Student Loan Income-Based Repayment (IBR) Calculator
Student Loan Balance
Average Interest Rate
Current Monthly Payment
Were any of your federal student loans disbursed before July, 2014?
Adjusted Gross Income
Family Size
State of Residence
Annual income growth
Compare The Best Student Loan Refinance Rates For 2020
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.25% – 6.28% |
| Fixed Rates: | 2.99% – 6.73% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 ($10,000 in CA) |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 5.34% |
| Fixed Rates: | 2.98% – 5.49% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5-20 years |
| Borrower Residency: | All States except KY or NV |
| Hardship Deferment: | Yes |
| Co-signer Option: | No |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.39% – 6.01% |
| Fixed Rates: | 2.79% – 5.99% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $35,000 |
| Fees: | None |
| Minimum Loan Amount: | $15,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All States |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.89% – 6.66% |
| Fixed Rates: | 2.63% – 6.63% |
| Minimum Credit Score: | 660 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5 – 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Varies |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.89% – 4.65% |
| Fixed Rates: | 2.80% – 6.00% |
| Minimum Credit Score: | 700 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All States |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Overall Rate: | 1.95% – 3.85% |
| Variable Rates: | – |
| Fixed Rates: | 1.95% – 3.85% |
| Minimum Credit Score: | None |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $25,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15 years |
| Borrower Residency: | Must live near a branch in California; New York City; Boston; Greenwich, Connecticut; Palm Beach, Florida; Portland, Oregon; or Jackson, Wyoming |
| Hardship Deferment: | No |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.97% – 8.54% |
| Fixed Rates: | 2.95% – 8.77% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $24,000 |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states, except ME, ND, NV, RI, WV |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
What is a student loan income based repayment calculator?
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.
What loans qualify for income-based repayment?
There are several types of student loans that qualify for student loan income-based repayment. Remember, only federal student loans are eligible.
- Subsidized Direct Loans
- Unsubsidized Direct Loans
- Direct PLUS Loans (but only for graduate or professional students)
- Direct Consolidation Loans
- Federal Stafford Loans
- FFEL PLUS Loans (but only for graduate or professional students)
- FFEL Direct Consolidation Loans
- Federal Perkins Loans (if consolidated)
These loan types are not eligible for student loan income-based repayment:
- Private student loans
- Parent PLUS Loans
- FFEL PLUS Loans borrowed by parents
- Direct Consolidation Loans used to repay a Parent PLUS Loan
How does this student loan income-based repayment calculator work?
This student loan income-based repayment calculator is easy to use. Here’s how it works:
1. Enter your student loan balance and average interest rate. If you have multiple student loans, you can use this weighted average interest rate calculator to calculate the weighted average of your interest rates.
2. Next, answer if any of your federal student loans were disbursed before July 2014?
3. In this student loan income-based repayment calculator, enter your adjusted gross income, your family size, state of residence and assumed annual income growth. This student loan pay as you earn calculator assumes a 3% annual income growth.
4. You’re all done
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.
Is student loan forgiveness through IBR taxable?
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.
What other options are there besides IBR?
There are other options besides income-based student loan repayment such as PAYE and REPAYE.
You can see our PAYE student loan calculator and the REPAYE student loan calculator, which are two examples of income-driven student loan repayment programs.
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.
How do I know if student loan income-based repayment is right for me?
This student loan income-based repayment calculator can help show you whether IBR is the best student loan option for you. However, this student loan income-based repayment calculator is only one consideration. You can also learn more about student loan repayment and student loan forgiveness.
Do your student loans get forgiven 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.
