Loan income-based repayment calculators are useful tools for borrowers who need help keeping up with their student loan payments. IBR Calculator takes into account your income and family size to estimate how much your monthly loan payment will be under the IBR plan. They also calculate whether you qualify for PAYE, which is a better option than IBR if your income falls below 150 percent of the poverty level.

IBR requires borrowers to submit yearly documentation of their income and family size. The program allows for the recalculation of payments if your income changes significantly. It also enables you to consolidate your federal student loans into an Income-Contingent Repayment (ICR) plan, which is eligible for Public Service Loan Forgiveness.

How to Qualify for an IBR Plan?

If your monthly student loan payments are too high, you may want to consider switching to an income-based repayment plan. These plans cap your monthly payments at 10% of your discretionary income or 15% if you borrowed before July 1, 2014. These plans are re-evaluated annually, so they’ll go up or down based on your current earnings and family size. They’re also more flexible than the standard 10-year repayment plan. However, they do increase your total repayment cost.

To qualify for an IBR plan, you need to demonstrate partial financial hardship. To find out if you’re eligible, enter your information into the calculators below. The calculators use different formulas to estimate your monthly payment. For an official determination of your eligibility, you should contact your student loan servicer. You can also consolidate your loans into an income-driven repayment plan. Then, you’ll be able to choose from several options, including Public Service Loan Forgiveness.

How to Use the IBR Calculator?

An income-based calculator helps borrowers determine their eligibility for the Pay As You Earn plan. The calculator takes into account an individual’s income and loan balance to calculate monthly payments. It also supports the use of different loan repayment terms, such as IBR and PAYE. Salaried employees and wage-earners typically receive many other benefits that come in addition to their paycheck, including employer-contributed healthcare insurance, payroll taxes that go towards social security and Medicare (half of which goes toward old age and disability), paid vacation days, company discounts, bonuses, and more. This product enables organizations to generate immediate results with built-in compliance functionalities that assist in managing their current and ongoing compliance activities.