SAVE plan is dead & I’ll need to switch to a different plan. This is my first time ever switching plans & was wondering how accurate the student loan simulator is? Or when I go to choose & apply to a different plan, will it tell me how much my monthly payments will be??
How accurate is the student loan simulator?
byu/No_Personality_4428 inStudentLoans
Posted by No_Personality_4428
3 Comments
I may be wrong, but the calculator seems off because payment counts are off. When looking at the different plans, it seems to use a repayment start date of 2025 or 2026, which isn’t the case for most of us
The calculator makes certain assumptions about increases in income which may not reflect reality. I’ve been out of the calculator game for a while, but I think it assumes a 5% income escalator which is way above average. If you’re using standard plan calculations, that should be accurate
It will but there are some limitations to it where it doesn’t take into account certain things. I like this calculator for IDR plans: https://www.studentloanplanner.com/income-based-repayment-calculator/