Income-Based Repayment Plan Calculator
Try Our Free IBR Calculator!
Life happens, and sometimes you need to choose between paying rent or your unaffordable monthly student loan bill. With our free income-based repayment plan calculator, you can see if you are eligible for a lower monthly payment. Your new monthly payment will be dependent on factors such as income and family size, as well as life changes.
Fill out your information in the income-based repayment plan calculator below to see what your federal student loan payments could be.
| Original | IBR | Savings | |
|---|---|---|---|
| First month’s payment | $383 | $129 | $254 |
| Last month’s payment | $383 | $383 | $0 |
| Total balance paid | $45,960 | $68,857 | $22,897 |
| Total forgiveness | $0 | $10,688 | $10,688 |
| Repayment term | ~10 years | ~25 years | ~15 years |
Your results are in! You would have a monthly payment* of $85 on IBR, a difference of $298 from your current payment. Make note that your payments may increase if you earn more income in the future. Let’s assume with an annual income growth of 3.5%, you would have a final monthly payment amount* of $317. Fast-forward ~25 years of making payments: Your total amount paid would be $56,054 with $26,206 received in forgiveness. Compare this to your current plan, in which you would pay $45,960 over the next ~10 years.
*Monthly payment amounts presented here are estimates only and are based on several assumptions that may not apply to you. To discuss actual monthly payment amounts, contact your loan servicer or student loan professional.
