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.

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

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

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

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.

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.

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.

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

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.

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.