Student Loan Forgiveness Calculator
Calculate potential savings from income-driven repayment and loan forgiveness programs
About this calculator
The Student Loan Forgiveness Calculator helps borrowers estimate potential savings through income-driven repayment plans and federal loan forgiveness programs. This powerful tool analyzes your loan balance, income, and family size to project monthly payments and calculate how much debt could be forgiven after 20-25 years of qualifying payments. By comparing different repayment strategies, you can make informed decisions about managing your student debt and potentially save thousands of dollars over the life of your loans.
How to use
Enter your current student loan balance, annual income, family size, and loan type into the calculator. Select your preferred income-driven repayment plan (IBR, PAYE, REPAYE, or ICR) to see projected monthly payments. The calculator will show your total payments over 20-25 years and estimate the amount eligible for forgiveness at the end of the repayment term.
Frequently asked questions
Which loans qualify for income-driven repayment forgiveness?
Federal Direct Loans, Stafford Loans, PLUS loans for graduate students, and consolidated loans qualify. Private loans are not eligible for federal forgiveness programs.
How long does it take to qualify for loan forgiveness?
Most income-driven plans offer forgiveness after 20-25 years of qualifying payments, depending on the specific plan and loan type you choose.
Is forgiven debt considered taxable income?
Yes, forgiven student loan debt is typically considered taxable income by the IRS, so you may owe taxes on the forgiven amount.