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.
For direct or ffel loans taken out between 2009 and july 1 2014 ibr 2009 caps your federal student loan monthly payments at 15 of discretionary income and any outstanding balance is forgiven.
Income based repayment calculator. As this student loan income based repayment calculator shows you may eligible for student loan forgiveness under income based student loan repayment ibr. Let s see how different your payments could be. 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.
Most types of federal student loans are eligible for ibr. Your monthly payment on ibr would be 86 a difference of 297 from what you are currently paying. How to use this student loan income based repayment calculator.
Under repaye for example which is an income driven student loan repayment plan your graduate student loans can be forgiven after 25 years. Income based repayment plans determine your monthly payments by factors like income family size place of residence your borrowed amount and more. 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.
With this calculator you can also see how much student loan forgiveness you will receive under the student loan income based repayment ibr plan. When applying for ibr the government looks at your income family size and state of residence to calculate your monthly payments. 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.
If your income increases over time your payments may increase. Fill out your information in the income based repayment calculator to see what your federal student loan payments could be. If you borrowed after that date it will set your loan payments at 10.
With the ibr calculator above you simply enter your information to calculate what your new payment will be and the total loan cost. Ibr sets your loan payments at 15 of what the government considers your discretionary income if your loans were taken out before july 1 2014. Income based repayment calculator this calculator determines the monthly payment and estimates the total payments under the income based repayment plan ibr.