Income Driven Repayment (IDR) Calculator
I’ve developed an IDR calculator that allows you to analyze your unique circumstances(select Calculator tab on menu bar). I do want to address a few topics that can’t be addressed by a calculator.
My general rule of thumb is you’re a good candidate for an IDR plan if your income is less than ½ your student loan balance.
If you income is greater than ½ your student loan balance, consider refinancing in an attempt to lower your stated interest rate. Please contact if you have question regarding refinancing.
PAYE/New IBR (distinguished from Old IBR) and REPAYE eligible loans are Direct Loans only. PAYE/New IBR and REPAYE ineligible loan types are FFELP, Perkins and HSPL.
You can check your loan type at https://studentloans.gov/myDirectLoan/index.action
REPAYE offers a 50% interest subsidy on any interest accrual not offered with PAYE. I recommend you initially select REPAYE if;
You’re accruing interest, and,
You are single or married with spouse having significant federal education loans, and,
Remain in REPAYE for the shorter of 19 years or you’re no longer accruing interest, then,
Opt into PAYE to benefit from the 20 year repayment (vs. 25 years with REPAYE).
Please feel free to contact me should you have any questions or concerns (especially when REPAYE is optimal).
Cheers!
Sergio