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:
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.
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.
Only federal student loans are eligible for public service loan forgiveness. This includes Direct student loans such as:
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.
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.
No, private student loans cannot be forgiven through the public service loan forgiveness program. Only federal student loans are eligible.
There are several federal student loan repayment plans that qualify for public service loan forgiveness, including:
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.
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.
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.
A “qualifying payment” for purposes of public service loan forgiveness must meet the following criteria: