Student Loan Pay As You Earn (PAYE) Calculator

Step 1: Enter Current Loan Info
Student Loan Balance
Average Interest Rate
Current Monthly Payment
Step 2: Enter Income Info
Adjusted Gross Income
Family Size
State of Residence
Annual Income Growth
Sorry, you don't qualify for PAYE based on the debt and income information you provided
CURRENT LOAN PAYE SAVINGS
CURRENT MONTHLY PAYMENT
$383
CURRENT MONTHLY PAYMENT
$483
MONTHLY SAVINGS
$100
FINAL MONTHLY PAYMENT
$383
FINAL MONTHLY PAYMENT
$483
MONTHLY SAVINGS
$100
TOTAL PAYMENT
$300
TOTAL PAYMENT
$300
TOTAL SAVINGS
$300
TOTAL FORGIVENESS
$300
TOTAL FORGIVENESS
$300
TOTAL SAVINGS
$300
REPAYMENT TERM
10yrs
REPAYMENT TERM
7.5yrs
TERM DIFFERENCE
2.5yrs

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:2.57% - 6.98%
Fixed Rates:3.90% - 8.18%
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:2.51% - 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:2.69% - 7.43%
Fixed Rates:3.25% - 7.03%
Average Savings:$20,221
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

Overview

Variable Rates:2.80% - 6.22%
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

What is the pay as you earn repayment plan?

This student loan pay as you earn calculator (PAYE) can show you how much you will pay each month for your student loans, and then how much student loan forgiveness you will receive. Our pay as you earn student loan calculator can show you the impact of lowering your payments as well.

As this PAYE calculator shows, your student loan payment is limited to 10% of your discretionary income. After you make 20 years of payments, you are eligible to have your qualifying federal student loans forgiven.

How does this pay as you earn calculator work?

This pay as you earn calculator for student loans 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 this student loan pay as you earn calculator, enter your adjusted gross income, your family size, state of residence and assumed annual income growth. This student loan pay as you earn calculator assumes a 3% annual income growth.

Step 4. You’re all done

This pay as you earn student loan calculator will automatically calculate how much student loan forgiveness you could receive under PAYE.

Am I eligible for PAYE?

There are some important requirements for PAYE, so it’s important to make sure that you meet them. Importantly, this student loan pay as you earn calculator doesn’t guarantee that you automatically qualify for PAYE

To be eligible for PAYE, you want to make sure that:

1. You are a new student loan borrower as of October 1, 2007 or after

2. You must have received a disbursement of a Direct Loan on or after October 1, 2011

3. Your payment under PAYE need to be less than your payment would be under the 10-year Standard Repayment Plan.

Is student loan forgiveness under PAYE taxable?

Yes, since pay as you earn is a federal student loan repayment plan, any student loan forgiveness received under the plan is taxable. This is different from public service loan forgiveness, which is not taxable.

Is PAYE the best student loan repayment option for me?

This pay as you earn student loan calculator can help show you whether PAYE is the best student loan option for you. However, this PAYE calculator is only one consideration. You can also learn more about student loan repayment and student loan forgiveness.

There are other types of student loan repayment programs such as IBR, ICR and REPAYE to consider. You also can consider student loan refinancing and can check the latest student loan refinancing rates to get a lower interest rate than you currently have to pay off your student loans faster.

Are student loans forgiven after 20 years?

There is no such thing as automatic student loan forgiveness after 20 years, or at any time. To qualify for any student loan forgiveness, you must enroll in a federal student loan repayment plan or in a student loan forgiveness program such as Public Service Loan Forgiveness.

As this student loan pay as you earn calculator shows, you can receive student loan forgiveness under PAYE for your federal student loans. Under PAYE, your undergraduate student loans can be forgiven after 20 years.

What student loans qualify for PAYE?

There are several types of student loans that qualify for PAYE. Remember, only federal student loans are eligible.

  • Subsidized Direct Loans
  • Unsubsidized Direct Loans
  • Direct PLUS Loans (but only for graduate or professional students)
  • Direct Consolidation Loans
  • Federal Stafford Loans
  • FFEL PLUS Loans (but only for graduate or professional students)
  • FFEL Direct Consolidation Loans
  • Federal Perkins Loans (if consolidated)

These loan types are not eligible for PAYE:

  • Private student loans
  • Parent PLUS Loans
  • FFEL PLUS Loans borrowed by parents
  • Direct Consolidation Loans used to repay a Parent PLUS Loan
Student Loan Pay As You Earn (PAYE) Calculator
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