This calculator compares the cost of repaying Federal student loans using the Income-Based Repayment (IBR) option and the standard repayment option, including the net present value of those payments.

This version of the calculator explores the public service loan forgiveness provisions, which allow for cancellation of the remaining loan balance after ten years of full-time public service employment. This calculator assumes that the public service employment occurred during the first ten years of repayment, although that is not a requirement of the law. (This calculator can also implement earlier proposals, where 1/10th of the loan was forgiven for each year for which the adjusted gross income or earning was below a $65,000 cap.)

The Income-Based Repayment option was proposed as part of the College Cost Reduction and Access Act of 2007 (PL 110-227) and became available on July 1, 2009.

A married borrower should include only his or her own loans. Public Law 110-153 modified the treatment of income for married borrowers who file separate federal income tax returns. Accordingly, this calculator will include the spouse's income only when the borrower files as married filing jointly.

The Higher Education Opportunity Act (PL 110-315) authorized three forms of up-front forgiveness: Loan Forgiveness for Civil Legal Assistance Attorneys ($6,000/year up to $40,000 aggregate), Loan Forgiveness for Service in Areas of National Need ($2,000/year up to $10,000 aggregate) and Loan Repayment for Prosecutors and Public Defenders ($10,000/year up to $60,000 aggregate). It also established anti-double dip provisions that require each year of service to qualify the borrower for only one of the loan forgiveness provisions.

Please click on the field names for help in using this calculator. For more information about discount rates, see also the discussion of net present value.

Please note that the HHS Poverty Tables are typically updated in February.

Table Year: 199819992000200120022003200420052006200720082009201020112012	Percentage of Discretionary Income:
Family Size:	Discount Rate:		CPI:
State of Residence: Continental U.S.HawaiiAlaska	Income Growth Rate:		Poverty Level Change Rate:
Use Lower Ceiling: YesNo
Loan Forgiveness
Year of Forgiveness: No Forgiveness10 Years12 Years15 Years20 Years25 Years30 Years	Forgiveness Rate:		Forgiveness AGI Phaseout:
Years of Government Payment of Unpaid Subsidized Interest:
Up Front Forgiveness
Overlap with PSLF: Concurrent (Yes)Sequential (No)	Amount per Year:		Number of Years:
Tax Filing Status: SingleMarried Filing JointlyMarried Filing SeparatelyHead of Household
	STUDENT		SPOUSE
Adjusted Gross Income (AGI):
Expected Income Jump (Enter New AGI):
Years After Graduation:
	Unsubsidized Loan Amount	Interest Rate	Subsidized Loan Amount	Interest Rate
First Loan:
Second Loan:
	INCOME-BASED REPAYMENT		FIXED MONTHLY REPAYMENT
Loan Term:	10 Years12 Years15 Years20 Years25 Years30 Years		10 Years12 Years15 Years20 Years25 Years30 Years
Minimum Payment:
Interest Rate Reduction:
... after month:
Display full payment schedule? Yes No