What does ICR stand for?

Other plans include the Income Contingent Repayment Plan (ICR Plan) for Direct loans and the Income-Sensitive Repayment Plan (ICS Plan) for loans serviced by FFEL lenders.

Income Contingent Repayment Plan--Maximum Repayment Period: The proposal would use the same rules as under the Direct Loan Program for determining the maximum 25-year loan period.

These calculators help you figure out how much money you'll fork over, in principal and interest, for various federal student loans, using the four different loan repayment plans: * The standard loan repayment plan, in which you pay a minimum of $50 a month and your payments last for up to 10 years; * The extended repayment option, which also requires monthly payments of at least $50, but which lets you pay off your educational loans over 12 to 30 years; * The graduated repayment program, which lasts from 12 to 30 years and allows you to pay as little as $25 a month; * The income contingent repayment plan, which permits you to pay as little as $5 a month and lasts for 25 years.

Federal loans that are granted through the direct loan program may qualify for an income contingent repayment plan.

The income contingent repayment is a very flexible plan that helps you get through undue financial hardship.

Income contingent repayment plan - this option takes into account your circumstances and can last up to twenty five years.

Income Contingent Repayment Plan: The monthly payment is based on a borrower's annual adjusted gross income, family size and the total amount of direct loans.

If you decide that a Sallie Mae loan consolidation is what you want, there are four options for repayment plans, the Standard Repayment Plan, the Extended Repayment Plan, the Graduated Repayment Plan, and the Income Contingent Repayment Plan.