Free online estimator — see how much you could save with PSLF, IDR & more
This free student loan forgiveness calculator (also a PSLF calculator) helps you estimate how much of your federal student loan balance could be forgiven through programs like PSLF (Public Service Loan Forgiveness) and IDR (Income-Driven Repayment) plans. Simply enter your current loan balance, interest rate, income, and family size to see your estimated monthly payment and potential forgiveness amount.
With millions of borrowers wondering if they qualify for student loan forgiveness, this tool makes it easy to compare different repayment scenarios side by side. Whether you're a teacher, nurse, government worker, or non-profit employee, PSLF could wipe out thousands of dollars in remaining student debt after 10 years of qualifying payments.
Public Service Loan Forgiveness (PSLF) is a federal program that forgives the remaining balance on your Direct Loans after you've made 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer — government organizations, 501(c)(3) non-profits, and some other public service organizations.
Income-Driven Repayment (IDR) plans cap your monthly payment at a percentage of your discretionary income (typically 10-20%). After 20 or 25 years of qualifying payments, any remaining balance is forgiven — though you may owe income tax on the forgiven amount (except for PSLF, which is tax-free).
How does PSLF forgiveness work?
After making 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer, your remaining federal student loan balance is forgiven completely — and tax-free. That's the biggest advantage of PSLF over other IDR programs.
What's the difference between PSLF and IDR forgiveness?
PSLF forgives your balance after 10 years (120 payments) and is tax-free. IDR plans (like PAYE, REPAYE, IBR, ICR) forgive your balance after 20-25 years, but you'll owe income tax on the forgiven amount. PSLF is much better if you qualify.
Do private student loans qualify for forgiveness?
No. PSLF and IDR programs only apply to federal student loans. Private student loans are not eligible for any federal forgiveness program. You'd need to refinance private loans to get a lower rate.
How is my monthly payment calculated on an IDR plan?
Most IDR plans cap your payment at 10% of your discretionary income (income above 150% of the federal poverty level for your family size). As your income goes up, your payments go up too — but never more than what you'd pay on a standard 10-year plan.
Is this calculator accurate?
This is an estimate based on standard federal repayment formulas. Your actual payment may vary slightly depending on your specific loan types, your exact income each year, and changes to federal poverty guidelines. Always confirm with your loan servicer for official numbers.
PSLF is the best student loan forgiveness program — if you qualify. Here's how it works:
If you don't qualify for PSLF, IDR plans can still help — they cap your monthly payment based on your income and forgive the remaining balance after 20-25 years:
The catch: IDR forgiveness (after 20-25 years) is TAXABLE. The forgiven amount is treated as income, so you could owe thousands in taxes that year. PSLF forgiveness (after 10 years) is tax-free — that's why it's the gold standard.
Want to get the most out of student loan forgiveness? Here's what you need to know:
How much can PSLF save me?
PSLF can save you tens to hundreds of thousands of dollars. For example, if you have $80,000 in student loans and make $50,000/year working for a nonprofit, your monthly IDR payment might be $200. Over 10 years, you'd pay $24,000 total — and the remaining $56,000+ is forgiven tax-free. Without PSLF, you'd pay the full $80,000 (plus interest) over 10 years.
Do I have to work in public service for 10 years straight?
No! The 120 payments don't have to be consecutive. You can take breaks, switch between qualifying employers, even work in the private sector for a while. As long as you accumulate 120 total qualifying payments while working for qualifying employers, you're good to go.
What's the difference between PSLF and IDR forgiveness?
PSLF: 10 years (120 payments), tax-free forgiveness. IDR: 20-25 years, taxable forgiveness. PSLF is way better — shorter time, no tax bill. But you have to work in public service (government or nonprofit). If you work in the private sector, you're stuck with IDR (or just paying off your loans the regular way).
Can I refinance my loans and still get PSLF?
No! If you refinance your federal student loans with a private lender, they become private loans — and they're no longer eligible for PSLF or any federal forgiveness program. Once you refinance, you can't go back. Think carefully before refinancing if you're counting on PSLF.
What happens if I die with student loans?
Federal student loans are discharged (canceled) if the borrower dies. Your family won't have to pay them back. Private student loans vary — some have death discharge, others don't. That's another reason federal loans are better than private ones.