Student Loan Forgiveness Estimator
Estimate how much of your student loans could be forgiven and when.
Loan & Income Details
Estimated Forgiveness
$39,201
by February 2033 · 84 payments left at $263/mo
Program Details
Forgives remaining balance after 120 qualifying payments while working for a qualifying employer.
vs Standard 10-Year Repayment
Forgiveness Path
$22,092
84 payments
Standard Repayment
$58,619
121 payments
Savings: $36,527
Tips
- Submit the Employment Certification Form (ECF) annually to track qualifying payments.
- Use the lowest IDR payment possible to maximize your forgiven amount under PSLF.
- Check your payment count on StudentAid.gov to ensure accurate tracking.
Federal Student Loan Forgiveness Programs
Several federal programs can wipe out part or all of your remaining student loan balance. Eligibility depends on your loan type, employer, repayment plan, and how many qualifying payments you've made. The most impactful programs are PSLF (10 years for public servants), SAVE (the newest IDR plan), and Teacher Loan Forgiveness.
Program Comparison
| Program | Payments | Employer | Max Forgiveness | Taxable? |
|---|---|---|---|---|
| PSLF | 120 (10 years) | Government/Nonprofit | Unlimited | No |
| SAVE Plan | 240-300 (20-25 yr) | Any | Unlimited | No (through 2025+) |
| IBR/PAYE | 240-300 (20-25 yr) | Any | Unlimited | Possibly after 2025 |
| Teacher | 60 (5 years) | Low-income school | $17,500 | No |
SAVE Plan Monthly Payment Formula
| Loan Type | Payment Formula | Forgiveness Timeline |
|---|---|---|
| Undergraduate only | 5% of discretionary income | 20 years |
| Graduate only | 10% of discretionary income | 25 years |
| Mixed | Weighted 5-10% | 20-25 years |
Discretionary income = AGI minus 225% of the federal poverty line for your family size.
Frequently Asked Questions
Do I need Direct Loans for forgiveness?
PSLF requires Direct Loans. If you have FFEL or Perkins loans, consolidate them into a Direct Consolidation Loan. Consolidation resets your payment count to zero for PSLF, but prior payments may count under special waivers.
Is forgiven student debt taxable?
PSLF forgiveness is permanently tax-free. Under the American Rescue Plan, all student loan forgiveness is tax-free through at least 2025. After that, IDR forgiveness may be taxable as income — potentially creating a large tax bill (the "tax bomb"). Plan ahead by saving for this possibility.
See also: Student Loan Calculator and Student Loan Refinance Calculator.