How Can LendKey’s Federal Student Loan Optimizer Help You?
- See how much money you stand to save each month with an income-driven repayment plan.
- Compare your federal student loan repayment options and get a recommendation based on your unique situation.
- It takes only minutes to get started, even if you don’t know your loan servicer.
- You won't lose your federal student loan protections including forgiveness.
It's easy to get started
The next generation of loan participations
Benefits of income-based repayment
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Federal Student Loan Optimizer
PSLF is an abbreviation that stands for Public Service Loan Forgiveness. The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your loans after you make 10 years of qualifying payments.
In order to be eligible for PSLF, you must work over 30 hours per week for an eligible employer. Only certain types of loans and repayment plans qualify for PSLF. Qualification for PSLF is through the United States Government. Borrowers are not required to pay income tax on loan amounts that are forgiven through PSLF.
For more information, please visit the Federal Student Aid website.
The Saving on a Valuable Education (SAVE) Plan is a new income-driven repayment (IDR) plan introduced by The Biden Administration in 2023. It aims to relieve student loan borrowers by reducing monthly payments and offering loan forgiveness under certain conditions.
Income-based payment plans are designed to make loan payments more manageable based on borrowers’ income and family size. These plans typically cap the monthly payment at a certain percentage of the borrower’s discretionary income, potentially providing more affordable repayment options.
*Represents actual average savings of borrowers who linked their account with Payitoff and qualified for a federal repayment plan. The sample is based on an aggregated set of data representing over $1.5 billion in loan volume across 215,000+ loans on the Payitoff platform