Income-Driven Repayment Estimator
Estimate your monthly federal student loan payment under the four main Income-Driven Repayment (IDR) plans: SAVE, PAYE, IBR (new & old), and ICR.
Formulas Used
Federal Poverty Level (2024, contiguous US):
FPL = $15,060 + $5,380 × (family_size − 1)
Discretionary Income:
SAVE: max(0, AGI − 2.25 × FPL)
PAYE / IBR New: max(0, AGI − 1.50 × FPL)
IBR Old: max(0, AGI − 1.50 × FPL)
ICR: max(0, AGI − 1.00 × FPL)
Monthly Payment:
SAVE = DiscretionarySAVE × 10% ÷ 12
PAYE = min(Discretionary150 × 10% ÷ 12, Standard 10-yr payment)
IBR New = min(Discretionary150 × 10% ÷ 12, Standard 10-yr payment)
IBR Old = min(Discretionary150 × 15% ÷ 12, Standard 10-yr payment)
ICR = min(Discretionary100 × 20% ÷ 12, Standard 12-yr payment)
Standard N-Year Payment:
PMT = P × [r(1+r)n] / [(1+r)n − 1] where r = annual rate ÷ 12, n = months
Assumptions & References
- 2024 Federal Poverty Guidelines per HHS (effective Jan 2024).
- SAVE plan uses 10% discretionary income rate; undergrad-only borrowers qualify for 5% (not modeled here).
- PAYE and New IBR require borrower to have no outstanding Direct Loan balance before Oct 1, 2007 and a new disbursement after Oct 1, 2011 (PAYE) or to be a new borrower on/after July 1, 2014 (New IBR).
- ICR income-percentage-factor calculation is approximated as the lesser of 20% discretionary (100% FPL) or the 12-year standard amortization payment.
- Forgiveness timelines: SAVE 20 yrs (undergrad) / 25 yrs (grad); PAYE 20 yrs; IBR New 20 yrs; IBR Old 25 yrs; ICR 25 yrs.
- PSLF forgiveness (10 yrs) not modeled here.
- Sources: 34 CFR §§ 685.209, 685.221; studentaid.gov IDR plans; HHS 2024 Poverty Guidelines.