Payoff & forgiveness timeline
Fixed-plan monthly payment, total interest, and when forgiveness arrives.
This calculator estimates the fixed (amortized) monthly payment, total paid and total interest for a federal student loan over a chosen term, and lists the forgiveness milestones for income-driven borrowers: PSLF after 120 payments (10 years), new IBR after 20 years, old IBR after 25 years, and RAP after 360 payments (30 years). Fixed plans pay the loan off; income-driven plans forgive the remaining balance. Estimate only, not advice.
Source: Federal Student Aid (studentaid.gov). Data as of June 2026.
General information, not financial or legal advice. Federal student loan rules are changing in 2025-2026 under the One Big Beautiful Bill Act - figures here are estimates from public sources and the final program rules are still being implemented. Always verify with your loan servicer and studentaid.gov. See our disclaimer.
Forgiveness milestones
| Path | Qualifying payments | Time |
|---|---|---|
| PSLF (public service) | 120 | 10 years |
| New IBR forgiveness | 240 | 20 years |
| Old IBR forgiveness | 300 | 25 years |
| RAP forgiveness | 360 | 30 years |
Frequently asked questions
How long until my student loans are paid off or forgiven?
On a fixed plan, the loan is fully paid over the term (10-25 years). On an income-driven plan the remaining balance is forgiven instead: PSLF after 120 qualifying payments (10 years), new IBR after 20 years, old IBR after 25 years, and RAP after 360 payments (30 years).
How much interest will I pay?
On a fixed (amortized) plan, total interest equals total paid minus your balance. A longer term means a lower monthly payment but much more total interest. The calculator shows total paid and total interest for your balance, rate and term.
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Last updated: 2026-06-22