Income-driven repayment plans cap your student loan payment at a percentage of your discretionary income, with forgiveness after 10–25 years.
SAVE plan (formerly REPAYE): 5% of discretionary income for undergrad loans, forgiveness after 20 years.
PSLF: After 120 qualifying payments working for a non-profit or government, remaining balance is forgiven tax-free.
Use this calculator before making any financial commitment that depends on this type of calculation. Running the numbers in advance lets you evaluate options without the pressure of a live negotiation or decision deadline.
A frequent error is using annual rates where monthly rates are required (or vice versa). Simply dividing an annual rate by 12 is only an approximation — the correct conversion for compound calculations uses the (1 + r)^(1/12) − 1 formula.
A first-time buyer models three scenarios before making an offer: 10%, 15%, and 20% deposit on a £280,000 property. The calculator shows exactly how the monthly payment and total interest cost change with each deposit level, making the decision visible rather than speculative.
Under PSLF, no. Under income-driven plans (non-PSLF), forgiven amounts may be taxable as income.
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