Student Loan Hero recently released a new calculator that helps student loan borrowers estimate how much of their debt could be forgiven under the PSLF program
New York, NY, August 23, 2016 — Student Loan Hero, a financial education company dedicated to helping student loan borrowers become debt-free, recently added a Public Service Loan Forgiveness calculator to its offering of free tools for borrowers and parents.
The Public Service Loan Forgiveness (PSLF) program allows student loan borrowers who work for organizations in the public service sector, such as the government and nonprofits, to have their remaining federal student loan debt forgiven after approximately 10 years of repayment. As of April 2016, the U.S. Department of Education reports that 595,109 borrowers have submitted the Employment Certification form, while 397,340 borrowers are currently eligible and on track to receive student loan forgiveness through PSLF. (1)
Student Loan Hero’s PSLF calculator can help the hundreds of thousands of student loan borrowers pursuing PSLF estimate how much debt they might have forgiven through the program and better plan their repayment strategies.
“Considering the number of student loan borrowers who will likely qualify for PSLF and the staggering amount of debt currently owed, there’s huge potential for student loan debt relief under this program,” said Andrew Josuweit, CEO of Student Loan Hero. “Our goal is to help borrowers select the best possible repayment options, and this new calculator will help them evaluate whether a career in public service could be worth it from a debt repayment standpoint.”
This latest offering follows a recent relaunch of the Student Loan Hero dashboard and website, which were upgraded in order to provide a broader array of free tools and more comprehensive, custom student loan repayment plans.
In addition to the PSLF calculator, student loan calculators offered by Student Loan Hero include:
- Prepayment Calculator: Borrowers can see how much they can save by making extra student loan payments as well as how much faster they’ll be debt free.
- Income-Based Repayment Calculator: Those struggling to afford monthly payments can find out how much payments and potential forgiveness would be under the IBR program.
- Student Loan Interest Deduction Calculator: Taxpayers with student loans can estimate how much of their interest may be deducted at tax time.
About Student Loan Hero
Student Loan Hero combines easy-to-use tools with financial education to help the millions of Americans living with student loan debt manage and pay off their loans. Student Loan Hero has helped more than 80,000 borrowers manage and eliminate over $1.7 billion in student loan debt since 2012 and assists over one million people in becoming more financially healthy every year.
Student Loan Hero offers both current and former students free loan calculators, as well as unbiased, personalized advice and repayment plans through an easy-to-use online dashboard.
Founded in 2012 by CEO Andrew Josuweit, who himself had over $100,000 in student loans, Student Loan Hero operates on the belief that all loan help and recommendations should come with honesty and no hidden agenda.
Student Loan Hero has offices in New York, Austin, and Portland. For more information, visit https://studentloanhero.com.
(1) Ian Foss, Federal Student Aid at the U.S. Department of Education, “Direct Loan Public Service Loan Forgiveness” (page 18), July 2016.
Student Loan Hero