Finance Tools
Income-Based Repayment (IBR) Calculator
Compare a standard student loan payment with an income-based repayment amount based on your annual income and payment percentage.
Compare a standard fixed student loan payment with an income-based repayment amount based on your annual income and payment percentage.
How to use this income-based repayment (ibr) calculator
- Enter your total student loan balance.
- Enter the annual interest rate (APR) on your student loan.
- Enter the standard repayment term in years (for example, 10 years).
- Enter your annual income and the percentage of income you can allocate to student loan payments.
- Click Calculate to compare the standard monthly payment with an income-based payment estimate.
Example
For example, if you have $45,000 in student loans at 6% interest over 10 years, with an annual income of $55,000 and 10% allocated to loan payments, this calculator will show:
- The standard monthly payment required to pay off the loan in 10 years.
- The estimated income-based monthly payment based on your income and payment percentage.
- How the income-based payment compares to the standard payment.
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