Income Contingent Repayment Plan Calculator

Federal student loan borrowers pay a percentage of their discretionary income 10 15 or 20 depending on the specific income driven repayment plan you choose.

Income contingent repayment plan calculator. 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. An income contingent repayment calculator is a tool that helps student loan borrowers plan their finances. As one of the oldest student loan repayment programs available the income contingent repayment icr plan uses your income to determine how much you can. The income contingent repayment plan is an income driven repayment option for federal student loans.

The income contingent repayment icr plan is one of four income driven student loan repayment plans for federal student loans. But those high monthly repayments might actually help cut down on the total cost of your loans. With icr your monthly student loan payments are limited to 20 of your discretionary income. Of the 4 available income driven repayment plans available income based repayment is the most widely used.

The income contingent repayment icr plan can help lower your monthly payments and give you a way to earn student loan forgiveness if you re eligible for this income driven repayment plan. An income contingent calculator helps you understand how much money you will pay under student loan income contingent repayment which is also known as icr. Our income based repayment ibr calculator will show you how much you ll pay towards your student loans under this federal repayment plan. If your monthly student loan payment is less than 20 of your discretionary income then your monthly student loan payment.

Income based repayment ibr is available to federal student loan borrowers and helps make your monthly student loan payments more manageable. Like the rest of the plans it sets your monthly payments based on your income family size and other financial factors. 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. Discretionary income is what you have left after taxes and an allowance for necessary spending such as food and shelter.

The income contingent repayment plan is an income driven student loan repayment plan for federal student loans. By student loan borrowers we re referring to borrowers who may potentially enroll in an income contingent repayment icr plan.