Please note: Direct Parent Plus Loans must be consolidated to be eligible for the ICR plan.
Notes and Disclaimers
- Above are estimates only. We use 2024 Federal Poverty Levels for our calculations.
- Parent Plus loans must be consolidated to be eligilbe for the ICR plan.
- ICR Calculations may be partially based on the balance at the time the loans went into repayment, not current loan balances. This may cause estimates to be lower or higher than actual payments.
- When filing separately, borrowers cannot include a spouse in the family size.
- When filing jointly, where both parties have federal debt, one payment will be calculated in the ICR plan and be split between the two parties based on their respective debt balances as a percentage of the total. Both parties must agree to pay in the ICR plan to get this payment adjustment.
- The ICR plan offers forgiveness after making 25 years of qualifying payments.
- Traditional Plans: Plans with extended repayment terms have lower monthly payments, but you will pay more over the life of the loan. See “Traditional Plan Calculator” for more detail.
- Traditional Plan payback periods are based on whether loans are unconsolidated or consolidated and the loan balance:
- 10 Years – All Unconsolidated Loans and Consolidation Loans, balance <$7,500
- 12 Years – Consolidation loans only, balance $7,500-$9,999
- 15 Years – Consolidaiton loans only, balance $10,000-$19,999
- 20 Years – Consolidation loans only, balance $20,000-$39,999
- 25 Years – Unconsolidated Loans with a balance of at least $30,000 or Consolidation loans with a balance of $40,000-$59,999
- 30 Years – Consolidation loans only, balance $60,000 or more
