Income Driven Repayment Plan Student Loan Calculator

With this calculator you can also see how much student loan forgiveness you will receive under the student loan income based repayment ibr plan.

Income driven repayment plan student loan calculator. These borrowers use them to calculate their monthly payments under income based repayment ibr plans. You may be eligible for an income based repayment ibr which is based on your ability to pay. The result is our master income driven repayment calculator. An individual who is a washington d c.

Using the calculator above we can see how the income based repayment plan can help a borrower who needs some relief from monthly student loan payments. Income based repayment ibr is a repayment plan available to federal student loan borrowers. 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. Discretionary income is what you have left after taxes and an allowance for necessary spending such as food and shelter.

As this student loan income contingent repayment calculator shows you may be eligible for student loan forgiveness under income contingent student loan repayment icr. It includes all the calculations in one tool it is customized to your situation and it allows you to compare idr plans to pay off strategies. These types of plans have grown in popularity over the years as they work with a debtor s financial income and not against it. Your obligations are dependent on factors such as income life changes family size and how and when you file your tax return.

To recap income driven repayment or idr is the term used by the government to describe five student loan repayment plans. Fill out your information in the income based repayment calculator to see what your federal student loan payments could be. When applying for ibr the government looks at your income family size and state of residence to calculate your monthly payments. Income based repayment calculators also called ibr calculators have become essential tools for many federal student loan borrowers.

Under repaye for example which is an income driven student loan repayment plan your graduate student loans can be forgiven after 25 years. 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. Resident with a one member family adjusted gross income of 50 000 and 50 000 in student loan debt could reduce their monthly payment by 162 with ibr.