Estimate your family's Adjusted Gross Income (that means your income before taxes). Once enrolled in IBR, you'll need to submit your tax returns every year to re-calculate your monthly loan payments. Our calculator assumes you'll be making this amount for life…though we hope not.
Include yourself, your spouse, your children (if they receive more than 50% support from you), and any other adults that live with you to whom you provide over 50% support.
Enter either the amount you currently owe in eligible federal student loans, or the amount you owed on those loans when you entered repayment (whichever is greater). We'll assume a 6.8% interest rate.
After participating in IBR for 20 years, any remaining debt will be forgiven. Your fellow taxpayers will pick up the tab for $
With IBR, your monthly payment will be $
Compared to a standard 10-year repayment, you would save $ per month
Without IBR, your estimated monthly payments over 10 years would be $