Many students who are repaying their Federal loans aren’t aware of available income-driven repayment plans. These plans are based on the borrower’s discretionary income, making repayment obligations more affordable with lower monthly payments.
There are different requirements and benefits for each repayment plan and it is important to explore all possible options to find the one that best fits your financial situation. Loanlook has an easy-to-use calculator that allows you to see if you are eligible for an income-driven plan and what the approximate monthly payment would be should you switch to the new plan.
Using inputted information such as gross income, state, family size, and marital status, the Income-Driven Calculator on Loanlook instantly populates results to determine if you qualify for an Income-Based Repayment (IBR) or Pay As You Earn (PAYE) Plan. If you have questions about how these plans impact your overall repayment, or how to move forward with switching plans, we encourage you to contact our Counselors through Live Chat or by giving us a call.