Federal student loans, 2026-27
Rates rose for the fourth year in five, the Repayment Assistance Plan replaced SAVE on July 1, 2026, and graduate borrowing now has hard caps. The calculator compares the RAP payment at your income with the standard payment on your balance.
Your payment
Result
Rates by year
| Year | Undergrad | Graduate | PLUS |
|---|---|---|---|
| 2026-27 | 6.52% | 8.07% | 9.07% |
| 2025-26 | 6.39% | 7.94% | 8.94% |
| 2024-25 | 6.53% | 8.08% | 9.08% |
| 2023-24 | 5.50% | 7.05% | 8.05% |
| 2022-23 | 4.99% | 6.54% | 7.54% |
| 2021-22 | 3.73% | 5.28% | 6.28% |
| 2020-21 | 2.75% | 4.30% | 5.30% |
| 2019-20 | 4.53% | 6.08% | 7.08% |
| 2018-19 | 5.05% | 6.60% | 7.60% |
| 2017-18 | 4.45% | 6.00% | 7.00% |
Add-ons over the 10-year auction yield: undergraduate +2.05, graduate +3.60, PLUS +4.60. Caps: 8.25% / 9.5% / 10.5%.
Repayment Assistance Plan
| AGI | Payment |
|---|---|
| Up to $10,000 | $10 a month |
| $10,001 – $20,000 | 1% of AGI |
| $20,001 – $30,000 | 2% of AGI |
| $30,001 – $40,000 | 3% of AGI |
| $40,001 – $50,000 | 4% of AGI |
| $50,001 – $60,000 | 5% of AGI |
| $60,001 – $70,000 | 6% of AGI |
| $70,001 – $80,000 | 7% of AGI |
| $80,001 – $90,000 | 8% of AGI |
| $90,001 – $100,000 | 9% of AGI |
| Over $100,000 | 10% of AGI |
- Payment is a share of adjusted gross income, not discretionary income: 1% at $10,001–$20,000 rising one point per $10,000 to 10% above $100,000; $10 a month under $10,000.
- Minus $50 a month per dependent child.
- Unpaid interest is waived each month, and up to $50 a month of principal is matched when the payment does not cover it, so balances do not grow.
- Forgiveness after 30 years of payments (360 qualifying months). Payments count toward Public Service Loan Forgiveness.
- Only income-driven plan for loans made on or after July 1, 2026; existing borrowers can move to RAP until July 1, 2028, when SAVE, PAYE and ICR close.
- Parent PLUS loans are excluded; parents get the tiered standard plan.
New borrowing caps from July 1, 2026
| Graduate, per year / total | $20,500 / $100,000 |
| Professional (law, medicine), per year / total | $50,000 / $200,000 |
| Parent PLUS, per year / per student | $20,000 / $65,000 |
| Lifetime federal cap, all programs | $257,500 |
Grad PLUS ended for new borrowers on July 1, 2026 (students already enrolled keep access for up to three years). Caps per the 2025 reconciliation law (P.L. 119-21).
Tiered standard plan loans made from July 1, 2026
| Total borrowed | Term |
|---|---|
| Up to $25,000 | 10 years |
| $25,001 – $50,000 | 15 years |
| $50,001 – $100,000 | 20 years |
| Over $100,000 | 25 years |
Older loans keep the 10-year standard, graduated and extended plans. Sources: Federal Student Aid: interest rates and fees · Federal Student Aid: Repayment Assistance Plan · CRS: The Repayment Assistance Plan in P.L. 119-21 · The College Investor: 2026-27 rates.