The Public Service Loan Forgiveness (PSLF) program is a federal initiative designed to encourage individuals to enter and remain in public service jobs. Under PSLF, the remaining balance on your Direct Loans may be forgiven after you have made 120 qualifying monthly payments while working full-time for a qualifying employer.
To qualify for PSLF, you must meet several strict requirements:
Eligible Loans: Only Direct Loans qualify. If you have other federal loan types (e.g., FFEL Program loans, Perkins Loans), you must consolidate them into a Direct Consolidation Loan.
Eligible Employment: You must work full-time for a U.S. federal, state, local, or tribal government organization (including military service), or for a qualifying non-profit organization.
Eligible Payment Plan: You must be on an Income-Driven Repayment (IDR) plan (e.g., REPAYE/SAVE, PAYE, IBR, ICR). Payments made under the Standard Repayment Plan (unless it's the 10-year version and you pay it off in 10 years, which means no forgiveness) or other non-IDR plans do not count.
Qualifying Payments: You must make 120 separate, on-time, full monthly payments. These payments do not have to be consecutive.
This calculator helps you estimate your potential monthly payment under an Income-Driven Repayment (IDR) plan and the potential amount of loan forgiveness you might receive through PSLF. It assumes you will be on the REPAYE/SAVE plan, which calculates your payment as 10% of your discretionary income (your Adjusted Gross Income minus 150% of the poverty line for your family size).
Estimated PSLF Outcomes:
Estimated Monthly IDR Payment (REPAYE/SAVE):
Total Payments Over 10 Years:
Potential Forgiveness Amount:
Important Considerations:
This calculator provides an estimate based on current rules and common assumptions (specifically the REPAYE/SAVE plan's 10% discretionary income calculation). Actual payments and forgiveness amounts can vary based on changes in income, family size, interest rates, and program rules.
Interest accrues on your loans even while you're making IDR payments. However, under REPAYE/SAVE, the government may subsidize some or all of the unpaid interest, which can significantly reduce the amount of interest that capitalizes. This calculator simplifies by focusing on the principal balance for forgiveness estimation.
Always confirm your eligibility and payment plan details with your loan servicer and the Department of Education.
The poverty guidelines used are based on the 2023 HHS Poverty Guidelines for the 48 contiguous states and D.C. These are updated annually.
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function calculatePSLF() {
var currentLoanBalance = parseFloat(document.getElementById("currentLoanBalance").value);
var annualAGI = parseFloat(document.getElementById("annualAGI").value);
var familySize = parseInt(document.getElementById("familySize").value);
// Validate inputs
if (isNaN(currentLoanBalance) || currentLoanBalance < 0) {
alert("Please enter a valid current federal student loan balance.");
return;
}
if (isNaN(annualAGI) || annualAGI < 0) {
alert("Please enter a valid annual Adjusted Gross Income (AGI).");
return;
}
if (isNaN(familySize) || familySize < 1) {
alert("Please enter a valid family size (at least 1).");
return;
}
// 150% of 2023 HHS Poverty Guidelines for 48 contiguous states and D.C.
// Source: https://aspe.hhs.gov/topics/poverty-economic-mobility/poverty-guidelines
// 150% of poverty line:
var povertyLine150Percent;
if (familySize === 1) {
povertyLine150Percent = 21870; // 150% of $14,580
} else if (familySize === 2) {
povertyLine150Percent = 29580; // 150% of $19,720
} else if (familySize === 3) {
povertyLine150Percent = 37290; // 150% of $24,860
} else if (familySize === 4) {
povertyLine150Percent = 45000; // 150% of $30,000
} else {
// For family sizes greater than 4, add $7,710 for each additional person
povertyLine150Percent = 45000 + (familySize – 4) * 7710; // 150% of $5,140 per additional person
}
// Calculate Discretionary Income
var discretionaryIncome = annualAGI – povertyLine150Percent;
if (discretionaryIncome < 0) {
discretionaryIncome = 0; // Discretionary income cannot be negative
}
// Calculate Monthly IDR Payment (assuming REPAYE/SAVE: 10% of discretionary income)
var monthlyIDRPayment = (discretionaryIncome * 0.10) / 12;
// Total Payments Over 10 Years (120 payments)
var totalPaymentsOver10Years = monthlyIDRPayment * 120;
// Estimated Forgiveness Amount
var potentialForgivenessAmount = currentLoanBalance – totalPaymentsOver10Years;
var resultMessage = "";
if (potentialForgivenessAmount <= 0) {
potentialForgivenessAmount = 0; // No forgiveness if loan is paid off
resultMessage = "Based on these estimates, your loan would likely be paid off before reaching 120 qualifying payments, meaning no PSLF forgiveness benefit would be realized. PSLF is most beneficial for those with high loan balances relative to their income.";
} else if (monthlyIDRPayment === 0) {
resultMessage = "With a $0 monthly payment, you are still making qualifying payments towards PSLF. This is common for borrowers with low income relative to their family size.";
} else {
resultMessage = "This is an estimate of your potential PSLF outcome. Remember to certify your employment annually!";
}
// Display results
document.getElementById("estimatedMonthlyPayment").innerText = "$" + monthlyIDRPayment.toFixed(2);
document.getElementById("totalPaidOver10Years").innerText = "$" + totalPaymentsOver10Years.toFixed(2);
document.getElementById("potentialForgivenessAmount").innerText = "$" + potentialForgivenessAmount.toFixed(2);
document.getElementById("resultMessage").innerText = resultMessage;
}