SAVE (Starting July 1, 2024): Payments are calculated at between 5% and 10% of Discretionary Income, where Discretionary Income = AGI minus 225% of FPL. SAVE (From October 1, 2023-June 30, 2024): Payments are calculated at 10% of Discretionary Income, where Discretionary Income = AGI minus 225% of FPL. REPAYE/PAYE and IBR for New Borrowers (First loan disbursed on or after July 1, 2014): Payments are calculated at 10% of Discretionary Income, where Discretionary Income = AGI minus 150% of FPL. IBR (Any loans disbursed before July 1, 2024): Payments are calculated at 15% of Discretionary Income, where Discretionary Income = AGI minus 150% of FPL. The percentage of FPL is the amount of income that is protected from any payment. Numbers are adjusted annually for inflation.ĭiscretionary Income = AGI minus a percentage of the Federal Poverty Level (FPL) for a family of your size. Married borrowers: include your spouse if you file your taxes jointly do not include your spouse if you file your taxes separately.įederal Poverty Level (FPL) – An income level used by the federal government to determine certain benefits depending on your family size. Definitions:Īdjusted Gross Income (AGI) – Can be found on line 11 of the IRS 1040 form on tax returns filed in 2021 or 2022.įamily Size – Includes dependent children (including unborn children) and adults who live with you (other than your spouse) for whom you provide more than half support. Please note that numbers above are estimates only. Estimates will be different if you live in Alaska or Hawaii. Starting July 1, 2024, the SAVE plan is sensitive to the split between undergraduate and graduate school loans and are based on the original principal balances.

IDR plan calculations are based on the accuracy of the inputs.

Student loan calculator payoff