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Refinance or forgiveness?

Written by Ryan Smith, DDS (draft)Expert review pendingUpdated Sep 26, 2026

Enter your loans and income. You’ll see what RAP, PSLF and a private refinance would each cost you, in today’s dollars, and which one wins. It runs in your browser and stores nothing.

Your federal loans
Your weighted average on studentaid.gov. New 2026–27 loans are 8.07%.
You
From your last tax return. A resident might be near $65,000.
Your employer
Nonprofit (most FQHCs) and government jobs can qualify for PSLF.
A refinance to compare
An example rate, not an offer. See the rate table for advertised ranges.
Term
Federal plus state. RAP forgiveness after 30 years is taxable income.
Verdict

Enter your numbers

    Total cost in today’s dollars

    Future payments are discounted at 3% a year for inflation, so 30 years of payments compare fairly with 10.

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    How this works, and what it leaves out
    • RAP payment: 1%–10% of your total AGI (by $10,000 bracket), divided by 12, minus $50 per dependent, at least $10 a month. Your AGI grows at the rate you set.
    • When a RAP payment doesn’t cover the month’s interest, the rest is waived. If a payment lowers your principal by less than $50, the government matches up to $50.
    • RAP forgiveness comes after 360 payments and is taxed as income that year, at the rate you set. PSLF forgiveness after 120 payments is tax-free.
    • The refinance is a fixed-rate loan at the APR and term you choose. Real offers depend on your credit and income.
    • It doesn’t model marriage and filing status, IBR for existing borrowers, employer repayment help, or a change of job. Rerun it when those change.
    • Rules as of Sep 26, 2026. General education, not advice for your situation.