A student loan income-based calculator helps you understand how much money you will pay under student loan income-based repayment. An 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. With a student loan income-based repayment calculator, you can also see how much student loan forgiveness you will receive under the student loan income-based repayment plan.
There are several types of student loans that qualify for student loan income-based repayment. Remember, only federal student loans are eligible.
These loan types are not eligible for student loan income-based repayment:
This student loan income-based repayment calculator is easy to use. Here’s how it works:
This student loan income-based repayment calculator will automatically calculate how much student loan forgiveness you could receive under student loan income-based repayment. This income-based repayment calculator for student loans also compares your monthly and total payments under the Standard Repayment Plan and IBR.
Yes, since pay as you earn is a federal student loan repayment plan, any student loan forgiveness received under the plan is taxable. This is different from public service loan forgiveness, which is not taxable.
There are other options besides income-based student loan repayment such as PAYE and REPAYE.
PAYE, or pay as you earn,enables you to pay 10% of your discretionary income toward student loan repayment. PAYE is only available to new borrowers as of October 1, 2007, or later. After that, so long as your monthly payment is less than the Standard Repayment Plan, you may receive student loan forgiveness. PAYE forgives undergraduate student loans after 20 years.
REPAYE, or revised pay as you earn,also enables you to pay10% of your discretionary income toward student loan repayment. REPAYE is available to any student loan borrower who has qualifying student loans regardless of when borrowed. REPAYE forgives graduate student loans after 25 years.
There is no such thing as automatic student loan forgiveness after 25 years, or at any time. To qualify for any student loan forgiveness, you must enroll in a federal student loan repayment plan or in a student loan forgiveness program such as Public Service Loan Forgiveness.
As this student loan income-based repayment calculator shows, you may eligible for student loan forgiveness under income-based student loan repayment (IBR). Under REPAYE, for example, which is an income-driven student loan repayment plan, your graduate student loans can be forgiven after 25 years.