REPAYE Calculator

REPAYE Calculator

Michael Lux Blog, Student Loans 1 Comment

Tips for Using the REPAYE Calculator

  • When calculating your income, use your AGI from your most recent tax return.  This will give you the most accurate results.
  • Use the calculator multiple times to see how a raise or an addition to your family would affect your monthly payments.

Things to know about REPAYE

  • Once you sign up for REPAYE, be sure to submit your yearly income paperwork on time.  If you miss a deadline, it could cause your interest to capitalize.  In some cases this is a very expensive mistake.
  • Only federal student loans are eligible for the Revised Pay As You Earn plan.  Private loans cannot be enrolled.
  • Certain federal loans, such as Parent Plus Loans, are not eligible for REPAYE.  Contact your loan servicer to determine whether or not your federal loans will qualify.
  • Even if your current federal loans are not eligible for REPAYE, you may be able to make them eligible through direct student loan consolidation.
  • If you are married, REPAYE payments will be based upon your spouse’s income as well as yours.  If your spouse is a high earner, consider signing up for a different Income Driven Plan and filing your taxes separately.
  • REPAYE is eligible for the Public Service Student Loan Forgiveness Program.  If you plan on going this route make sure you understand all of the details of the public service student loan forgiveness program.  Signing up for REPAYE alone will not be sufficient.
  • For further questions, be sure to check out our REPAYE overview.
  • William Connell

    It’s relatively simple to determine the payment for a given year under REPAYE. What is difficult is estimating the impact of Negative Amortization in the long run, which depends on how payments are applied across Subsidized vs. Unsubsidized Loans.