New Income Based Repayment Calculator from the Department of Education

The new Income Based Repayment program for Federal student loans kicks into gear on Wednesday, July 1st. Like the previous income sensitive programs offered by the government, the Income Based Repayment (IBR) program will significantly reduce the monthly payments of many lower income graduates.

To estimate how much this program could save you or your child, the Department of Education has set up a new Income Based Repayment calculator.

Of course, the calculator doesn't estimate the best benefit of the IBR program, which is potential loan forgiveness in as little as ten years!

To learn more about this new program, check out this detailed overview of the Income Based Repayment Program.