Geeky Tools:
Revised Pay As You Earn (REPAYE)
Student Loan Calculator - January 2021
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Revised Pay As You Earn (REPAYE) is a government program that can help you save money on your student loans. Use our calculator to see how REPAYE may be able to lower your monthly student loan payments.
The REPAYE plan now allows some borrowers to cap their monthly student loan payments at 10% of their discretionary income. It also offers student loan forgiveness after 20 years (240 payments) for borrowers with undergraduate student loans only. If you have graduate student loans, it will be 25 years (300 payments).
Plug in some numbers on our REPAYE calculator and see how much you could save with this program.
Is this federal program right for you?
Use our Revised Pay As Your Earn (REPAYE) Calculator and see if you can save.

Fun Fact: (REPAYE) is one of four Income-Driven Repayment Plans offered by the government.
ORIGINAL
REPAYE
SAVINGS
Revised Pay As You Earn (REPAYE)
Learn everything you need to know about the REPAYE program with this article written by the experts at DollarGeek.
FAQs: Revised Pay As You Earn (REPAYE) Calculator
Best Student Loan Refinancing Lenders

Variable Rate
3.24% - 6.04%
varies on creditFixed Rate
3.34% - 6.54%
varies on creditGeeky Insight
- Get a rate estimate with College Ave without affecting your credit score
- No prepayment penalty
- Loan terms ranging from 5 to 20 years
- Forbearance option up to 12 months
- No co-signer release option
- Must have a credit score in the "Upper 600s"
Perks
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Custom Repayment Options
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No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Refinance Federal Loans
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Refinance Private Loans
Lender Details
- Loan Amounts: $5,000 -$150,000
- Loan Terms: 5-20 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: None
- Co-Signer Release: N/A
Geeky Insight
- Get a rate estimate with College Ave without affecting your credit score
- No prepayment penalty
- Loan terms ranging from 5 to 20 years
- Forbearance option up to 12 months
- No co-signer release option
- Must have a credit score in the "Upper 600s"
Perks
-
Custom Repayment Options
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Refinance Federal Loans
-
Refinance Private Loans
Variable Rate
1.99% - 5.61%
varies on creditFixed Rate
2.98% - 5.79%
varies on creditGeeky Insight
- Get a rate estimate with CommonBond without affecting your credit score.
- CommonBond will allow borrowers refinance their federal, private and parents' PLUS loans at a low rate.
- CommonBond offers borrowers a longer than usual forbearance period which can be a great perk for borrowers that might need flexibility in case of any financial hurdles.
- Choose between a fixed, variable and hybrid loan.
- If you live in Vermont, Nevada or Mississippi you cannot refinance with CommonBond.
Perks
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No Origination Fees
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No Application Fees
-
No Prepayment Penalty5
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts: $5,000 - $500,000
- Loan Terms: 5, 7, 10, 15 and 20 years for fixed and variable rate loans. 10 years for hybrid loan.
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: Yes, 15 days after missed payment and the lesser of $10 or 5% of the monthly payment.
- Co-Signer Release: Yes, after 36 months of on time payments
Geeky Insight
- Get a rate estimate with CommonBond without affecting your credit score.
- CommonBond will allow borrowers refinance their federal, private and parents' PLUS loans at a low rate.
- CommonBond offers borrowers a longer than usual forbearance period which can be a great perk for borrowers that might need flexibility in case of any financial hurdles.
- Choose between a fixed, variable and hybrid loan.
- If you live in Vermont, Nevada or Mississippi you cannot refinance with CommonBond.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$5K - $500K
-
Loan Terms:Varies
-
Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes
-
Co-Signer Release:Yes
Variable Rate
1.99% - 5.74%
varies on creditFixed Rate
2.98% – 5.89%
varies on creditGeeky Insight
- Earnest will let you get a personalized rate without affecting your credit score.
- Refinance your student loan with a low rate and a flexible repayment schedule - down to an exact month (rare perk).
- Earnest will let you pick a loan term ranging from 5-20 years.
- If you're looking for a co-signer you'll have to look elsewhere. Earnest does not let borrowers apply with a co-signer.
- You will not be able to refinance ParentPLUS loans, only federal and private student loans.
- Not available to borrowers in Delaware, Nevada and Kentucky.
Perks
-
No Late Fees
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts: $5,000 -$500,000
- Loan Terms: 5 - 20 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: None
- Co-Signer Release: No
Geeky Insight
- Earnest will let you get a personalized rate without affecting your credit score.
