Idr Calculator

Using the Income Driven Repayment (IDR) Calculator

The IDR Calculator is designed to help you estimate your monthly and annual payments based on different income-driven repayment plans. Follow the steps below to input your details and understand the results.

Step 1: Enter Your Information

• Annual Adjusted Gross Income ($): Enter your annual income. This figure should reflect your adjusted gross income as reported on your tax return. The input for this field is required and must be a number greater than or equal to zero.
• Family Size: Enter the number of people in your family, including yourself. This number must be at least 1 and is also a required field.
• Total Federal Student Loan Balance ($): Input the total balance of your federal student loans. This field is required and the balance must be zero or greater.
• IDR Plan Type: Select the type of income-driven repayment plan. The options include:
  • REPAYE (Revised Pay As You Earn)
  • PAYE (Pay As You Earn)
  • IBR (Income-Based Repayment)
  • ICR (Income-Contingent Repayment)

  Choose the option that best suits your repayment preferences.

Step 2: Review the Calculated Results

• Federal Poverty Guideline: This figure is calculated based on your family size and provides a baseline for determining discretionary income. It is displayed in USD without decimal points.
• Discretionary Income: This amount represents the income portion that exceeds 150% of the federal poverty guideline. It is a key factor in determining your monthly payment and is presented in USD without decimal points.
• Estimated Monthly Payment: This is an estimate of your monthly payment under the selected IDR plan. It factors in your discretionary income, total loan balance, and specific repayment plan requirements. The amount is shown in USD with two decimal points for precision.
• Estimated Annual Payment: This annual figure is derived from multiplying your estimated monthly payment by 12. It represents your total yearly obligation under the chosen IDR plan, shown in USD with two decimal points.
• Percentage of Income: This calculation shows what percentage of your annual income your loan payments will consume. It’s helpful for understanding how manageable your payments are relative to your income, displayed as a percentage with one decimal point.

By following these steps and entering accurate data, the IDR Calculator will provide a clear estimation of your student loan payment obligations. This can help you make informed decisions about which repayment plan is best suited for your financial situation.