Official Student Loan Repayment Calculator - Income Contingent Plan

To use the Department of Education's Income Contingent student loan repayment calculator, you'll need the following information:

• Loan Balance
• Interest Rate
• Adjusted Gross Income (AGI)
• Tax Filing Status (Married, Head of Household, or Single)
• Number of family members

Understanding the Results
The DOE's Income Contingent student loan repayment calculator will allow you to compare the payment under an Income Contingent repayment plan with those under a standard, graduated, or extended plans.

The results include the following information:

• Term - How many months the loan repayment period will be.
• Initial Payment - The amount of your first payment. This remains the same, unless you are on a graduated plan, in which case it rises over time.
• Total Payments - The total amount you'll pay, including interest, by the time the loan is paid off.
• Detail - This box provides a link to where you can see more detailed information about the repayment calculation. It's particularly useful if you are using a graduated repayment plan, as it will show the amounts you'll be expected to pay each time it increases.

To give the DOE's official Student Loan Calculator a try, visit them at www.ed.gov.