Now that Save is ending, I got my email and got a link to put in my info on the calculator. It saw my loan and I answered all the questions. It seems that the calculator gave me the opposite of what I am expecting. I have a little over 100k in loans. Here is what it says on IBR
Your monthly payments are limited to 15% of your discretionary income, depending on when you received your first loans.
MONTHLY PAYMENT
$1,153
TOTAL TO BE PAID
$138,369
END OF TERM DATE
April 2036
ESTIMATED END OF PAYMENT BALANCE
$0
And for standard
This plan allows you to pay the entirety of your loan via fixed payments (at a minimum of $50) over your loan term (10 years for most loans, but it is usually longer for consolidation loans).
MONTHLY PAYMENT
$632
TOTAL TO BE PAID
$227,635
END OF TERM DATE
March 2056
ESTIMATED END OF PAYMENT BALANCE
$0
Is it just me or do the calculators seem to be flipped flopped? I can’t figure out why IBR would have a way higher payment and payoff sooner. I’m personally fine with it as I intend to be aggressive paying off my student loans after August of this year. I’m just questioning the calculator here .
Looked at the Repayment Plans from StudentAid.gov. IBR has a higher monthly payment and quicker payoff date
byu/MCM_PANDA inStudentLoans
Posted by MCM_PANDA
1 Comment
If you consolidated your loans then your Standard plan is a 30 year term.
Your IBR payment is capped at a 10 year standard amount based on your balance when you enter IBR. It looks like your income is high enough to hit that cap. So your IBR payment can be higher than your standard payment.