Student Loan Income-Based Repayment (IBR) Calculator
- August 15, 2018
- Posted by: Dave Rathmanner
- Category: Student Loans
Currently, there is over $1.5 trillion in outstanding student loan debt. With millions of graduates struggling to find work that pays a decent salary, many people are unable to make their loan payments under the standard repayment plan. There are a variety of Income-Driven Repayment plans available that can decrease your monthly bill and keep you from defaulting on your loans, but the Income-Based Repayment Plan (IBR) is the most popular.
Under an IBR plan, your payments are 10 percent of your discretionary income, meaning the money you have left over after paying for necessities like your rent, your car payment, or medical bills. As your income grows or your expenses go down, your payment amount is adjusted. After 20 years of payments, any outstanding balance is forgiven, as long as you did not default along the way. Your payments will never be higher than they would have been under the Standard 10-Year Repayment Plan. The IBR calculator will show you how much you will have to pay.
If you cannot afford your payments, make sure you consider all of your options so you can stay out of default. IBR can bring down your monthly payments to an affordable amount and keep you on track. Enter your information in the following Income-Based Repayment calculator, or IBR calculator, to see what option works best for your situation.
Author: Dave Rathmanner
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