Make a data-driven decision between Public Service Loan Forgiveness and refinancing your student loans. Based on 2026 SAVE plan parameters and current market rates.
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PSLF is usually better for high loan balances (>$200k) and moderate incomes
Refinancing works best when you can get rates below 5% and plan to work in private practice
Submit PSLF Employment Certification Forms annually to track qualifying payments
Marriage can significantly impact SAVE payments - file taxes carefully
The SAVE (Saving on a Valuable Education) plan is the newest income-driven repayment plan that replaced REPAYE in 2023. For 2026, it caps payments at 5% of your discretionary income (income above 225% of the federal poverty line) for graduate loans. The government covers any unpaid interest, preventing your balance from growing.
PSLF requires working full-time at a qualifying employer (non-profit, government, or 501(c)(3) organization) while making 120 qualifying payments on federal Direct Loans under an income-driven repayment plan. After 10 years, the remaining balance is forgiven tax-free.
Refinancing may be better if you: (1) don't qualify for PSLF, (2) plan to work in private practice, (3) have a high income relative to your loan balance, (4) have a low loan balance (<$150k), or (5) can secure a significantly lower interest rate (3-5% vs 6-8% federal rates). Note: Refinancing federal loans makes you ineligible for PSLF and federal protections.
You won't lose your qualifying payments, but you'll stop accumulating new ones. You can return to qualifying employment later and continue where you left off. If you never reach 120 payments, you'll still owe the balance and may need to refinance or use standard repayment. This is why commitment to non-profit work is crucial.
This calculator uses official 2026 SAVE plan parameters, federal poverty guidelines, and market refinance rates. However, it makes assumptions about income growth (3% annually) and doesn't account for life changes (marriage, children, income fluctuations). For personalized guidance, upgrade to our AI-powered Pro version or consult with a financial advisor who specializes in physician finances.
Disclaimer: This calculator provides estimates based on 2026 tax laws and SAVE plan parameters. Actual results may vary based on individual circumstances, future law changes, and employment situations. This is for educational purposes only and does not constitute financial advice. Consult with a qualified financial advisor or student loan specialist before making major financial decisions.
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