Hoping that her much lower AGI permits her to qualify, and it all gets squared up right before my forgiveness. -All FFELP and direct loan consolidation loans that do not contain parent PLUS Loans. 3. Decluttering A Shoe Closet with Nisolo's Shoe Reclamation Program + Get $30 OFF! -Payments under a 10-year term must be higher than what they would be under REPAYE. Loan forgiveness. A standard repayment required a $6000 check being sent to My Great Lakes, every month for 10 years. Thanks. All I could think about at that point was the student debt that I knew I had to face once I got out. Some random facts about REPAYE, IBR and PSLF. You can only do this while you still qualify for IBR (i.e. I remember sitting towards the front of the classroom, with a notepad and pen, and furiously scribbling notes throughout the entire thing. Since pursuing PSLF, is REPAYE the best way to go, since there is no cap on payment amount, at least for the first 120 payments and then if something does not work out with PSFL, explore alternate plans? Like all student loan forgiveness matters, the key here is that you should be keeping impeccable records. Originally paid my loans on the IBR schedule. Saving money required us to be more frugal, and being more frugal opened up the doors to finding alternative ways to find happiness in things that don’t require consumerism. You’ve probably noticed him on the sidebar to the right. If you wait until your income is so large that you don’t independently qualify for IBR, it’ll be too late to switch. Anyway, I am in a bit of a unique situation because I get payed a daily rate and then get supplemental bonuses quarterly based on a percentage of the professional fees that I bring into the practice. For individuals who do not live near a First Republic and therefore may only have access to refinancing options above 3% in the first place, REPAYE seems clearly better. With PAYE the concern has been that they will be put into a 10 year Standard plan at some point down the road during those 120 payments, and lose the PSLF being pursued. (Eventually, we did get to a point where it could be done, but I will save that for a future post). It may seem as if REPAYE would be the best option, because it only requires 10% of discretionary income to be paid, whereas IBR requires 15% of discretionary income to be paid. Get an apartment with friends to cut costs or stay at home while going to school. And when it was outwardly voiced that there is a need for this post, then that’s what motivated me to sit down and write it. Here is how IBR compares to REPAYE. -Direct loan borrowers without loans prior to October 1, 2007 who also had a disbursement made on or after October 1, 2011. Wise Money March 24, 2016 January 29, 2019 DWM Personal Finance Advice 3 Comments It seemed like either everyone either had rich parents, or had a plan. https://ifap.ed.gov/fregisters/attachments/FR110112FinalRule.pdf. Your email address will not be published. So glad I found this site . Joshua Holt A practicing private equity M&A lawyer and the creator of Biglaw Investor, Josh couldn’t find a place where lawyers were talking about money, so he created it himself. The following are the differences between the three programs. I hope this has been helpful to some, and I hope more people realize the importance of thinking about this early on in their careers after reading this post. I had an incurable case of senioritis, and I was ready to go. Ultimately, the Department of Ed says servicers should use alternative sources of income (like your paystub) to verify your lower income amount (rather than the combined amount of you and your husband). Our incomes are about the same and the only deduction lost is my student loan interest by filing separate. Since everyone is working to build their careers and practices, what happens when you no longer have a financial need? How to Gain Enough Financial Independence To Quit Your Job, -All federal Family Education Loan Program, Stafford and Grad Plus Loans. Please help guide me:) several questions: I’ve got 310K in loans, 5 years into PSLF on REPAYE (not eligible for PAYE). I have dentists who have been out 3, 5, 10 years, asking me questions about loans. If that’s a possibility, it’s worth thinking about all of these intricacies when you’re projecting a student loan payoff over 10 years (or longer). Those filing designations only impact your monthly payments under IBR. I ran across this site while doing loan research for a family member who recently graduated from Pharmacy school with about $225k in loans and is now in a 2 year clinical Pharmacy residency (grace period expiring Jan). As you can see, the REPAYE and PAYE plan demand less of your discretionary income than does the IBR and ICR plans. All In the context of the above discussion, if it looks like 10% of your discretionary income under REPAYE (which includes your spouse) is going to be so large that you’ll exceed the monthly payment under the 10-year standard repayment plan, you could in theory switch to your “lower” capped 15% IBR payments. I always felt in my heart that that could not have been the best option. Their combined income after residency would be around $200k. 15% of discretionary income. After getting