What's my monthly payment?

We've outlined the details below, but you don't have to do the math yourself. Use the Department of Education's easy online Repayment Estimator to see what your monthly payment would be in each plan.

Generally, your monthly payments under Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE) are calculated as 10% or 15% of your "discretionary income", which is your income minus 150% of the poverty level for your family size and state. If you earn below 150% of the poverty level, your required loan payment will be $0. If you earn more, your loan payment will be 10% or 15% of whatever you earn above that amount. See below for details about how monthly payments are calculated under each plan and the latest numbers for 150% of the poverty level.  

If your income hasn't changed much since you filed your last federal tax return, your monthly payments will be calculated using your Adjusted Gross Income (AGI). But if you had a significant change in income that is not reflected in your most recent tax return (e.g., if you lost your job or got a large raise), you will be asked to provide documentation of your current income and your monthly payment will be calculated based on that amount.

Monthly Payments Under Each IDR Plan

IDR Plan
Monthly Payment
Revised Pay As You Earn (REPAYE)

10% of discretionary income

Income-Based Repayment (IBR) if you took out your first federal student loan on or after July 1, 2014

10% of discretionary income, up to the fixed 10-year payment amount

Pay As You Earn (PAYE)

10% of discretionary income, up to the fixed 10-year payment amount

IBR, if you took out your first federal student loan before July 1, 2014

15% of discretionary income, up to the fixed 10-year payment amount

As mentioned above, "discretionary income" is your income minus 150% of the poverty level for your family size and state.

In IBR and PAYE, your payment is capped at the fixed 10-year payment amount - the amount you would have been required to pay had you entered the 10-year "standard" repayment plan at the time you entered IBR or PAYE. REPAYE does not have that payment cap, so payments are always 10% of discretionary income.

Remember, you can estimate your monthly payments on the Department of Education's online Repayment Estimator.

150% of the Federal Poverty Level for 2016

Persons in Family or Household 48 Contiguous
States and D.C.
Alaska Hawaii
1 $17,820 $22,260 $20,505
2 $24,030 $30,030 $27,645
3 $30,240 $37,800 $34,785
4 $36,450 $45,570 $41,925
5 $42,660 $53,340 $49,065
6 $48,870 $61,110 $56,205
7 $55,095 $68,880 $63,345
8 $61,335 $76,680 $70,515
For each additional person, add: $6,240 $7,800 $7,170

Income-Based Repayment and Pay As You Earn are two ways to help keep monthly payments affordable based on your income and family size. Visit the Department of Education’s Repayment Estimator to find out what your payments might be.
 

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