PSLF Calculator
Your Public Service Loan Forgiveness projection: payments remaining, monthly payment under RAP or IBR, total paid before forgiveness, the balance forgiven tax-free after 120 payments, the saving versus the standard plan and your forgiveness date.
| Payments remaining | — |
|---|---|
| Current monthly payment | — |
| Projected payment at forgiveness | — |
| Total you will pay before forgiveness | — |
| Projected balance forgiven (tax-free) | — |
| Standard 10-year plan for comparison | — |
| Value of PSLF vs paying in full | — |
| RAP vs IBR payment today | — |
| Forgiveness date | — |
In short
Public Service Loan Forgiveness cancels the remaining Direct Loan balance, tax-free, after 120 qualifying monthly payments made while working full-time for a government or 501(c)(3) employer. The amount forgiven depends on the income-driven plan: RAP charges 1–10% of AGI, IBR 10% (15% for pre-2014 borrowers) of income above 150% of the poverty line, capped at the standard payment — the lower the payment, the more is forgiven.
Who this is for: US public-sector and non-profit employees projecting their forgiveness.
Public Service Loan Forgiveness in 2026
- The deal: 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer → the remaining Direct Loan balance is forgiven, tax-free.
- Plan choice drives the value: the lower your income-driven payment, the more is forgiven. RAP charges 1–10% of AGI with no poverty-line exclusion; IBR charges 10% (15% for older borrowers) of income above 150% of the poverty line, capped at the standard payment. Compare both.
- Who benefits most: high balances relative to income — teachers, nurses, public defenders, social workers, residents and fellows at non-profit hospitals, military and government employees.
- Paperwork: certify employment annually (and at every job change), keep every payment on an eligible plan, and consolidate FFEL or Perkins loans into Direct Loans before counting starts.
- 2025 law changes: RAP counts for PSLF; Parent PLUS borrowers must consolidate and use IBR/standard; graduate borrowing caps apply from July 2026; employer eligibility can be revoked for substantial illegal purpose.
See also: Student Loan RAP Calculator.
Assumptions
- RAP as per the statute; IBR = (AGI − 150% × 2025 poverty line for the family size) × 10% or 15% ÷ 12, capped at the standard payment.
- Simulation over the remaining qualifying payments with annual income growth; RAP never lets the balance grow, IBR lets unpaid interest accrue.
- Value = standard-plan total − payments made before forgiveness.
Worked example
RAP at $62,000 (6% band) is $310 a month — below the $510 of monthly interest, so the balance never grows but barely falls. Over 120 months with 3% raises the payment reaches about $539 and you pay about $47,300 in total; roughly $83,900 is then forgiven tax-free. The standard plan would cost $124,300, so PSLF saves about $77,000. Under IBR (10%) the first payment would be $321 — slightly higher; under IBR (15%) $482.
Frequently asked questions
How many payments does PSLF require?
120 qualifying monthly payments — they do not have to be consecutive, and months in forbearance or deferment generally do not count.
Which repayment plans count for PSLF?
Income-driven plans (RAP, IBR, ICR, PAYE while available) and the 10-year standard plan. Extended or graduated plans do not.
Is PSLF forgiveness taxed?
No — it is excluded from federal income tax under §108(f)(1), and most states follow.
Does RAP or IBR give more forgiveness?
Whichever yields the lower payment at your income and family size — RAP for middle incomes with dependents, IBR often for low incomes and large families because of the 150%-of-poverty-line exclusion.
Do months in forbearance count?
Generally no, except for certain administrative forbearances; the 2023–2024 adjustments that counted them have ended.
Can I buy back missing months?
Yes — the PSLF buyback lets you pay for months in deferment or forbearance to reach 120 if you were employed in public service at the time.
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