This revised pay as you earn calculator for student loans is easy to use. Here’s how it works:
This student loan revised pay as you earn calculator (REPAYE) can show you how much you will pay each month for your student loans, and then how much student loan forgiveness you will receive. Our revised pay as you earn student loan calculator can show you the impact of lowering your payments as well.
As this revised pay as you earn calculator shows, your student loan payment is limited to 10% of your discretionary income. After you make 25 years of payments, you are eligible to have your qualifying federal graduate student loans forgiven.
There are some important requirements for revised pay as you earn repayment, so it’s important to make sure that you meet them. Importantly, this student loan revised pay as you earn calculator doesn’t guarantee that you automatically qualify for REPAYE.
There are several types of student loans that qualify for REPAYE. Remember, only federal student loans are eligible.
These loan types are not eligible for REPAYE:
As this student loan revised pay as you earn calculator shows, you can receive student loan forgiveness under REPAYE for your federal student loans. Under REPAYE, your federal graduate student loans can be forgiven after 25 years.
Yes, since revised pay as you earn is a federal student loan repayment plan, any student loan forgiveness received under the plan is taxable. This is different from public service loan forgiveness, which is not taxable.
There is a federal student loan interest subsidy to help you with student loan interest while you’re enrolled in REPAYE. If your monthly payment is too low in REPAYE, the excess interest on subsidized student loans will be paid for three years by the U.S. Department of Education. After those three years, the U.S. Department of Education will pay up to 50% of unpaid student loan interest.
The federal government covers 50% of accrued interest on unsubsidized student loans.
