Income-Driven Repayment Plan Request Form - U.s. Department Of Education Page 9
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10SECTION 11: SAMPLE PAYMENT AMOUNTS (CONTINUED)
Below are three tables that provide examples of monthly and total payment amounts under the IBR, Pay As You Earn, and ICR Plans. These figures are estimates,
and use an interest rate of 8.25%. The figures also assume that you are single, do not have anyone else in your household, and that you live in one of the 48
contiguous states. Various factors, including your actual interest rate, the amount of your loan debt, your income, and whether and how quickly your income
rises (these figures assume income increases 5% per year), may cause your payment amount to differ from the payment amounts shown in these tables. These
figures use the 2013 Poverty Guidelines (published by the U.S. Department of Health and Human Services) and Income Percentage Factors.
Table 3. Sample Payment Amounts for the Income-Based Repayment (IBR) Plan for Those Who Are Not New Borrowers On/After July 1, 2014
Starting income of $25,000
Starting income of $40,000
Starting income of $60,000
Debt
Initial
Final
Total
Time to
Initial
Final
Total
Time to
Initial
Final
Total
Time to
Payment
Payment
Paid
Repay (Mos.)
Payment
Payment
Paid
Repay (Mos.)
Payment
Payment
Paid
Repay (Mos.)
$20,000
$97
$245
$43,861
219
Not Eligible
-
-
-
Not Eligible
-
-
-
$40,000
$97
$491
$89,628
300
$285
$491
$72,680
173
Not Eligible
-
-
-
$60,000
$97
$642
$94,175
300
$285
$736
$148,999
268
$535
$736
$97,093
143
$80,000
$97
$642
$94,175
300
$285
$981
$193,464
300
$535
$981
$156,150
193
$100,000
$97
$642
$94,175
300
$285
$1,227
$201,322
300
$535
$1,227
$236,102
251
Accessible Table 3
Table 4. Sample Payment Amounts for the Pay As You Earn Plan for Eligible Borrowers & IBR Plan for Those Who Are New Borrowers On/After July 1, 2014
Starting income of $25,000
Starting income of $40,000
Starting income of $60,000
Debt
Initial
Final
Total
Time to
Initial
Final
Total
Time to
Initial
Final
Total
Time to
Payment
Payment
Paid
Repay (Mos.)
Payment
Payment
Paid
Repay (Mos.)
Payment
Payment
Paid
Repay (Mos.)
$20,000
$65
$245
$38,488
240
$190
$245
$31,254
134
Not Eligible
-
-
-
$40,000
$65
$309
$40,127
240
$190
$491
$85,707
240
$356
$491
$64,729
143
$60,000
$65
$309
$40,127
240
$190
$625
$89,727
240
$356
$736
$129,366
222
$80,000
$65
$309
$40,127
240
$190
$625
$89,727
240
$356
$981
$154,976
240
$100,000
$65
$309
$40,127
240
$190
$625
$89,727
240
$356
$1,046
$155,860
240
Accessible Table 4
Table 5. Sample Payment Amounts for the Income-Contingent Repayment (ICR) Plan
Starting income of $25,000
Starting income of $40,000
Starting income of $60,000
Debt
Initial
Final
Total
Time to
Initial
Final
Total
Time to
Initial
Final
Total
Time to
Payment
Payment
Paid
Repay (Mos.)
Payment
Payment
Paid
Repay (Mos.)
Payment
Payment
Paid
Repay (Mos.)
$20,000
$151
$199
$43,436
249
$193
$219
$33,513
161
$219
$251
$30,761
131
$40,000
$225
$423
$96,630
274
$385
$438
$67,027
161
$438
$502
$61,523
131
$60,000
$225
$694
$146,629
300
$475
$658
$106,605
175
$658
$754
$92,284
131
$80,000
$225
$1,018
$162,256
300
$475
$939
$176,175
233
$809
$1,015
$124,521
240
$100,000
$225
$1,018
$162,256
300
$475
$1,360
$281,310
298
$809
$1,296
$171,619
158
Accessible Table 5
Page 9 of 10
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