Public Service Loan Forgiveness Calculator

Step 1: Enter Current Loan Info
Student Loan Balance
Average Interest Rate
Step 2: Enter Income Info
Adjusted Gross Income
Married
Family Size
State of Residence
Annual Income Growth
Sorry, you don't qualify for PAYE based on the debt and income information you provided
STANDARD IBR ICR
CURRENT MONTHLY PAYMENT
$383
CURRENT MONTHLY PAYMENT
$483
CURRENT MONTHLY PAYMENT
$483
FINAL MONTHLY PAYMENT
$383
FINAL MONTHLY PAYMENT
$483
FINAL MONTHLY PAYMENT
$483
TOTAL PAYMENT
$300
TOTAL PAYMENT
$300
TOTAL PAYMENT
$300
TOTAL FORGIVENESS
$300
TOTAL FORGIVENESS
$300
TOTAL FORGIVENESS
$300
REPAYMENT TERM
10yrs
REPAYMENT TERM
7.5yrs
REPAYMENT TERM
7.5yrs
PAYE REPAYE
CURRENT MONTHLY PAYMENT
$483
CURRENT MONTHLY PAYMENT
$483
FINAL MONTHLY PAYMENT
$483
FINAL MONTHLY PAYMENT
$483
TOTAL PAYMENT
$300
TOTAL PAYMENT
$300
TOTAL FORGIVENESS
$300
TOTAL FORGIVENESS
$300
REPAYMENT TERM
7.5yrs
REPAYMENT TERM
7.5yrs

Compare The Best Student Loan Refinance Rates For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.47% - 5.87%
Fixed Rates:3.89% - 6.32%
Average Savings:$30,939
Minimum Credit Score:None
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$45,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, KY, MS, VT
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.47% - 6.99%
Fixed Rates:3.90% - 7.80%
Average Savings:-
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.47% - 8.03%
Fixed Rates:3.49% - 8.72%
Average Savings:$15,270
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.85% - 7.59%
Fixed Rates:3.75% - 7.03%
Average Savings:$19,783
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

Overview

Variable Rates:2.55% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 4.45%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 4.45%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$25,000 with graduate degree ($40,000 with undergraduate degree)
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.95% - 6.37%
Fixed Rates:3.50% - 7.02%
Average Savings:$20,200
Minimum Credit Score:660
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Advertiser Disclosure

How do I use this public service loan forgiveness calculator?

This public service loan forgiveness calculator helps you determine how much of your student loans can be forgiven under the federal public service loan forgiveness program.

The Public Service Loan Forgiveness program enables student loan borrowers who work in public service careers, such as the government or non-profit organizations, to have their federal student loans forgiven after 10 years of qualifying payments.

This public service loan forgiveness program calculator is easy to use. Here’s how it works:

Step 1. Enter your student loan balance and average interest rate. If you have multiple student loans, you can use this weighted average interest rate calculator to calculate the weighted average of your interest rates.

Step 2. Next, you have to enter some financial information to determine which federal student loan repayments programs you qualify for.

Step 3. In the public service loan forgiveness calculator, enter your adjusted gross income, whether you are married, your family size, state of residence and assumed annual income growth. This 10 yearpublic service loan forgiveness calculator assumes a 3% annual income growth.

Step 4. You’re all done

This public service loan forgiveness program calculator will automatically calculate how much student loan forgiveness you will receive under the major student loan repayment plans such as IBR, ICR, PAYE, and REPAYE.

Do I qualify for Public Service Loan Forgiveness?

The Public Service Loan Forgiveness Program is a federal program that forgives federal student loans for borrowers who are employed full-time (more than 30 hours per week) in an eligible federal, state or local public service job or 501(c)(3) non-profit job who make 120 eligible on-time payments.

This equates to 10 years of monthly student loan payments that are on-time and in full.

The U.S. Department of Education will tell you whether you qualify for public service loan forgiveness and will evaluate your public service role, public service organization, your proper enrollment in a federal student loan repayment plan and whether you have made 120 qualifying payments.

What loans are eligible for public service loan forgiveness?

Only federal student loans are eligible for public service loan forgiveness. This includes Direct student loans such as:

  • Federal Direct Subsidized Stafford/Direct Loans
  • Federal Direct Unsubsidized Stafford/Direct Loans
  • Federal Direct PLUS Loans
  • Federal Direct Consolidation Loans

What if you have Federal Family Education Loans (FFEL)? Unfortunately, FFEL loans are not eligible for public service loan forgiveness. However, you can consolidate your FFEL loans into a Federal Direct Consolidation Loan.

When you use a public service loan forgiveness program calculator, the public service loan forgiveness calculator assumes that your student loans are federal student loans and Direct student loans.

Remember, only your student loan payments after your have a Direct Consolidation Loan are considered qualifying payments that would count toward the 120 payments.

Is student loan forgiveness taxable?

The good news is that public service loan forgiveness is not taxable. Therefore, this public service loan forgiveness calculator shows you the full amount of student loan forgiveness.

Now, if you do not receive public service loan forgiveness and instead receive student loan forgiveness under a federal repayment program such as PAYE or REPAYE, the amount of student loan forgiveness would be taxable.

Can private student loans be forgiven through public service loan forgiveness?

No, private student loans cannot be forgiven through the public service loan forgiveness program. Only federal student loans are eligible.

How do I apply for public service loan forgiveness?

There is no official application for public service loan forgiveness. Rather, you are encouraged to submit this Public Service Loan Forgiveness Employment Certification Form. This form will notify the U.S. Department of Education that plan to benefit from Public Service Loan Forgiveness. Beyond this form, make sure you make qualifying, on-time payments for your student loans and meet the requirements for public service loan forgiveness.

Which student loan repayment plans are eligible for public service loan forgiveness?

There are several federal student loan repayment plans that qualify for public service loan forgiveness, including:

  • Pay As You Earn (PAYE
  • Revised Pay As You Earn (REPAYE)
  • Income-Based Repayment (IBR)
  • Income-Contingent Repayment (ICR)
  • 10-Year Standard Repayment
  • Any other federal student loan repayment plan

Importantly, to qualify for public service loan forgiveness, you have to make the majority of your 120 payments under an income-driven payment repayment plan.

Also, it doesn’t make sense to remain on the Standard Repayment Plan because your student loans will then be paid off in 10 years, and there will be no more student loans to forgive.

That is why on this public service loan forgiveness program calculator shows $0 forgiveness under the standard repayment plan.

Which student loan repayment plan should I choose for public service loan forgiveness?

This 10 year public service loan forgiveness calculator can help you better understand which student loan repayment plan is best for your unique financial situation.

While this public service loan forgiveness does not guarantee that you will qualify for a particular repayment plan or for public service loan forgiveness, this public service loan forgiveness calculator shows you the various options.

Your goal should be to either minimize your monthly payments or to maximize the amount of student loan forgiveness.

The good news is that this public service loan forgiveness calculator shows you how much money would be forgiven under each federal student loan repayment plan.

Do my 120 student loan payments for public service loan forgiveness need to be consecutive?

No, your 120 student loan payments for public service loan forgiveness do not need to be consecutive. So long as you make 120 qualifying student loan payments and meet the other criteria, you should qualify for public service loan forgiveness.

What is considered a “qualifying” payment under public service loan forgiveness?

A “qualifying payment” for purposes of public service loan forgiveness must meet the following criteria:

  • Made after October 1, 2007
  • Made during qualifying employment at a qualifying public service organization
  • Paid on time within 15 days of the due date
  • Paid in full per your student loan repayment plan
Public Service Loan Forgiveness Calculator
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