- Refinance your student loan with a low rate and a flexible repayment schedule - down to an exact month (rare perk).
- Earnest will let you pick a loan term ranging from 5-20 years.
- If you're looking for a co-signer you'll have to look elsewhere. Earnest does not let borrowers apply with a co-signer.
- You will not be able to refinance ParentPLUS loans, only federal and private student loans.
- Not available to borrowers in Delaware, Nevada and Kentucky.
Perks
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No Late Fees
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No Origination Fees
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No Application Fees
-
No Prepayment Penalty
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$5K -$500K
-
Loan Terms:5 - 20 yrs
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Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:None
-
Co-Signer Release:No
Variable Rate
1.98% - 8.55%
varies on creditFixed Rate
2.99% - 8.77%
varies on creditGeeky Insight
- Check out what your rate can look like with LendKey without affecting your credit score.
- LendKey will service all your student loans and help you find a lower rate with the help of community banks and credit unions. This is a great perk because they do not just solely rely on the typical big banks to help you save on your student loan payments.
- The minimum amount you can refinance is $7,500 for all degree types.
- If you live in Nevada, Maine, Rhode Island, North Dakota or West Virginia you will not be able to refinance your student loan with LendKey.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts (Undergraduate): $7,500 - $120,000
- Loan Amounts (Graduate Student): $7,500 - $250,000
- Loan Amounts (Med School & Advanced Degrees): $7,500 - $300,000
- Loan Terms: 5, 7, 10, 15 or 20 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: Yes, $5 to $15 depending on the lender
- Co-Signer Release: Yes, after 12 on time payments
Geeky Insight
- Check out what your rate can look like with LendKey without affecting your credit score.
- LendKey will service all your student loans and help you find a lower rate with the help of community banks and credit unions. This is a great perk because they do not just solely rely on the typical big banks to help you save on your student loan payments.
- The minimum amount you can refinance is $7,500 for all degree types.
- If you live in Nevada, Maine, Rhode Island, North Dakota or West Virginia you will not be able to refinance your student loan with LendKey.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$7,500 - Varies
-
Loan Terms:5, 7, 10, 15 or 20 years
-
Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes and it varies
-
Co-Signer Release:Yes
Variable Rate
1.98% - 7.10%
varies on creditFixed Rate
2.88% - 727%
varies on creditGeeky Insight
- Splash Financial offers borrowers competitive rates on student loan refinancing by working closely with community banks and credit unions.
- Complete one application and get rates from multiple lenders at once.
- Minimum credit score of 660 is required
- Co-signer release is available after 12 consecutive on time payments.
Lender Details
- Loan Amounts: $1,001 - $65,000 per year
- Loan Terms: 7, 10 and 15 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: Yes. If the scheduled payment is not received within 10 calendar days after the payment due date, a late fee in the amount of 5% of the overdue payment is charged.
Geeky Insight
- Splash Financial offers borrowers competitive rates on student loan refinancing by working closely with community banks and credit unions.
- Complete one application and get rates from multiple lenders at once.
- Minimum credit score of 660 is required
- Co-signer release is available after 12 consecutive on time payments.
Details
-
Loan Amounts:$5,000 - No max
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Loan Terms:7, 10 and 15 years
-
Origination Fee:None
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Application Fee:None
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Prepayment Penalty:None
-
Late Fees:Yes
Variable Rate
1.81%-7.36%
varies on creditFixed Rate
3.46%-7.36%
varies on creditGeeky Insight
- Get a personalized interest rate estimate without affecting your credit score.
- You can refinance both your federal and private student loans with SoFi.
- There is no co-signer release option with SoFi.
- SoFi is one of the most recognized student loan refinancing lenders around. Aside from student loans, SoFi is a one stop for all things finance. Whether you need a personal loan, home loan or just want to start investing - SoFi has the technology and tools to help you achieve financial success.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts: $5,000 - Total outstanding balance
- Loan Terms: 5, 7, 10, 15 and 20 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: $5 if 15+ days late
- Co-Signer Release: No
Geeky Insight
- Get a personalized interest rate estimate without affecting your credit score.
- You can refinance both your federal and private student loans with SoFi.
- There is no co-signer release option with SoFi.
