Students and their families, as well as financial aid professionals, will benefit from a new Income-Based Repayment (IBR) calculator implemented by Mapping Your Future on June 12. The calculator is online at mappingyourfuture.org/paying/ibrcalculator.cfm.
Mapping Your Future’s calculator is user friendly and provides information regarding how to find the data needed for the calculation. The calculator allows borrowers to enter multiple loans with different interest rates and provides accurate information for all borrowers, taking into consideration their geographic location (Alaska and Hawaii have different guidelines for the poverty threshold, and the calculator take those guidelines into consideration).
Schools, lenders, servicers and guarantors will be able to share this feature with borrowers, especially those reporting difficulty repaying their loans. Customer service representatives consulting with borrowers can use the calculator during discussions, providing the estimated repayment amount under IBR.
The IBR option, which will go into effect next month, will be a dramatic change to the repayment options for student loan borrowers.
"Mapping Your Future’s IBR calculator will benefit students and those who counsel students (schools, lenders and guaranty agencies), and it may help students avoid default by making them aware of this new option and providing an estimate of what their monthly payment would be if they qualify," said Cathy Mueller, executive director for Mapping Your Future. "By offering this free tool, Mapping Your Future continues to fulfill its mission and provides valuable tools and services to students, schools and supporters of the organization."
If you have questions about the calculator, contact CariAnne Behr at carianne@mappingyourfuture.org or (573) 634-8641.
Based in Round Rock, Texas, Mapping Your Future is a national collaborative, public-service organization of the financial aid industry--bringing together the expertise of the industry to provide services online. Since 1996, Mapping Your Future has received a number of awards, including recognition for its excellence in content and innovation in technology services.
Mapping Your Future provides step-by-step instructions on career, college planning and financial aid. In addition, the site offers Online Student Loan Counseling, money management information and tools and online customer service for schools and their students.
Posted 06/22/09 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.
