Compare income-driven repayment plans (SAVE, PAYE, IBR, ICR) and estimate PSLF eligibility. Find the plan that minimizes your total student loan payments.
Lowest total cost: $100,837
After IDR forgiveness period
| Plan | Monthly Payment | Total Paid | Forgiven | Years |
|---|---|---|---|---|
| Standard | $888 | $106,580 | $0 | 10 |
| SAVE | $165 | $112,495 | $137,342 | 25 |
| PAYE | $263 | $100,837 | $86,755 | 20 |
| IBR (New) ✓ | $263 | $100,837 | $86,755 | 20 |
| IBR (Old) | $394 | $148,989 | $0 | 25 |
| ICR | $656 | $114,366 | $0 | 25 |
| Loan Balance | $80,000 |
| Standard 10-Year Total | $106,580 |
| Best Plan (IBR (New)) Total | $100,837 |
| Savings vs Standard | $5,743 |
| Amount Forgiven | $86,755 |
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SAVE Payment = 5-10% × (AGI − 225% × Poverty Line) / 12
PAYE/IBR (New) Payment = 10% × (AGI − 150% × Poverty Line) / 12 — 20yr forgiveness
IBR (Old) Payment = 15% × (AGI − 150% × Poverty Line) / 12 — 25yr forgiveness
ICR Payment = 20% × (AGI − 100% × Poverty Line) / 12
PSLF: Forgiveness after 120 payments (10 years) with qualifying employer
The SAVE plan typically has the lowest payment — 10% of discretionary income for graduate loans, 5% for undergrad. Discretionary income uses 225% of poverty line vs 150% for other plans.
Public Service Loan Forgiveness forgives remaining balance after 120 qualifying payments (10 years) while working for government or 501(c)(3) nonprofits. Forgiveness is tax-free.
PSLF forgiveness is always tax-free. IDR forgiveness after 20-25 years is currently tax-free through 2025 under the American Rescue Plan, but may become taxable.
SAVE: 5-10% of income above 225% poverty line, 20-25 yr forgiveness. PAYE: 10% above 150% poverty line, 20 yr. IBR: 10-15% above 150% poverty line, 20-25 yr. ICR: 20% above poverty line or 12-yr fixed, 25 yr.
Compare total cost. If your balance is much higher than income, IDR+forgiveness often saves money. If you earn well relative to debt, aggressive payoff avoids decades of payments and interest.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.