To calculate the required payment under the Income Based Repayment Program:
- Look up the poverty level guidelines for your family from the Department of Health and Human Services website.
- Multiply the appropriate poverty guideline by 150%.
- Subtract your adjusted gross income from the number you calculated in the previous step.
- Multiply your answer by 15%.
- Divide this answer by 12.
- This is your new monthly payment, unless it is greater than your original payment under the 10-year standard repayment plan. If this is the case, your payment remains the same.
