Student Loan Repayment Plans Guide 2026: Standard, IDR, SAVE & More

Which Plan Are You Placed On Automatically?

You are automatically placed on the Standard Repayment Plan — fixed payments over 10 years (120 payments). For $30K at 5.5%: ~$326/month, $9,091 total interest. Lowest total cost but highest monthly payment. Change anytime via StudentAid.gov or your servicer at no cost.

All Federal Repayment Plans

Standard: Fixed, 10yr, lowest total. Graduated: Start low, increase every 2yr. Extended: Up to 25yr ($30K+ balance). SAVE: 5-10% discretionary income, 20-25yr forgiveness. IBR: 10-15% discretionary, 20-25yr forgiveness. PAYE: 10%, 20yr forgiveness — ending 2028. ICR: 20%, 25yr — ending 2028.

SAVE Plan in 2026

Most generous IDR. Payments = 5% discretionary income (undergrad), 10% (grad). Income exemption: 225% poverty level — single under ~$33,885 pays $0/month. Unpaid interest does not capitalize. Forgiveness at 20yr (undergrad) or 25yr (grad). After 2024 legal challenges, reinstated with modifications.

How to Enroll or Switch

1. Log in to StudentAid.gov. 2. Manage Loans → Repayment. 3. Use Loan Simulator to compare. 4. Select and submit. 5. Processed in 1-2 billing cycles. No fee, switch anytime. Can also call servicer directly.

Loan Types & Limits

Direct Unsubsidized: borrow up to cost of attendance minus other aid. Annual: $5,500-$12,500 (undergrad), $20,500 (grad). Aggregate: $31K (dependent), $57.5K (independent), $138.5K (grad). Interest accrues during school.

Trouble Making Payments?

Contact your loan servicer immediately. Options: IDR plan, forbearance (12mo), deferment (unemployment/hardship/military), SAVE for $0 payments. Default after 270 days damages credit, triggers wage garnishment, eliminates forgiveness access.

Payment Comparison ($30K, 5.5%)

Key Takeaways