Pay As You Earn (PAYE) Calculator

This Pay As You Earn (PAYE) calculator shows you your new monthly student loan payment and how much student loan forgiveness you can get when you enroll in PAYE student loan repayment.
Step 1: Enter Current Loan Info

Student Loan Balance

Average Interest Rate 

Current Monthly Payment 
Step 2:  Enter Income Info

Adjusted Gross Income

Family Size

State of Residence

Annual income growth
MONTHLY PAYMENT
$112
View Details
MONTHLY SAVINGS
Current Payment: $333
PAYE Payment: $222
Savings: $222
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STUDENT LOAN FORGIVENESS
$21,124
If you refinance $30,000 of student loans at a 3.25% interest rate with a 10-year repayment term, you can save $4,789 over the life of your loan.

Top Picks For Student Loan Refinancing

November 2024

Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
APR
4.49% - 9.99%
5.99% - 9.99%
4.49% - 9.99%
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View Details

on SoFi's website

Overview

Variable APR:
5.99% - 9.99%
Fixed APR:
4.49% - 9.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes

Review:

SoFi Student Loan Refinancing Review

3.95% - 9.74%
5.89% - 9.74%
3.95% - 9.74%
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View Details

on Earnest's website

Overview

Variable APR:
5.89% - 9.74%
Fixed APR:
3.95% - 9.74%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No

Review:

Earnest Student Loan Refinancing Review

5.19% - 9.74%
5.99% - 9.74%
5.19% - 9.74%
Get My Rate

View Details

on NaviRefi's website

Overview

Variable APR:
5.99% - 9.74%
Fixed APR:
5.19% - 9.74%
Minimum Credit Score:
680
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No

Review:

NaviRefi Student Loan Refinancing Review

4.88% - 8.44%
4.86% - 8.49%
4.86% - 8.49%
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View Details

on ELFI's website

Overview

Variable APR:
4.86% - 8.49%
Fixed APR:
4.88% - 8.44%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes

Review:

ELFI Student Loan Refinancing Review

4.84% - 9.99%
5.89% - 9.99%
4.84% - 9.99%
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View Details

on Splash's website

Overview

Variable APR:
5.89% - 9.99%
Fixed APR:
4.84% - 9.99%
Minimum Credit Score:
640
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
No

Review:

Splash Financial Student Loan Refinancing Review

5.89% - 10.98%
7.02% - 12.44%
5.89% - 12.44%
Get My Rate

View Details

on Citizens' website

Overview

Variable APR:
7.02% - 12.44%
Fixed APR:
5.89% - 10.98%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes

Review:

Citizens Student Loan Refinancing Review

4.99% - 8.90%
5.29% - 9.20%
4.99% - 9.20%
Get My Rate

View Details

on Laurel Road's website

Overview

Variable APR:
5.29% - 9.20%
Fixed APR:
4.99% - 8.90%
Minimum Credit Score:
680
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes

Review:

Laurel Road Student Loan Refinancing Review

5.49% - 9.75%
5.53% - 12.18%
5.49% - 12.18%
Get My Rate

View Details

on LendKey's website

Overview

Variable APR:
5.53% - 12.18%
Fixed APR:
5.49% - 9.75%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes

Review:

LendKey Student Loan Refinancing Review

Checking Your Rate Doesn't Affect Your Credit Score

Popular Questions

What is the pay as you earn repayment plan?

This student loan pay as you earn calculator (PAYE) can show you how much you will pay each month for your student loans, and then how much student loan forgiveness you will receive. Our pay as you earn student loan calculator can show you the impact of lowering your payments as well.

As this PAYE calculator shows, your student loan payment is limited to 10% of your discretionary income. After you make 20 years of payments, you are eligible to have your qualifying federal student loans forgiven.

How does this pay as you earn calculator work?

This pay as you earn calculator for student loans is easy to use. Here’s how it works:

Step 1. Enter your student loan balance and average interest rate. If you have multiple student loans, you can use this weighted average interest rate calculator to calculate the weighted average of your interest rates.
Step 2. Next, you have to enter some financial information to determine which federal student loan repayments programs you qualify for.
Step 3. In this student loan pay as you earn calculator, enter your adjusted gross income, your family size, state of residence and assumed annual income growth. This student loan pay as you earn calculator assumes a 3% annual income growth.
Step 4. You’re all done.

This pay as you earn student loan calculator will automatically calculate how much student loan forgiveness you could receive under PAYE.

Am I eligible for PAYE?

There are some important requirements for PAYE, so it’s important to make sure that you meet them. Importantly, this student loan pay as you earn calculator doesn’t guarantee that you automatically qualify for PAYE

To be eligible for PAYE, you want to make sure that:

  1. You are a new student loan borrower as of October 1, 2007 or after
  2. You must have received a disbursement of a Direct Loan on or after October 1, 2011
  3. Your payment under PAYE need to be less than your payment would be under the 10-year Standard Repayment Plan
Is student loan forgiveness under PAYE taxable?

Yes, since pay as you earn is a federal student loan repayment plan, any student loan forgiveness received under the plan is taxable. This is different from public service loan forgiveness, which is not taxable.

Is PAYE the best student loan repayment option for me?
This pay as you earn student loan calculator can help show you whether PAYE is the best student loan option for you. However, this PAYE calculator is only one consideration. You can also learn more about student loan repayment and student loan forgiveness

There are other types of student loan repayment programs such as IBR, ICR and REPAYE to consider. You also can consider student loan refinancing and can check the latest student loan refinancing rates to get a lower interest rate than you currently have to pay off your student loans faster.

Are student loans forgiven after 20 years?

There is no such thing as automatic student loan forgiveness after 20 years, or at any time. To qualify for any student loan forgiveness, you must enroll in a federal student loan repayment plan or in a student loan forgiveness program such as Public Service Loan Forgiveness.

As this student loan pay as you earn calculator shows, you can receive student loan forgiveness under PAYE for your federal student loans. Under PAYE, your undergraduate student loans can be forgiven after 20 years.
What student loans qualify for PAYE?

There are several types of student loans that qualify for PAYE. Remember, only federal student loans are eligible.

  • Subsidized Direct Loans
  • Unsubsidized Direct Loans
  • Direct PLUS Loans (but only for graduate or professional students)
  • Direct Consolidation Loans
  • Federal Stafford Loans
  • FFEL PLUS Loans (but only for graduate or professional students)
  • FFEL Direct Consolidation Loans
  • Federal Perkins Loans (if consolidated)

These loan types are not eligible for PAYE:

  • Private student loans
  • Parent PLUS Loans
  • FFEL PLUS Loans borrowed by parents
  • Direct Consolidation Loans used to repay a Parent PLUS Loan

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