Income Driven Repayment Plan Payment Calculator

However you can change them.

Income driven repayment plan payment calculator. The pay as you earn paye repayment plan will have the lowest monthly payment 10 of discretionary income and shortest repayment term 20 years with a standard repayment cap on monthly payments and a way to avoid the marriage penalty e g if a married borrower files separate returns the loan payment will be based on just the borrower. When applying for ibr the government looks at your income family size and state of residence to calculate your monthly payments. Pay as you earn paye limits your monthly payment to 10 of your discretionary income and offers forgiveness after 20 years of qualifying payments. The second column is based on the income level and rate of increase assumption you entered in step 4.

Check out this calculator to see how it works. The second column is what your estimated monthly payment would be in the last year of your plan i e. 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. Enter your loan information amounts and interest rates in the calculator below to estimate your monthly payment amount under the income based repayment plan.

Our income based repayment calculator shows you what your monthly payment and total payment will be under the standard repayment plan and student loan income based repayment. This income based repayment calculator reveals what your monthly payments would be if you put your student loans on ibr. If your income increases over time your payments may increase. 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.

Like the rest of the plans it sets your monthly payments based on your income family size and other financial factors. 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. With this calculator you can also see how much student loan forgiveness you will receive under the student loan income. 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.

The loan type and interest rate are preset. Your monthly payment on ibr would be 86 a difference of 297 from what you are currently paying. With the ibr calculator above you simply enter your information to calculate what your new payment will be and the total loan cost. Of the 4 available income driven repayment plans available income based repayment is the most widely used.

How to use this student loan income based repayment calculator. When entering dollar amounts do not use commas or decimals.