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Why does it say my student loans will be paid off in 2043 when I graduated in 2009? Shouldn't I be eligible for forgiveness sooner?

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Abbey Johnson, Helping with Student Loan Documentation
Answered on October 07,2023

Old IBR (not a new borrower after July 1, 2014) requires 300 payments. (New IBR is 240).

ICR requires 300 payments

PAYE requires 240 payments

SAVE requires 240 is only undergraduate loans, otherwise it is 300

Many calculators are not looking at your past history of payment, especially if you are depending on the IDR adjustment for some of it.

So if you have been in repayment since 2009, you would need to be on a plan that offers you 240 payment forgiveness in 2029.

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Ultimate Guide on SAVE Plan - Payment Calculation, Interest, Forgiveness

Under the Saving on a Valuable Education (SAVE) plan, a single borrower who makes less than $15 an hour will not have to make any payments. Borrowers earning above that amount would save mor..
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