Student Loan Forgiveness Calculator
Calculate potential forgiveness from PSLF, Teacher, IDR, and other loan forgiveness programs
Student Loan Forgiveness Calculator
Your current outstanding loan balance
Annual interest rate on your loans
Your current monthly payment amount
PSLF Program Details
Number of qualifying payments made (max 120)
Years working for qualifying employer
Forgiveness Results
PSLF Timeline
Tax Implications
Recommendations
Program Comparison
PSLF
Timeline: 120 payments (10 years)
Employment: Public service required
Tax Status: Tax-free forgiveness
Teacher Forgiveness
Timeline: 5 years teaching
Amount: Up to $17,500
Tax Status: Tax-free forgiveness
IDR Forgiveness
Timeline: 20-25 years
Amount: Remaining balance
Tax Status: May be taxable
Eligibility Quick Check
Federal Direct Loans are eligible for most programs
FFEL loans may need consolidation
Private loans don't qualify for federal programs
Income-driven repayment required for PSLF
Forgiveness Tips
Submit annual certification forms
Keep detailed employment records
Use income-driven repayment plans
Plan for potential tax implications
Consider combining with other programs
Understanding Student Loan Forgiveness Programs
Public Service Loan Forgiveness (PSLF)
PSLF provides complete loan forgiveness after 120 qualifying payments while working full-time for qualifying employers. The forgiveness is tax-free and covers the entire remaining loan balance.
Qualifying Employers:
- • Government organizations (federal, state, local, tribal)
- • 501(c)(3) non-profit organizations
- • Other non-profits providing qualifying public services
- • AmeriCorps, Peace Corps
Teacher Loan Forgiveness
Teachers who work in low-income schools for five consecutive years may qualify for forgiveness of up to $17,500. The program is available for Direct Loans and Stafford Loans.
Forgiveness Amounts:
- • $17,500: Math, science, special education in low-income schools
- • $5,000: Other subjects or schools not designated low-income
- • Must be consecutive years of full-time teaching
Income-Driven Repayment (IDR) Forgiveness
Forgiveness Timeline:
- • Undergraduate loans: 20 years (240 payments)
- • Graduate loans: 25 years (300 payments)
- • PAYE/REPAYE: 20-25 years depending on loan type
- • IBR: 20-25 years depending on when borrowed
Important Considerations:
- • Forgiven amount may be taxable income
- • Interest can cause balance to grow over time
- • Annual income recertification required
- • Can combine with PSLF for faster forgiveness
Strategic Considerations
Maximizing Forgiveness:
- • Choose lowest payment plan for PSLF
- • Submit annual certification forms
- • Keep detailed employment records
- • Consider Direct Loan consolidation if needed
Tax Planning:
- • PSLF and Teacher forgiveness are tax-free
- • IDR forgiveness may create taxable income
- • Plan for potential tax liability
- • Consider insolvency exemption if applicable