Student Loan Forgiveness Savings Calculator
See how much you might save by staying on an income-driven repayment plan until forgiveness versus paying your student loans off in full.
About this calculator
Estimate how much you could save by pursuing income-driven repayment forgiveness versus paying off your student loans in full, based on your balance, interest rate, and forgiveness timeline.
Frequently Asked Questions
How does income-driven repayment forgiveness work?
Under IDR plans, remaining loan balances are forgiven after 20-25 years of qualifying payments, depending on the plan and loan type.
Is forgiven student loan debt taxable?
Federal tax treatment of forgiven student loan debt has changed over time; check current IRS rules and your state's tax treatment as this can significantly affect your net savings.
Does this account for changing income over time?
No, this calculator assumes a fixed monthly payment for simplicity. Actual IDR payments recalculate annually based on income and family size.