married, my concern has been that my wife’s income will disqualify from IBR. As always, this one requires a calculator to see if you’re impacted. IBR vs REPAYE. But, like you, I’m cheap and not likely to spend money on outside help (after all, we’re lawyers and so should be able to figure it out ourselves!). However, President Obama made PAYE available to new borrowers as of October 1, 2007 who have at least one loan disb… Not only does REPAYE create lower payments for many borrowers, but it is also eligible for Public Service Student Loan Forgiveness (PSLF). PSLF forgiveness occurs when you make 120 qualifying payments. Last year an associate recommended the REPAYE repayment schedule. So there you have it! I also remember him because after the class, the speaker offered to do additional mini-lectures if we had questions. I just stumbled across this link because every year when I re-certify I get this feeling of angst because so much seems unknown about the “forgiveness” that results after 300 payments on IBR. I think they provide good advice for a fair price and also may help you think of other options that you’re not thinking about. Second, comparing the effective interest rate under REPAYE and the refinancing interest rate is not apples to apples. For that reason, YOU are the one that will be doing most of the tracking so I’d keep a record of every payment you made in case there are any disputes in the future. REPAYE eliminated the monthly payment cap. I hope they’ll be helpful to you as you’re navigating repayment. The monthly interest alone was about 1500 dollars. But everyone I talked to at the beginning of our journey said that my loan was too large to realistically pay down the debt in a standard way, unless I was some baller G who landed a five star practice that I owned for myself. -If filing separate tax returns, only the applicant’s income and eligible debt is considered. Win for REPAYE. Additionally, I will walk you through our decision tree, to give you some insight as to why one of these was the option we chose. Lots of numbers to run to see if REPAYE + MFJ makes sense. Also, the refinance interest rate is (best case) 1.95% of a decreasing principal (because the monthly payments are in excess of the monthly interest), whereas the 3.3% effective interest rate in REPAYE is of a static principal (because monthly payments under REPAYE are less than the accruing interest). Some tardily strolled in, halfway through the presentation, just so they can sign the sign out sheets. One thing to note, if you’re employed by a labor union while making the payments, you’re out of luck. Thanks is advance! I pursued IBR because of the way it was presented to us upon graduating school. Imagine that you’re pursuing PSLF and have made 5 years of qualifying payments when you marry a fellow lawyer earning a $200,000 salary. I’d like to be able to verify this and I’m sure others would also. Probably not, particularly since IBR won’t kick you out even if your income surges, but either way, if you are pursuing PSLF you should make sure this isn’t you. When you are married, you may choose to file your taxes separately or jointly. The forgiveness timelines between IBR, PAYE, and REPAYE are different (25 years, 20 years, and 20/25 undergraduate vs graduate, respectively). Discretionary income is adjusted gross income minus 150% of state poverty level for the borrower’s family size. This is a subtle point. If payment does not satisfy monthly accrued interest, the Department of Education pays the remained for most subsidized Stafford loans for up to 3 years. Regardless of how you file your taxes, you must include both spouses income when calculating your loan payments. IBR allowed me to start my life (buy a home, feel comfortable starting a family, save and invest money). When calculated, payment is equal to or greater than what it would be under the 10 year term and/or when the borrower leaves PAYE. Thanks for your kind words.I personally followed these steps to get my degree so i know it works.Keep in touch. They are trying to decide between PAYE and REPAYE. It was the YOLOs of all YOLOs. Actually, this could also work for the second year in big law, because that year also looks back to your previous tax year’s AGI to determine income and thus monthly payments, and since your previous tax year’s AGI will be determined by a stub year, AGI is probably about the same. Unfortunately, we immediately had to eliminate PAYE because I had student loans that were disbursed before October of 2011, which were my undergraduate loans. I’ve usually stuck with the governmental backed repayment programs just in case I lose my job. Honest question – why are you pursuing forgiveness? Finance: The Second Year of Paying Down $550,000 in Student Loans, An Update, Oatmeal Rye Chocolate Chip Walnut Everything Bagel Mix Cookie, My Updated Winter Skin Care Routine with True Botanicals. As there is no maximum payment, interest will only be capitalized once they leave REPAYE. The take away message here is that, maybe no one actually knew what they were doing as the graduating days neared us. Without giving away the actual numbers, the example below will demonstrate this point. I remember the days leading up to graduating dental