ICR (Income Contingent Repayment) is an income-driven repayment plan (IDR) which calculates your monthly payment accordingly:
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The lesser of the following:
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20% of your discretionary income - OR
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The amount you would pay on a fixed repayment plan over the course of 12 years; adjusted according to your income.
If you are married, and your spouse also has Federal Student Loans (which are either synced or manually added via a Savi Spouse account), the calculation you will see is a weighted percentage. This is based upon YOUR portion of the total loan balance shared between you and your spouse.
**There is also a KEY Factor for this calculation. The calculation for ICR within Savi will ONLY be valid if your spouse ALSO enrolls in the same Income Driven Repayment Plan (ICR), also referred to as a Joint ICR plan.
If you are considered Single (per your tax filing) and you have eligible loan types (which are Direct Subsidized/Unsubsidized, Direct Consolidation, Direct PLUS - excluding Parent PLUS), your ICR calculation with Savi will be on par with the calculation of Federal Loan Servicers.
If you are married, and your spouse does NOT have any Federal student loans, the calculation you see in the Savi Tool should match the amount your Servicer calculates.
Essential and PRO members can have a student loan expert help with the enrollment in the Joint ICR plan.