Student Loan Repayment Calculator COVID-19
Calculate the impact of COVID-19 payment pauses, forgiveness options, and repayment restart scenarios on your federal student loans. See how the pandemic relief measures affect your debt.
COVID-19 Relief Options
Additional Options
COVID-19 Impact Summary
Interest Saved:
$0.00
Forgiven Amount:
$0.00
Net Benefit:
$0.00
Repayment Comparison
Without COVID Relief:
$0.00/month
With COVID Relief:
$0.00/month
Monthly Savings:
$0.00
Timeline Analysis
Pause Duration:
0 months
Payoff Extension:
0 months
New Payoff Date:
N/A
COVID-19 Student Loan Relief Programs
The COVID-19 pandemic brought unprecedented relief measures for federal student loan borrowers. Understanding these programs and their long-term impact on your debt is crucial for making informed decisions about your repayment strategy.
Major COVID-19 Relief Measures
Payment Pause (Moratorium)
- Payments paused since March 2020
- Interest accrual paused
- Applied to all federal student loans
- No credit score impact
Forgiveness Programs
- $10,000 forgiveness for certain borrowers
- $50,000 potential for graduate students
- Based on income and loan type
- Tax-free forgiveness
Income-Driven Plans
- Payments based on income
- Forgiveness after 20-25 years
- Expanded eligibility
- Lower payment amounts
Administrative Forbearance
- Automatic forbearance
- No interest accrual
- Available until repayment restart
- Easy enrollment
Payment Pause Impact
| Loan Balance | Interest Rate | Interest Saved (3 years) | Interest Saved (5 years) |
|---|---|---|---|
| $25,000 | 5.28% | $3,927 | $6,545 |
| $50,000 | 5.28% | $7,854 | $13,090 |
| $100,000 | 5.28% | $15,708 | $26,180 |
Forgiveness Eligibility
$10,000 Forgiveness:
- Individual borrowers with loans
- Income under $125,000 (2020)
- Income under $150,000 (2021)
- Applied automatically
$50,000 Forgiveness:
- Graduate/professional students
- Income under $250,000 (2020)
- Income under $300,000 (2021)
- Applied automatically
Repayment Restart Options
What Happens When Payments Resume
Income-Driven Plans:
- Payments based on current income
- Lower payments for most borrowers
- Forgiveness after 20-25 years
- Recertification required annually
Standard Repayment:
- 10-year fixed term
- Higher monthly payments
- No forgiveness available
- Interest continues to accrue
Extended Repayment:
- 25-year term
- Lower monthly payments
- No forgiveness available
- More total interest paid
Graduated Repayment:
- 10-year term with increasing payments
- Starts lower, increases over time
- No forgiveness available
- Good for career progression
Long-Term Impact Analysis
Benefits of COVID Relief:
- Significant interest savings
- Cash flow relief during crisis
- Potential debt forgiveness
- Time to improve financial situation
Potential Drawbacks:
- Extended repayment periods
- More total interest paid
- Delayed wealth building
- Need to recertify income annually
Key Takeaways for COVID-19 Student Loan Relief
- The COVID-19 payment pause saved borrowers billions in interest payments
- Automatic forgiveness of $10K-$50K was applied to eligible borrowers
- Income-driven repayment plans became more accessible during the pandemic
- The payment pause provided crucial financial relief during economic uncertainty
- Extended forbearance periods helped borrowers avoid default
- Many borrowers qualified for forgiveness they wouldn't have otherwise
- The relief measures demonstrated the value of federal student loan forgiveness programs
- Long-term planning should consider both the benefits and extended timelines