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.
This pay as you earn calculator for student loans is easy to use. Here’s how it works:
This pay as you earn student loan calculator will automatically calculate how much student loan forgiveness you could receive under 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:
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.
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.
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.
There are several types of student loans that qualify for PAYE. Remember, only federal student loans are eligible.
These loan types are not eligible for PAYE:
