student loan payoff calculator excel paye ibr repaye

Eligible teachers can have up to $17,500 in federal debt wiped out after working for five consecutive years in a qualifying school or educational service agency. Similar to PSLF, Teacher Loan Forgiveness incentivizes educators to work in under-served areas in order to see some or all of their student debt forgiven.

Job requirement: Must be a 'highly-qualified' teacher in a school serving low-income students.

On an IDR plan - which is required for those seeking PSLF - if you earn less than 150% of the federal poverty line, or $21,870 as a single-person household in 2023, you will have a $0 monthly payment.īut depending on where you live and your other financial obligations, it may be difficult to make ends meet on a relatively low salary. That could mean your monthly student loan payment would be low, or even $0. And although there's a variety of industries and jobs to choose from, many, like teachers and nurses, are historically underpaid. While you don't have to stay at the same job for 10 years, you do have to stay in a qualifying organization or position for that period.

The program allows borrowers who hold qualifying positions to have their federal student loan balances cleared after 120 qualifying monthly payments. The Public Service Loan Forgiveness program is designed to support workers who keep the country up and running, including federal and local government employees, teachers, nurses and more.

Job requirement: Must work in public service.Payment requirement: Must be on an income-driven repayment (IDR) plan.

Student loan payoff calculator excel paye ibr repaye