Income-Driven Repayment (IDR) Plans Calculator
Plans under IDR:
Saving on a Valuable Education (SAVE) Plan-formerly the REPAYE Plan
Pay As You Earn (PAYE) Repayment Plan Income-Based Repayment (IBR) Plan
Income-Contingent Repayment (ICR) Plan
Please ensure all fields are accurately completed before clicking the 'Calculate IDR Payment' button to view your estimated personalized results.
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Income-Driven Repayment (IDR) Plans Overview
Income-Driven Repayment (IDR) Plans are designed to make your student loan debt more manageable by reducing your monthly payment amount based on your income and family size. There are several IDR plans available, each with specific eligibility requirements and calculation methods for determining your monthly payment.
1. SAVE Plan
Eligibility:Available for the following loan types:
- Direct Subsidized and Unsubsidized Loans
- Direct PLUS Loans made to students
- Direct Consolidation Loans excluding PLUS loans (Direct or FFEL) made to parents
Monthly Payment:10% of your discretionary income.
2. PAYE Plan
Eligibility:You must be a new borrower as of Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011. Eligible loans include:
- Direct Subsidized and Unsubsidized Loans
- Direct PLUS Loans made to students
- Direct Consolidation Loans excluding PLUS loans (Direct or FFEL) made to parents
Monthly Payment:10% of your discretionary income, but not more than what you'd pay under the 10-year Standard Repayment Plan.
3. IBR Plan
Eligibility:Applicable to the following loans:
- Direct Subsidized and Unsubsidized Loans
- Subsidized and Unsubsidized Federal Stafford Loans
- Direct and FFEL PLUS Loans made to students
- Direct or FFEL Consolidation Loans excluding PLUS loans (Direct or FFEL) made to parents
Monthly Payment:Either 10% or 15% of your discretionary income (depending on when you received your first loans), but not more than what you'd pay under the 10-year Standard Repayment Plan.
4. ICR Plan
Eligibility:Open to the following loan types:
- Direct Subsidized and Unsubsidized Loans
- Direct PLUS Loans made to students
- Direct Consolidation Loans (including those repaying parent PLUS loans)
Monthly Payment:The lesser of 20% of your discretionary income or what you'd pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income.
Notes:
- Discretionary income is typically defined as the difference between your annual income and 150% of the poverty guideline for your family size and state of residence.
- It's essential to review each plan's details and consult with a financial advisor or loan servicer to determine the best option for your circumstances.
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Assisting with Student Loan Document Preparation Financial Enhancement Services (FES) is dedicated to professional document preparation, and we do not negotiate, adjust, or settle debts. Every federal student borrower has the opportunity and is encouraged to apply for federal repayment or forgiveness programs directly through the US Department of Education at no cost. FES is not a lender or legal advice service. For legal or financial advice, please consult with a professional attorney or financial advisor. Each revision maintains the original message while improving clarity and conciseness, ensuring that the information is easily digestible and accessible for readers.