Student Loan Forgiveness Calculator
A conceptual calculator to explore potential forgiveness amounts under various student loan forgiveness programs like PSLF.
Bookmark this Calculator!
Navigating Student Loan Forgiveness
Student loan forgiveness can significantly reduce or even eliminate your student debt, but the landscape of programs is complex and often confusing. This calculator provides a conceptual overview of some major pathways to forgiveness, but it is essential to consult official sources for precise eligibility and application requirements.
Major Forgiveness Programs
There are several federal student loan forgiveness programs, each with its own set of rules. Here are some of the most prominent ones:
1. Public Service Loan Forgiveness (PSLF)
The PSLF program is designed for individuals working in public service. After making 120 qualifying monthly payments (equivalent to 10 years) under a qualifying repayment plan while working full-time for a qualifying employer (like a government agency or non-profit organization), the remaining balance on your Direct Loans is forgiven.
2. Income-Driven Repayment (IDR) Forgiveness (including SAVE)
If you are on an Income-Driven Repayment plan like SAVE (Saving on a Valuable Education), PAYE, or REPAYE, your remaining loan balance may be forgiven after you make payments for a certain period, typically 20 or 25 years. The new SAVE plan has notable benefits, including an interest subsidy and a shorter timeline to forgiveness for borrowers with smaller loan balances.
For example, under the SAVE plan, borrowers with original principal balances of $12,000 or less can receive forgiveness after just 10 years of payments. The time to forgiveness increases by one year for every additional $1,000 borrowed.
3. Teacher Loan Forgiveness
If you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans.
How This Calculator Provides an Estimate
- For the SAVE Plan: The calculator estimates your monthly payment based on your Adjusted Gross Income (AGI) and family size. It then projects the number of years until you might reach forgiveness based on your original loan balance.
- For PSLF and Others: The calculator provides informational guidance. Eligibility for these programs depends on very specific employment and payment criteria that cannot be assessed through this tool. It directs you to official resources for accurate assessment.
Similar Calculators
Estimate your self-employment taxes as a freelancer or independent contractor. Helps you plan for quarterly tax payments and avoid surprises.
Project the growth of your 401(k) retirement savings over time. See how contributions, employer match, and investment returns can impact your nest egg.
Project the future value of a 529 college savings plan. See how your contributions can grow over time to help fund educational expenses.
Calculate your business's accounting profit by subtracting total explicit costs from total revenue. A straightforward tool for assessing profitability based on your income statement.
Assess a company's earnings quality by calculating the accrual ratio. Use either the balance sheet or cash flow method to detect potential earnings manipulation.
Estimate the Actual Cash Value (ACV) of an asset for insurance purposes by calculating its replacement cost minus depreciation. Essential for property claims.
Estimate your potential profit and ROI when selling a product through Amazon FBA. Factor in seller fees, shipping costs, and product costs to assess viability.
Plan your loan payments with our amortization calculator. See a detailed schedule of your payments, including principal and interest, over the life of the loan. Perfect for mortgages, auto loans, and personal loans.
Explore Other Calculators
Calculate your car's 0-60 mph time based on its horsepower and weight.
Quickly calculate the date that is 100 days from a starting date. Perfect for tracking 100-day challenges or project milestones.
Find the date that is 120 days from any given start date. Useful for planning timelines, loan terms, and long-term projects.
Calculate the date that is 180 days (about six months) from a specific start date. Ideal for setting semi-annual goals or deadlines.
A simple tool to find the date that is exactly 30 days from a given start date. Commonly used for trial periods and monthly planning.
Quickly add or subtract 30 minutes from any given time. A handy tool for scheduling meetings, breaks, or appointments.
Find the date that is 45 days from a specific start date. Useful for tracking mid-quarter deadlines and other short-term goals.
Calculate the date that is exactly six months from a given start date. Perfect for planning semi-annual events, deadlines, or reviews.