Student Loan Income-Contingent Repayment Calculator

Step 1: Enter Current Loan Info
Student Loan Balance
Average Interest Rate
Current Monthly Payment
Step 2: Enter Income Info
Adjusted Gross Income
Family Size
State of Residence
Are You Married?
Annual Income Growth
Sorry, you don't qualify for icr plan based on the debt and income information you provided
CURRENT LOAN ICR SAVINGS
CURRENT MONTHLY PAYMENT
$383
CURRENT MONTHLY PAYMENT
$483
MONTHLY SAVINGS
$100
FINAL MONTHLY PAYMENT
$383
FINAL MONTHLY PAYMENT
$483
MONTHLY SAVINGS
$100
TOTAL PAYMENT
$300
TOTAL PAYMENT
$300
TOTAL SAVINGS
$300
TOTAL FORGIVENESS
$300
TOTAL FORGIVENESS
$300
TOTAL SAVINGS
$300
REPAYMENT TERM
10yrs
REPAYMENT TERM
7.5yrs
TERM DIFFERENCE
2.5yrs

Compare The Best Student Loan Refinance Rates For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.57% - 5.87%
Fixed Rates:3.49% - 6.32%
Average Savings:$21,810
Minimum Credit Score:None
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$45,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, KY, MS, VT
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.51% - 7.55%
Fixed Rates:3.90% - 7.80%
Average Savings:-
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.55% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.76% - 7.90%
Fixed Rates:3.15% - 8.54%
Average Savings:$15,270
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 4.45%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 3.95%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$40,000
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.80% - 6.38%
Fixed Rates:3.50% - 7.02%
Average Savings:$20,200
Minimum Credit Score:680
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.72% - 7.46%
Fixed Rates:3.25% - 7.03%
Average Savings:$20,221
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

Advertiser Disclosure

What is an income contingent repayment calculator?

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. The income-contingent repayment plan is an income-driven student loan repayment plan for federal student loans. Under ICR, your monthly student loan payments are limited to 20% of your discretionary income. If your monthly student loan payment is less than 20% of your discretionary income, then your monthly student loan payment may be capped by a fixed payment amount over a 12-year term.

An income contingent repayment calculator shows you what your monthly payment and total payment will be under the Standard Repayment Plan and student loan income-contingent repayment. With a student loan income contingent repayment calculator, you can also see how much student loan forgiveness you will receive under the student loan income contingent repayment plan.

Am I eligible for income-contingent repayment?

There are several types of student loans that qualify for student loan income contingent repayment. Remember, only federal student loans are eligible.

  • Subsidized Direct Loans
  • Unsubsidized Direct Loans
  • Direct PLUS Loans (but only for graduate or professional students)
  • Direct Consolidation Loans
  • Federal Stafford Loans
  • FFEL PLUS Loans (but only for graduate or professional students; if consolidated)
  • FFEL Direct Consolidation Loans
  • Federal Perkins Loans (if consolidated)

These loan types are not eligible for student loan income-contingent repayment:

  • Private student loans
  • Parent PLUS Loans
  • FFEL PLUS Loans borrowed by parents
  • Direct Consolidation Loans used to repay a Parent PLUS Loan

How does this student loan income contingent repayment calculator work?

This student loan income contingent repayment calculator is easy to use. Here’s how it works:

Step 1.Enter your student loan balance and average interest rate. If you have multiple student loans, you can use this weighted average interest rate calculator to calculate the weighted average of your interest rates.

Step 2.In this student loan income contingent repayment calculator, enter your adjusted gross income, your family size, state of residence, marital status and assumed annual income growth. This student loan pay as you earn calculator assumes a 3% annual income growth.

Step 3.You’re all done

This student loan income contingent repayment calculator will automatically calculate how much student loan forgiveness you could receive under student loan income-contingent repayment. This income contingent repayment calculator for student loans also compares your monthly and total payments under the Standard Repayment Plan and ICR.

This income contingent repayment calculator student loans assumes that if you are married that your spouse does not have student loans and that you file income taxes separately. If you are married and file income taxes jointly, you must list your combined income.

Is ICR or IBR better?

You can use this income contingent repayment calculator for student loans to compare your savings with the income-based repayment calculator. Generally, IBR is better because ICR considers both your income and student loan balance. Therefore, if your student loan balance is higher, then ICR is less helpful in terms of student loan forgiveness.

Are Parent PLUS Loans eligible for income-contingent repayment?

Yes, Parent PLUS Loans are eligible for income-contingent repayment for student loans. In fact, income contingent repayment is the only income-driven repayment plan for Parent PLUS Loans.

Is student loan forgiveness through ICR taxable?

Yes, since income contingent repayment is a federal student loan repayment plan, any student loan forgiveness received under the plan is taxable. This is different from public service loan forgiveness, which is not taxable.

What other options are there besides ICR?

There are other options besides income-contingent student loan repayment such as PAYE and REPAYE.

You can see our PAYE student loan calculator and the REPAYE student loan calculator, which are two examples of income-driven student loan repayment programs.
PAYE, or pay as you earn, enables you to pay 10% of your discretionary income toward student loan repayment. PAYE is only available to new borrowers as of October 1, 2007, or later. After that, so long as your monthly payment is less than the Standard Repayment Plan, you may receive student loan forgiveness. PAYE forgives undergraduate student loans after 20 years.

REPAYE, or revised pay as you earn, also enables you to pay 10% of your discretionary income toward student loan repayment. REPAYE is available to any student loan borrower who has qualifying student loans regardless of when borrowed. REPAYE forgives graduate student loans after 25 years.

How do I know if student loan income contingent repayment is right for me?

This student loan income contingent repayment calculator can help show you whether ICR is the best student loan option for you. However, this student loan income contingent repayment calculator is only one consideration. You can also learn more about student loan repayment and student loan forgiveness.

There are other types of student loan repayment programs such as PAYE and REPAYE to consider. You also can consider student loan refinancing and can check the latest student loan refinancing rates to get a lower interest rate than you currently have to pay off your student loans faster.

Do your student loans get forgiven after 25 years?

There is no such thing as automatic student loan forgiveness after 25 years, or at any time. To qualify for any student loan forgiveness, you must enroll in a federal student loan repayment plan or in a student loan forgiveness program such as Public Service Loan Forgiveness.

As this student loan income contingent repayment calculator shows, you may be eligible for student loan forgiveness under income-contingent student loan repayment (ICR). Under REPAYE, for example, which is an income-driven student loan repayment plan, your graduate student loans can be forgiven after 25 years.

Student Loan Income-Contingent Repayment Calculator
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