Income-Based Repayment: How much will I pay?
As long as you have a partial financial hardship and remain in the Income-Based Repayment plan, the amount you pay monthly will be capped at 15% of your discretionary income.
Printer-friendly versionYour monthly payment amount is based on your income and family size, rather than the amount you owe. Your lender or servicer will calculate your discretionary income using the adjusted gross income you report on your income tax filings and the Federal Poverty Guidelines for your household size.
As your income increases, your monthly payment increases. If your income decreases, your monthly payment amount will also decrease.
Estimates* from the Department of Education on what you may expect to pay under IBR:
Assume everyone on this chart has $100,000 in eligible debt, demonstrating a partial financial hardship. Once you demonstrate a partial financial hardship, it does not matter how much you owe. IBR payments are based on your income and family size. | |||||||
Annual | Family Size (using 2010 poverty guidelines) | ||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | |
$10,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$15,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
$20,000 | $46 | $0 | $0 | $0 | $0 | $0 | $0 |
$25,000 | $108 | $37 | $0 | $0 | $0 | $0 | $0 |
$30,000 | $171 | $99 | $28 | $0 | $0 | $0 | $0 |
$35,000 | $233 | $162 | $90 | $18 | $0 | $0 | $0 |
$40,000 | $296 | $224 | $153 | $81 | $9 | $0 | $0 |
$45,000 | $358 | $287 | $215 | $143 | $72 | $0 | $0 |
$50,000 | $421 | $349 | $278 | $206 | $134 | $63 | $0 |
$55,000 | $483 | $412 | $340 | $268 | $197 | $125 | $54 |
$60,000 | $546 | $474 | $403 | $331 | $259 | $188 | $116 |
$65,000 | $608 | $537 | $465 | $393 | $322 | $250 | $179 |
$70,000 | $671 | $599 | $528 | $456 | $384 | $313 | $241 |
* These are only estimates, available from the Department of Education. Your lender or servicer will confirm your eligibility for IBR and calculate your monthly payment amounts based on your individual circumstances.