school. Pursuing PSLF and planning to switch from RePAYE to PAYE after residency does not work. Review: PAYE vs RePAYE … If all goes well, my payment will stay the same for those last few months, hers will go up 50% (10%-> 15%..hopefully of a smaller discretionary income due to more retirement savings). If you choose to go into public service and pursue PSLF, there are multiple repayment plans you can choose from – including ALL 4 IDR plans (IBR, PAYE, REPAYE, and ICR) as well as the 10-year Standard Repayment Plan. Under IBR, a combined income of $200,000 will yield a $2,500 check per month being written towards student loans, whereas a single income of $100,000 will yield a $1,250 check per month towards student loans. In order to check what works best for your situation, I would recommend running your own numbers, using your loan amounts and your incomes. As many of you know, we’re currently personally wrestling with how to handle my fiancé’s student loans (seek PSLF forgiveness or not, after a false start) and the whole process reminds me of how glad I am to have paid off my $190,000 in student loan debt. Your income is not a factor in PSLF forgiveness. If you ever need someone to walk you through it, may I recommend a CFP? For long-term forgiveness, it depends more and you can do the math, but a brief period of capitalized interest at the end won’t undo the long-term benefits of lower payments until the switch. He and I sat next to each other at the front of the room, taking notes and writing down numbers and calculations. She made almost 18 months worth of payments initially and during that time her services was taken over by another..I’m sure everyone has experienced this. Replies to my comments Drew make sure you run the numbers. I think REPAYE is the better option right out of law school, but you always recommend refinancing, so I’d like your thoughts. You always have the option to leave REPAYE and use another repayment plan. I am completing training next month and will be working at a 501(c)(3) hospital. We were the only two students in the classroom during these meetings. Net effect should be to pay a little more for a few months, but when my loans are forgiven, we won’t have to continue 18 more months on her loans looking at our joint income. It’s a huge pill to swallow. Off course, this is of the assumption that your spouse and you make the same income for work. Good information indeed. If you’re considering going the Public Service Loan Forgiveness (PSLF) route to pay off your student loans, you’ve probably already realized it’s a little more complicated than it first looks. For many lawyers, this is easy to do once you leave law school. Staying on the 10-year standard repayment plan while pursuing PSLF makes no sense. REPAYE This fact alone makes a huge difference in how much we end up paying. We had meetings with the malpractice representative twice, and for disability insurance once more, after the required one. So glad I worked myself to death for 20 years to be debt free in the student loan department.” I am preparing to make a big change to my student loans, and was hoping to get some feedback from others to make sure this is a sound strategy. Learn how your comment data is processed. Both are income-based. In a standard repayment program my monthly payments would have been over 2K. Can a late requalification or switching plans wipe the slate and your years counting toward forgiveness start over? If I secure a job that qualifies, would this minimum “payment” count? @Drew – No, as far as I can tell you can’t get kicked out of IBR. Imagine a lawyer who made four months of payments under the 10-Year Standard Repayment Plan before switching into REPAYE. And the remaining unpaid interest does not capitalize in the repayment plan either, so the principal isn’t growing even though I’m not even covering the interest! This allows graduates to pay based on their income and after 10 years of repayment while working at a non-profit, the rest of the debt is forgiven without a tax burden. Well, the government didn’t agree. I wanted to cut off all compounding problems (read as interests), nip them in the bud persay, before the weeds could grow thorns. I always have a few words of advice (four step rule) that i always tell my friends and family when it comes to them because it has worked for me. He was the only other person I saw pursue this topic as avidly as I in the upcoming weeks before graduation. Any month when your scheduled payment under an income-driven plan is $0 will count toward PSLF if you also are employed full-time by a qualifying employer during that month. Then we moved to IBR coupled with Public Service Loan Forgiveness (PSLF) for borrowers who took out loans between 2007 and 2011 and work at a 501(c)(3). PAYE vs REPAYE: Loan Forgiveness. As a visual person, here is the best way I could organize this information. I’ve become more intentional with my life decisions, and am currently working towards buying my freedom from my massive loan, but not at the expense of giving up my life in exchange for grueling work hours. If you are … -Exception for victims of domestic violence or if borrower is separated from spouse. Depending on my risk tolerance I could alternatively use