, you can complete a TPD discharge application and submit it to the servicer. Along with your application, you’ll need to provide supporting documentation from the U.S. Department of Veterans Affairs (VA), the Social Security Administration (SSA) or an authorized medical professional.

What will happen to my student loans?

Without the debt forgiveness program as an option, federal loan borrowers will need to make plans for repayment. The federal payment freeze—which has been in effect since March 2020—ends in September, and borrowers must start making payments in October.

When do student loan payments resume?

Interest begins accruing on loan balances on September 1, 2023, and payments will resume in October .

Can I defer my student loan payments beyond October?

You may qualify for a federal loan deferment and pause your payments depending on your circumstances. Common types of forbearance or deferment include:

• Cancer treatment deferment. If you’re diagnosed with cancer and undergoing treatments, you can submit a request to postpone your payments during your treatments and for six months after your treatment ends.
• Economic hardship deferment. If you receive government benefits, such as welfare, work full-time but earn 150% of the federal poverty guidelines or less, or are serving in the Peace Corps, you may be eligible for economic hardship deferment. You can postpone your payments for several months at a time, up to a maximum of three years.
• In-school deferment. If you’re a borrower looking to return to school to earn another degree, such as a master’s or doctorate, you can defer payments while in school and for up to six months after you graduate or drop below half-time status.
• Unemployment deferment. If you lost your job and are receiving unemployment benefits, you may be able to postpone your payments for up to three years under the unemployment deferment program.

Are there other student loan forgiveness programs?

Even though the Supreme Court blocked the one-time debt relief program, borrowers may qualify for other loan forgiveness programs , including:

• Public Service Loan Forgiveness (PSLF). Federal loan borrowers can qualify for loan forgiveness if they work for a qualifying public service employer, including 501(c)(3) not-for-profits and government agencies. They must work for a qualifying employer full-time for 10 years and make 120 payments under a qualifying payment plan. For borrowers pursuing PSLF , MOHELA is their loan servicer. Any existing loans will be transferred to MOHELA when the borrower notifies their current servicer of their intentions to apply for PSLF.
• Teacher Loan Forgiveness. Teacher Loan Forgiveness provides up to $17,500 in loan forgiveness to teachers who work for five full and consecutive academic years in a low-income school or education agency and teach high-need subjects.
• Income-driven repayment (IDR) discharge. Under an IDR plan , you get a reduced payment based on your discretionary income and a new loan term of 20 or 25 years. The government forgives the remaining amount if you still have a loan balance at the end of your loan term.

How do I know if my student loans are forgiven?

If you qualify for loan forgiveness under PSLF, Teacher Loan Forgiveness or IDR discharge, the loan servicer or Department of Education will send you a notification letter. Depending on your account settings, you may receive the letter electronically or via mail. It will state the amount of forgiveness you received and the date the loans were discharged.

If you made payments beyond the forgiven balance, you’ll receive a refund of the excess amount.

How is student loan forgiveness taxed?

Student loan forgiveness isn’t taxable at the federal level through 2025, due to the American Rescue Plan Act. After that, how loan forgiveness is taxed varies by program:

• PSLF. Loans forgiven under PSLF are not taxable as income.
• Teacher Loan Forgiveness. Previously, the loan balance forgiven through Teacher Loan Forgiveness was taxable as income. However, loans forgiven on or after January 1, 2021 are exempt from federal income taxes.
• IDR discharge. The loan balance forgiven under IDR plans is subject to federal income taxes.

SAVE Repayment Plan FAQs

What is the save plan.

The SAVE plan is a new IDR plan. While the other IDR plans calculate your payments using your discretionary income—defined as the difference between your income and 150% of the federal poverty guideline for your household size—the SAVE plan uses a different formula. It considers your discretionary income to be the difference between your income and 225% of the federal poverty guideline, so more of your income is protected.

In 2024, additional benefits will be in force. Those features include loan forgiveness after just 10 years for those with loan balances of $12,000 or less.

The SAVE plan will replace the current Revised Pay As You Earn (REPAYE) Plan. If you’re already on the REPAYE Plan you will automatically be enrolled in SAVE.

How does the SAVE plan work?

SAVE slashes payments for borrowers enrolled in IDR plans because it uses a higher percentage of the federal poverty guideline to determine your discretionary income.

Let’s say you’re single and earn $30,000 annually. Under the current IDR plans, your discretionary income would be the difference between your $30,000 salary and 150% of the federal poverty guideline for one person. As of 2023, the guideline for one person is $14,580; 150% of that number is $21,870.

For the existing IDR plans, your discretionary income would be $8,130. Depending on the plan, your payments would be up to 10% to 20% of your discretionary income, so you’d pay $813 to $1,626 per year.

Under the SAVE plan, for example, single borrowers who earn $32,800 or less—or families of four who earn $67,500 or less (amounts are higher in Alaska and Hawaii)—will qualify for $0 payments. For borrowers transferring to SAVE from another plan, the new plan would help them save thousands each year.

Who qualifies for the SAVE repayment plan?

Any borrower who owes eligible federal student loans can qualify for the SAVE repayment plan. Eligible loans include:

• Direct subsidized and unsubsidized loans
• Direct PLUS loans made to graduate or professional students
• Direct consolidation loans that didn’t repay any parent PLUS loans

The following loan types are also eligible for SAVE if you consolidate them with a direct consolidation loan:

• Subsidized and unsubsidized FFEL loans
• FFEL Plus loans made to graduate or professional students
• FFEL consolidation loans
• Perkins loans

If you were previously on the Revised Pay As You Earn (REPAYE) plan, you’ll automatically be enrolled in SAVE. If not, you can apply for SAVE by submitting an IDR plan request on the Federal Student Aid website.

What are the pros and cons of the SAVE repayment plan?

Some benefits include:

• Larger income exemption. When calculating discretionary income, the SAVE plan uses 225% of the poverty guideline for your state and family size. By contrast, the other plans use 100% or 150%. This exemption means lower monthly payments.
• More generous interest subsidy. On the SAVE plan, the government will pay for any remaining interest charges that your monthly payments don’t cover.
• Payments as low as 5% of discretionary income. Starting in 2024, payments on undergraduate federal student loans will be cut in half to 5%, rather than 10%, of your discretionary income.
• Faster path to loan forgiveness. If your original balance was $12,000 or less, you could receive loan forgiveness after 10 years. One year gets added for each additional $1,000 you borrowed, up to a maximum of 20 or 25 years.
• Spouse’s income can be excluded. If you file taxes separately from your spouse, the Department of Education won’t include their income when calculating your monthly payment on the SAVE plan.

At the same time, there are a few potential cons to this plan:

• Parent loans aren’t eligible. Parent loans aren’t eligible for the SAVE plan, nor are consolidation loans that paid off any loans made to parents.
• Some benefits won’t be active until July 2024. Although the SAVE plan is currently active, not all of its features are available yet. In particular, you’ll have to wait until July 2024 for undergraduate loan payments to be reduced to 5% and for the forgiveness timeline to be shortened to 10 or more years.
• May not benefit from grad school loans. Borrowers with graduate student loans will still have to pay 10% of their discretionary income each month, which is the same percentage as some other IDR plans. That said, grad borrowers may still see a lower payment on SAVE due to the way it calculates discretionary income.

Is the SAVE Plan the same as student loan forgiveness?

SAVE does not provide immediate loan forgiveness. It’s a new repayment plan that could give borrowers a lower monthly payment. Eligible borrowers could qualify for loan forgiveness sooner and SAVE will discharge loans in as little as 10 years rather than 20 or 25.

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For the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans, and she holds certifications in student loan and financial education counseling.

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