Income Contingent Repayment Estimator

Under repaye for example which is an income driven student loan repayment plan your graduate student loans can be forgiven after 25 years.

Income contingent repayment estimator. This income contingent repayment icr calculator estimates what your monthly payment and total payment will be under the standard repayment plan and student loan income contingent repayment icr. But those high monthly repayments might actually help cut down on the total cost of your loans. This calculator determines the monthly payment and estimates the total payments under the income contingent repayment plan icr. Icr generally limits payments to 20 of your discretionary income.

However your payments may instead be capped by the amount of a fixed payment on your loans over a 12 year term if this monthly payment amount is less than 20 of discretionary income. Developing a solid repayment strategy is key to eliminating your debt. 25 years for borrowers with grad school debt. For direct loans only.

The federal income contingent repayment icr plan might come with the highest monthly cost out of all of the income driven repayment idr options available. You must reapply annually with updated income information. Income driven repayment plans are intended to be a safety net in case the borrower graduates with too much student loan debt. As this student loan income contingent repayment calculator shows you may be eligible for student loan forgiveness under income contingent student loan repayment icr.

Income contingent repayment icr caps payments at 20 of discretionary income and offers forgiveness after 25 years. Income contingent repayment 20 of your discretionary income or the amount you d pay under a standard repayment plan with a 12 year repayment term difference between adjusted gross income and. Income contingent repayment icr was the first income driven repayment plan. With a student loan income contingent repayment calculator you can also see how much student loan forgiveness you will receive under the student.

An income contingent repayment calculator is a tool that helps student loan borrowers plan their finances. Income driven repayment plans base student loan payments on a percentage of the borrower s discretionary income as opposed to the amount owed. Your estimated monthly payment is for one year and is calculated based on your adjusted gross income and your spouse s income if you re married family size and the total amount of your eligible loan debt. It s also the only idr plan available to parent borrowers.