FinAid - Financial Aid Advice The SmartStudent Guide to Financial Aid
Site MapAbout FinAid
Saving for College
Military Aid
Other Types of Aid
Financial Aid Applications
Answering Your Questions
Beyond Financial Aid


Income Contingent Repayment Calculator - Policy Version

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 2019 table year to be sure of fully consistent results until July 2020.

Table Year:
Family Size:
Discount Rate:
State of Residence:
Income Growth Rate:
Poverty Level Change Rate:
Loan Forgiveness
Year of Forgiveness:
Forgiveness Rate:
Forgiveness AGI Phaseout:
Up Front Forgiveness
Overlap with PSLF:
Amount per Year:
Number of Years:
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:
Loan Term:
Minimum Payment:
Interest Rate Reduction:
... after month:
Display full payment schedule? Yes No


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.


Home | Loans | Scholarships | Savings | Military Aid | Other Types of Aid | Financial Aid Applications | FAFSA
Answering Your Questions | Calculators | Beyond Financial Aid | Site Map | About FinAid®
Fastweb College Scholarships
Copyright © 2020 FinAid Page, LLC. All rights reserved.
Mark Kantrowitz, Founder