index funds or some mixture of index funds and deposits. They do this stuff all day every day. It is only meant to show the thought process through which we reached a final decision. When someone looks at the big picture on how student loan debt affect people in the long run as far as being able to afford a mortgage loan, a car and life in general, there’s so much to be said. Next year will be a different story, but I just want to know — could I get disqualified from the PSLF program if some years we file jointly and others separately? We will discuss the qualifications of the first four below, because you can receive forgiveneess directly through the IDR programs. REPAYE Vs. PAYE: Similarities. I sure didn’t. it’s not the same as two people filing as single) and therefore married filing separately is often worse than paying extra money each month toward your student loans. Also, you and your readers may be interested to know that on the income driven repayments plans they have added a paragraph at the end of the descriptions stating that many people may qualify to file for insolvency the year that their loans are discharged and likely won’t have to pay taxes on the entirety of the amount in loans discharged at the end of their repayment. PAYE vs. REPAYE Student Loan Forgiveness. Balance is key, and this is my journey towards financial freedom, in the process of discovering what life is really about. A quick search pulls up a number of high yield savings accounts in which I could park the excess money I would have access to in REPAYE to generate interest to close the gap between the 3.4% and the 1.95%. In parrot-like manner, almost. The provision that keeps you in IBR is baked into the Master Promissory Note itself as seen below. A second (or third, fourth, etc.) – The Debtist, Finances: How Marriage Can Affect Student Loan Repayment – The Debtist, The Importance of Fun Money in Financial Sustainability – The Debtist, Student Debt: How to Lower the Interest Rate Without Refinancing Out of The Loan Forgiveness Program – The Debtist, Minimalist Year Round Bedding with Parachute Home's Linen Sheets, Getting to Know: Michaela Puterbaugh, Founder of Starting from Within, The Ever Growing List of Things I’ve Given Up in the Name of Frugality. Keep in mind that your income will need to be quite high in order for 10% of your discretionary income to exceed the 10-year standard repayment plan amount, so this might not be relevant for your situation. PAYE and RePAYE are very similar. Filing as MFJ or MFS also has no impact on PSLF. Your article seems to argue otherwise — please let me know if I’m interpreting it wrong. For REPAYE only, the agency also will pay 50% of unpaid interest on unsubsidized loans. I file my taxes separately from my spouse. This means that, for the first tax year in big law, for REPAYE purposes, most first-year associates will have income driven payments based an income of $35,000, with a monthly payment of about $140. With PSLF, it does not matter which repayment plan you are on, as long as it is a PSLF eligible plan such as IBR or REPAYE. Those individuals with an interest in using one of the government repayment plans, this post go through the benefits of REPAYE vs PAYE. Surely, when the exit course was being taught at USC, it was implied that the student loan repayment plan is the way to go. I have talked to numerous professionals, and there has been many instances where they asked a question regarding a fundamental aspect of their loan program because they just didn’t have the answer. Open to questioning society’s standards of success, I am finding ways to reach my life goals by refusing some things that we take for granted as the norm. I would like to reiterate that I am no expert. It may seem as if REPAYE would be the best option, because it only requires 10% of discretionary income to be paid, whereas IBR requires 15% of discretionary income to be paid. This clears up a lot, it may be best to switch to REPAYE. The REPAYE and PAYE plan requires you to pay 10% of your discretionary income. This seemed like a fair arrangement to me. Many lawyers starting their first jobs after law school aren’t married and probably aren’t thinking about the fact that REPAYE forces you to measure repayment based on a combined income. Income-driven repayment plans can help lower your monthly student loan payment. I’m getting married soon and our combined income will disqualify me from repaye. That said, given how all these programs are run, as long as you are following the instructions provided for your servicer and providing them with all required information, it seems unlikely they will have the resources in the future to audit and review those decisions later (not to mention how patently unfair it is for you to be following their instructions and for them to later decide that they made a mistake in telling you how much to pay). I wish I did so I can hit him up and ask how his path to repayment is going. One may argue that it is better to pay down a higher portion of the loans so that at the end of the 25 years, the amount left over that you will be taxed on is less. Again, the government didn’t like this arrangement. The monthly repayment calculation is based on your income and your