Pslf Calculator

The PSLF Calculator helps users estimate their monthly payment, remaining payments, total payments, and potential loan forgiveness amount and completion date under the Public Service Loan Forgiveness program, based on their current loan details and repayment plan.

Use Our Pslf Calculator

Using the PSLF Calculator: A Step-by-Step Guide

Step 1: Input Your Loan Details

Begin by gathering the necessary information about your federal student loans and personal financial situation. The required input fields are essential to ensure the calculator provides accurate estimates.

  • Current Federal Student Loan Balance: Enter the total amount outstanding on your federal loans. This figure should be entered as a dollar amount with a minimum of $0.
  • Monthly Adjusted Gross Income: Provide your monthly income after adjusted gross income deductions have been calculated. Enter this amount in dollars, ensuring it is at least $0.
  • Family Size: Indicate the number of people in your family, including yourself. Only whole numbers starting from 1 are valid for this entry.

Step 2: Select Your Repayment Plan

Choose an income-driven repayment plan from the options provided. This selection will influence your estimated monthly payment and eventual forgiveness amount. The available plans are:

  • Pay As You Earn (PAYE)
  • Revised Pay As You Earn (REPAYE)
  • Income-Based Repayment (IBR)
  • Income-Contingent Repayment (ICR)

Step 3: Input Qualifying Payment Info

Enter the number of qualifying payments you have already made towards PSLF. This number must be between 0 and 120, in whole numbers.

Next, enter the interest rate of your loan as a percentage. This should fall between 0% and 100%.

Step 4: View Your Results

Once you have entered all the required information, the calculator will estimate several important figures, including:

  • Estimated Monthly Payment: Based on your income-driven plan and monthly income, this is the expected payment amount expressed in USD.
  • Remaining Payments Until Forgiveness: Shows how many more payments you need to make to qualify for loan forgiveness.
  • Estimated Amount to be Forgiven: This figure represents the loan balance projected to be forgiven, after your qualifying payments, with accrued interest taken into account.
  • Total Payments Until Forgiveness: Displays the total amount you are expected to pay from now until your loans are forgiven.
  • Estimated Forgiveness Date: Provides an estimated date when forgiveness will occur, shown in YYYY-MM-DD format.

Ensure that you revisit your input data if any of the estimates seem incorrect or if your financial circumstances change significantly.