- SoFi is one of the most recognized student loan refinancing lenders around. Aside from student loans, SoFi is a one stop for all things finance. Whether you need a personal loan, home loan or just want to start investing - SoFi has the technology and tools to help you achieve financial success.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$5K - $500K
-
Loan Terms:5 - 20 years
-
Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes
-
Co-Signer Release:No
Variable Rate
2.99%-5.15%
varies on creditFixed Rate
2.25%-4.61%
varies on creditGeeky Insight
- Get an idea of what your interest rate could look like by refinancing with PenFed without affecting your credit score.
- PenFed will let couples refinance their student loans together. This is a great perk because together spouses can refinance their student loans based on their combined income and the higher credit score of the two.
- You can refinance federal, private and parents' PLUS loans with PenFed.
- There are no prepayment or application fees.
- You will have the option of a co-signer.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts: $7,500 - $300,000
- Loan Terms: 5, 8, 12 or 15 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: Yes, and it varies
- Co-Signer Release: Yes, after 12 months of consecutive on time payments
Geeky Insight
- Get an idea of what your interest rate could look like by refinancing with PenFed without affecting your credit score.
- PenFed will let couples refinance their student loans together. This is a great perk because together spouses can refinance their student loans based on their combined income and the higher credit score of the two.
- You can refinance federal, private and parents' PLUS loans with PenFed.
- There are no prepayment or application fees.
- You will have the option of a co-signer.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$7,500 - $300K
-
Loan Terms:5, 8, 12 or 15 yrs
-
Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes
-
Co-Signer Release:Yes
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Learn about the Revised Pay As You Earn (REPAYE) program
Gain some clarity with our geeky insight.
What is the Revised Pay As You Earn (REPAYE) Calculator?
Our Revised Pay As You Earn (REPAYE) student loan calculator will show you your monthly student loan payment under the REPAYE program. It will also show you how much student loan forgiveness you can receive after 20 years of payments (minimum amount of years before you’re eligible for forgiveness). Our Revised Pay As You Earn (REPAYE) student loan calculator can show you how much this federal program can impact your payments.
How much can I expect to pay a month with Revised Pay As You Earn (REPAYE)?
Under the REPAYE program, you can expect your payments to be 10% of your discretionary income. To calculate your discretionary income you take your Adjusted Gross Income (AGI) minus 150% of the state poverty guideline for your family size.
Also, be sure not to forget that there is no cap on your monthly payments with REPAYE. This matters because while you could qualify for a monthly payment as low as $0, it’s also a possibility you can pay higher than the typical standard repayment plan if your income increases. So, if you start making more money, expect your monthly student loan payment to as well because there is no cap on your monthly payments with REPAYE.
When can I expect student loan forgiveness with Revised Pay As You Earn (REPAYE)?
Unfortunately it takes some time to get your student loans forgiven. Under REPAYE, the balances for undergraduate degree student loans will be forgiven after you make 20 years of eligible payments (240 monthly payments). Balances for graduate and professional degrees, or a combination of both are forgiven after 25 years of eligible payments (300 monthly payments).
According to the IRS, the balance that you have forgiven under REPAYE will be considered taxable income, so make sure to plan ahead.
Can I enroll in Revised Pay As You Earn (REPAYE) if I have Parent PLUS loans?
No. The only income-driven plan that allows Parent PLUS loans is ICR.
What student loan types aren't eligible for Revised Pay As You Earn (REPAYE)?
The following loans are not eligible for the REPAYE program:
• Parent PLUS Loans
• FFEL PLUS Loans borrowed by parents
• Direct Consolidation Loans used to repay a Parent PLUS Loan
• Private student loans
Beside REPAYE, what are my other Income-Driven repayment options ?
There are three other Income-Driven repayment options offered by the federal government. Check out Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Income Contingent Repayment (ICR). These plans are typically better options for borrowers who are eligible as they have lower monthly payment caps (10% – 15%) as well as shorter repayment periods until forgiveness (sometimes as little as 20 years).
Is student loan forgiveness through Revised Pay As You Earn (REPAYE) taxable?
Yep. According to the IRS, student loan forgiveness received through REPAYE is generally considered taxable income.
What variables does the Revised Pay As You Earn (REPAYE) calculator consider?
For the REPAYE Calculator to provide an accurate estimate, we had to make some common assumptions. Please consider these options carefully. Our REPAYE calculator assumes:
• Your family size will remain the same during the life of the loan and poverty guidelines will increase based on the Congressional Budget Office’s estimate of inflation.
• The current interest rate you have will not change during the life of the loan (even for loans with variable interest rates).
• All loans are unsubsidized loans for the purposes of interest accumulation.
• You meet all of the eligibility requirements to enroll in the REPAYE program.