This tool estimates your eligibility for Public Service Loan Forgiveness based on your employment and loan information.
How to Use the Public Service Loan Forgiveness (PSLF) Estimator
To use this calculator, fill out each field with your specific information:
- Annual Income ($): Your total yearly earnings before taxes.
- Total Loan Amount ($): The entire sum of your current student loans.
- Interest Rate (%): The interest rate of your loan as a percentage.
- Years of Repayment before PSLF: The number of years you plan to make payments under a qualifying repayment plan before you apply for forgiveness.
- Estimated Monthly Discretionary Income ($): Your expected discretionary income on a monthly basis, which will be used to calculate your repayment amount.
How It Calculates the Results
This calculator estimates your monthly payments based on your discretionary income and annual income. It uses the following steps to determine your potential savings:
- Calculates the annual payment using discretionary income and income-based repayment formulas.
- Determines the total repayment amount over the specified repayment years.
- Estimates the remaining loan balance after the qualified repayment period.
- Provides an estimation of the loan amount that may be forgiven under the PSLF program.
Limitations of the Calculator
Please note that this calculator provides an estimation and should not be considered as a final determination for PSLF eligibility or amount. For accurate results, always consult with your loan servicer. Additionally, changes in your financial situation, interest rates, and federal repayment plans may affect the actual forgiveness amount.
Use Cases for This Calculator
Estimate your PSLF eligibility
Input your loan amount, current salary, and employment status to calculate your potential eligibility for the Public Service Loan Forgiveness (PSLF) program. Discover how many more payments you need to make before qualifying for loan forgiveness under PSLF.
Explore qualifying employment options
Learn about the various types of eligible employers under PSLF, including government organizations, non-profit organizations, and other public service entities. Determine if your current job meets the criteria for loan forgiveness.
Estimate potential savings
Input your projected salary increase over the next few years to see how it impacts your potential loan forgiveness amount under PSLF. Visualize the long-term savings of staying in a qualifying public service position.
Calculate remaining payments
Enter the number of payments you’ve already made towards your student loans to calculate how many more payments you need to qualify for PSLF. Stay informed about your progress towards loan forgiveness.
Review loan types eligible for PSLF
Check which types of federal student loans are eligible for forgiveness under PSLF, such as Direct Loans. Ensure that your current loans qualify for potential loan forgiveness through the program.
Understand payment plan options
Explore different repayment plans, such as Income-Driven Repayment plans, and their impact on your eligibility for PSLF. Determine the most advantageous payment plan to maximize your potential loan forgiveness.
Get clarification on part-time employment
Discover if your part-time work qualifies for PSLF and how it affects your eligibility for loan forgiveness. Understand the implications of working part-time at a qualifying public service organization.
Check your employer’s eligibility
Verify if your current employer qualifies as a public service organization under PSLF guidelines. Ensure that you are working for an eligible employer to pursue loan forgiveness through the program.
Plan ahead for qualifying payments
Map out a strategy to ensure you make the required number of qualifying payments for PSLF. Set goals and timelines to stay on track towards potential loan forgiveness in the future.
Optimize your PSLF strategy
Consult the PSLF estimator to fine-tune your approach to loan forgiveness. Get personalized insights and recommendations to maximize your chances of qualifying for PSLF based on your unique financial situation and career goals.