Your federal loan and income
Income-driven plan (editable)
Refinance offer
Fill in your loan, income and a refinance offer, then click Compare.
Result
If your income is different
| Scenario | Income | PSLF total paid | Refinance total paid | Refinance minus PSLF |
|---|
If you leave qualifying work early
| Years before leaving | Total paid | Refinance total | Refinance minus this |
|---|
How it is calculated
PSLF path: each year the payment is the plan percentage times the income above the protected amount, divided by 12, where income grows at your growth rate and the protected amount is the poverty guideline times your multiple, growing 2.5 percent a year. The payment is capped at the 10-year standard payment if you choose, and interest the payment does not cover is added to the balance. After the remaining qualifying payments (120 minus those made) the balance is forgiven. Refinance path: a level payment over your term at the refinance rate. Early exit: income-driven payments for the years shown, then a 10-year standard schedule on what is left at your federal rate.
Not modelled: taxes on any forgiveness, interest subsidies and the exact rules of any one plan, spousal income and filing status effects, employer eligibility, payment-count errors, lender fees or rate changes, and the value of the federal protections you give up by refinancing. Unverified: checked by hand calculation and unit tests only. Confirm plan rules on studentaid.gov and talk to a qualified adviser before refinancing.
Common questions
What is PSLF and who qualifies?
Public Service Loan Forgiveness forgives the remaining balance of eligible federal Direct loans after 120 qualifying monthly payments made while working full-time for a qualifying employer, generally a government or non-profit organization. This tool assumes every payment you count qualifies; confirm your employer and payment count with your servicer and studentaid.gov.
What do I lose if I refinance federal loans?
A private refinance replaces the federal loan. You lose income-driven repayment, PSLF and other forgiveness, and federal deferment and forbearance protections, and you cannot move the loan back to the federal program. The tool shows the dollar comparison; the lost protection is a risk it cannot price.
How is the income-driven payment calculated?
Each year the payment is your chosen percentage of the income above a protected amount, which is a multiple of the poverty guideline for your household size, divided by 12. It is capped at the 10-year standard payment when you leave the cap on. The percentage, the multiple and the guideline are editable because plan rules change; check the current plan on studentaid.gov.
Which repayment plan should I enter?
Enter the percentage and protected-income multiple of the plan you are on or would use. The defaults, 10 percent of income above 150 percent of the poverty guideline, are a common illustration, not a statement of any one plan's current rules.
What if I leave public service early?
The tool shows the total you would pay if you make income-driven payments for a set number of years and then repay the remaining balance over 10 years at your federal rate, next to the refinance total. Early exit is the main way PSLF turns out worse than refinancing.
Is the forgiven amount taxed?
The tool does not model taxes. PSLF forgiveness has been federally tax-free under current law, but rules change and state treatment varies; ask a tax professional.
Is my information uploaded anywhere?
No. Everything you type stays in this browser tab. There are no accounts, cookies or analytics vendors.
Related tool: the student loan RAP vs IBR vs Standard calculator, which compares the three federal repayment plans including tax on forgiveness.