Student Loan Forgiveness Calculator
Calculate potential savings from various student loan forgiveness programs including PSLF and income-driven repayment
About this calculator
The Student Loan Forgiveness Calculator helps borrowers estimate potential savings from federal loan forgiveness programs like Public Service Loan Forgiveness (PSLF) and income-driven repayment plans. By comparing standard repayment costs with forgiveness program benefits, you can make informed decisions about your loan strategy. This tool calculates total payments, forgiveness amounts, and net savings across different scenarios, helping you understand which program offers the greatest financial advantage based on your income, loan balance, and career path.
How to use
Enter your current loan balance, interest rate, and monthly income. Select the forgiveness program you're considering (PSLF, IDR, etc.) and your expected career timeline. The calculator will compare your total payments under standard repayment versus the forgiveness program, showing potential savings and the amount that could be forgiven.
Frequently asked questions
What loans qualify for PSLF?
Only federal Direct Loans qualify for PSLF. FFEL and Perkins loans must be consolidated into Direct Loans to become eligible.
How long does it take to qualify for forgiveness?
PSLF requires 120 qualifying payments (10 years) while income-driven plans typically require 20-25 years of payments.
Is forgiven debt taxable?
PSLF forgiveness is tax-free, but income-driven repayment forgiveness may be considered taxable income in the year it's forgiven.