This calculator compares the cost of repaying Federal student loans using the Income Contingent Repayment (ICR) option and the standard repayment option, including the net present value of those payments.

Please click on the field names for help in using this calculator. Additional information can be found in the instructions. For more information about discount rates, see also the discussion of net present value.

The Higher Education Opportunity Act (PL 110-315) authorized three forms of up-front forgiveness: Loan Forgiveness for Civil Legal Assistance Attorneys ($6,000/year up to $40,000 aggregate), Loan Forgiveness for Service in Areas of National Need ($2,000/year up to $10,000 aggregate) and Loan Repayment for Prosecutors and Public Defenders ($10,000/year up to $60,000 aggregate). It also established anti-double dip provisions that require each year of service to qualify the borrower for only one of the loan forgiveness provisions.

Please note that the HHS Poverty Tables are updated in February while the Income Percentage Factors aren't updated until sometime between May and July. Between February and July this calculator uses the previous year's income percentage factors with the latest poverty tables. Use the 2012 table year to be sure of fully consistent results until July 2013.

Table Year: 199819992000200120022003200420052006200720082009
Family Size:	Discount Rate:		CPI:
State of Residence: Continental U.S.HawaiiAlaska	Income Growth Rate:		Poverty Level Change Rate:
Loan Forgiveness
Year of Forgiveness: No Forgiveness10 Years12 Years15 Years20 Years25 Years30 Years	Forgiveness Rate:		Forgiveness AGI Phaseout:
Up Front Forgiveness
Overlap with PSLF: Concurrent (Yes)Sequential (No)	Amount per Year:		Number of Years:
	STUDENT		SPOUSE
Adjusted Gross Income (AGI):
Expected Income Jump (Enter New AGI):
Years After Graduation:
	Loan Amount	Interest Rate	Loan Amount	Interest Rate
First Loan:
Second Loan:
	INCOME CONTINGENT REPAYMENT		FIXED MONTHLY REPAYMENT
Loan Term:	10 Years12 Years15 Years20 Years25 Years30 Years		10 Years12 Years15 Years20 Years25 Years30 Years
Minimum Payment:
Interest Rate Reduction:
... after month:
Display full payment schedule? Yes No

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Acknowledgments

This ICR calculator is based, in part, upon published income percentage factors and poverty guidelines provided by the federal government. It was implemented by Mark Kantrowitz, in collaboration with Tai Hsia and Professor Philip G. Schrag of the Georgetown University Law Center.