Income Driven Repayment Plan For Student Loans Calculator

Your family size and location.

Income driven repayment plan for student loans calculator. When applying for ibr the government looks at your income family size and state of residence to calculate your monthly payments. According to the u s. Department of education an income driven repayment plan is a student loan repayment option that sets your monthly student loan payment at an amount that is intended to be. With the ibr calculator above you simply enter your information to calculate what your new payment will be and the total loan cost.

How to use this student loan income based repayment calculator. Personal info adjusted gross income enter the amount of your total taxable income which is what is recorded on irs form 1040 1040a or 1040ez. Income based repayment ibr is a repayment plan available to federal student loan borrowers. Specifically you ll need the following.

All you need to do is enter the relevant information in the corresponding fields to find out your monthly payments and the total amount to be paid. Discretionary income is what you have left after taxes and an allowance for necessary spending such as food and shelter. Using a student loan income based repayment calculator is simple. Fill out your information in the income based repayment calculator to see what your federal student loan payments could be.

Discretionary income matters for federal student loans because the education department uses it to calculate payments for income based repayment and other income driven plans. This income based repayment calculator reveals what your monthly payments would be if you put your student loans on ibr. Expected growth rate of income. It also compares your loans on ibr with the standard 10 year plan so you can see how your monthly payments loan term and overall balance would change.

Federal student loan borrowers pay a percentage of their discretionary income 10 15 or 20 depending on the specific income driven repayment plan you choose. This includes your state of residence your family size and details about your adjusted gross income and anticipated growth rate of your income if known. Our student loan income based repayment ibr calculator helps you understand how much money you ll pay under the ibr plan offered under the government s income driven repayment idr payment plan. By accounting for.