Student Loan Revised Pay As You Earn Calculator (REPAYE) - Make Lemonade

Student Loan Revised Pay As You Earn (REPAYE) Calculator

Step 1: Enter Current Loan Info
Student Loan Balance
Average Interest Rate
Current Monthly Payment
Do you have graduate school loans?
Step 2: Enter Income Info
Adjusted Gross Income
Family Size
State of Residence
Annual Income Growth
Sorry, you don't qualify for REPAYE based on the debt and income information you provided
CURRENT LOAN REPAYE SAVINGS
CURRENT MONTHLY PAYMENT
$383
CURRENT MONTHLY PAYMENT
$483
MONTHLY SAVINGS
$100
FINAL MONTHLY PAYMENT
$383
FINAL MONTHLY PAYMENT
$483
MONTHLY SAVINGS
$100
TOTAL PAYMENT
$300
TOTAL PAYMENT
$300
TOTAL SAVINGS
$300
TOTAL FORGIVENESS
$300
TOTAL FORGIVENESS
$300
TOTAL SAVINGS
$300
REPAYMENT TERM
10yrs
REPAYMENT TERM
7.5yrs
TERM DIFFERENCE
2.5yrs

Compare The Best Student Loan Refinance Rates For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.47% - 6.97%
Fixed Rates:3.89% - 7.89%
Average Savings:-
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, DE, KY, NV, RI
Unemployment Protection:Yes
Co-signer Option:No

Overview

Variable Rates:2.47% - 6.99%
Fixed Rates:3.90% - 7.98%
Average Savings:-
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.51% - 8.09%
Fixed Rates:3.49% - 8.82%
Average Savings:$15,270
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.91% - 7.65%
Fixed Rates:3.75% - 7.03%
Average Savings:-
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

Overview

Variable Rates:2.55% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 4.45%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 4.45%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$25,000 with graduate degree ($40,000 with undergraduate degree)
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:3.02% - 6.44%
Fixed Rates:3.50% - 7.02%
Average Savings:$20,200
Minimum Credit Score:660
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Advertiser Disclosure

How does this revised pay as you earn calculator work?

This revised pay as you earn calculator for student loans is easy to use. Here’s how it works:

Step 1. Enter your student loan balance and average interest rate in the student loan revised pay as you earn calculator. If you have multiple student loans, you can use this weighted average interest rate calculator to calculate the weighted average of your interest rates

Step 2. Next, answer whether you have graduate student loans.

Step 3. Next, you have to enter some financial information to determine which federal student loan repayments programs you qualify for.

Step 4. In this student loan revised pay as you earn calculator, enter your adjusted gross income, your family size, state of residence and assumed annual income growth. This student loan revised pay as you earn calculator assumes a 3% annual income growth.

Step 5. You’re all done

This revised pay as you earn repayment calculator will automatically calculate how much student loan forgiveness you could receive under REPAYE.

What is the revised pay as you earn repayment plan?

This student loan revised pay as you earn calculator (REPAYE) can show you how much you will pay each month for your student loans, and then how much student loan forgiveness you will receive. Our revised pay as you earn student loan calculator can show you the impact of lowering your payments as well.

As this revised pay as you earn calculator shows, your student loan payment is limited to 10% of your discretionary income. After you make 25 years of payments, you are eligible to have your qualifying federal graduate student loans forgiven.

Am I eligible for REPAYE?

There are some important requirements for revised pay as you earn repayment, so it’s important to make sure that you meet them. Importantly, this student loan revised pay as you earn calculator doesn’t guarantee that you automatically qualify for REPAYE.

There are several types of student loans that qualify for REPAYE. 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 REPAYE:

  • Private student loans
  • Parent PLUS Loans
  • FFEL PLUS Loans borrowed by parents
  • Direct Consolidation Loans used to repay a Parent PLUS Loan

Is REPAYE the best student loan repayment option for me?

This revised pay as you earn student loan calculator can help show you whether REPAYE is the best student loan option for you. However, this REPAYE calculator is only one consideration. You can also learn more about student loan repayment and student loan forgiveness.

There are other types of student loan repayment programs such as IBR, ICR and REREPAYE to consider. You also can consider student loan refinancing and can check the latest student loan refinancing rates to get a lower interest rate than you currently have to pay off your student loans faster.

Are student loans 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 revised pay as you earn calculator shows, you can receive student loan forgiveness under REPAYE for your federal student loans. Under REPAYE, your federal graduate student loans can be forgiven after 25 years.

Is student loan forgiveness under REPAYE taxable?

Yes, since revised 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 is a federal student loan interest subsidy to help you with student loan interest while you’re enrolled in REPAYE. If your monthly payment is too low in REPAYE, the excess interest on subsidized student loans will be paid for three years by the U.S. Department of Education. After those three years, the U.S. Department of Education will pay up to 50% of unpaid student loan interest.

The federal government covers 50% of accrued interest on unsubsidized student loans.

However, if you no longer are enrolled in the revised pay as you earn student loan repayment plan, the interest will capitalize and be added to your student loan balance.

Student Loan Revised Pay As You Earn (REPAYE) Calculator
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