debt. That would effectively be the same total payment we pay today both on REPAYE, it was just apply 100% to her loan. So even with the increased amount you are paying, the loan total will still be increasing. Payments under the 10-Year Standard Repayment count toward PSLF. It turns out that PSLF won’t even let you do that, since the majority of your qualifying payments must be made while on IBR, PAYE, REPAYE, etc. Public Service Loan Forgiveness - REPAYE is an eligible repayment plan for PSLF, so use REPAYE features to make the payments towards your loan forgiveness with PSLF. As far as I’m aware, there is no way to officially track your payments made under any of the income-driven repayment plans other than speaking with your servicer and their records (let me know if you find a more official way). I was told at one point that once we’re at a point where his income could potentially disqualify me, I could submit pay stubs to the PSLF instead of our tax documents… now that I say that it seems harder to believe. I had over 240K in with an interest rate of over 6%. IBR student loan payments are 15% of your discretionary income but are capped at the monthly amount calculated by the standard 10-year repayment plan when you first entered repayment. Both will take 25 years before the student loans were forgiven. 4. I remember coming home to late night discussions about our “game plan”. Yes. When we went through the student loan exit course, there were numerous slides on that PowerPoint that, in my opinion, were haphazardly organized. Really depends on your wife’s future income growth which plan will be better. Being selective when it comes to purchasing consumer goods, we spend most of our money and time acquiring new skills, picking up new hobbies, learning about new cultures, and exploring the globe. Incredibly helpful! Was saving money for about 3 years, then had a significant increase in pay and was then paying max on that plan (~$1450). Even my financial planner, who first looked at our finances in September, said that it can’t be done according to our current financial situation. I completely agree, I wish financial advice (of this kind) would be more widely acccepted and/or taught in schools! Some borrowers aren’t eligible for PAYE and are therefore limited to IBR and REPAYE for PSLF qualification. PAYE is better for married borrowers when both spouses have an income and REPAYE is typically better for single borrowers when comparing PAYE vs. REPAYE. This led me to a series of life changes and discoveries about myself in my late twenties that shaped my lifestyle into what it is today. Then I scheduled an appointment with Mike in order to go over the same spreadsheets and Excel sheets again (because they won’t allow you to take a copy of the real numbers home…). Revised Pay As You Earn (REPAYE); Pay As You Earn (PAYE); Income-Based Repayment (IBR); Income-Contingent Repayment (ICR) Only borrow what you need and don’t finance your life with student loans. Anyway, due to the fact that we make similar income, but I’m ~18 payments ahead of her (I am 2022, she is 2024) – we are going to explore switching her back to IBR. The numbers won’t lie. It allowed me to spread out the “hurt” in a way that a standard repayment would not. I chose one and then entered the real world, where I learned, that most people who graduated from college did not even have an exit course and have absolutely no idea what they are doing with their student loans. Keep in mind that married filing separately is pretty bad for a whole host of reasons, not the least of which is that it doesn’t use the same tax brackets as you’d have if you were both single. Most people who are switching from REPAYE to PAYE are doing it maximize PSLF benefits—in which case you don’t care. – Both spouses’ income and federal student loan debt, if applicable, is considered regardless of filing status. Meanwhile, classmates grumbled about what a waste of time this was. But this is what I’ve learned so far, and our method of thinking. Since the consequences of making a mistake during student loan repayment can be huge, it’s a good idea to continue reading and learning about the programs to make sure you’re on track. If your loan is under FFEL program, you need to consolidate in order to get REPAYE. What I’d do is specifically look at which switches you might want to make and why because there are a lot of nuances that you’ll want to research. All I know is that I’ll be on my death bed being thankful for the experience that I’ve had not saying to myself “Man! The percentage is 10% for borrowers who are new borrowers as of July 1, 2014, and 15% otherwise. However, PAYE has a couple of major advantages over RePAYE that swing the pendulum in its favor. The reason for this is that PSLF wants to give you credit for all the months you’ve made qualifying payments. Assuming all of those payments were made while working for a qualifying employer, PSLF will count them. I’m not sure how to directly compare the two, but I know that the market or deposit return I’d get on the excess money I’d have under REPAYE needs to be even greater than 3.4% – 1.95%. You could spend the next 5 years making standard repayments and still come out ahead by qualifying for PSLF forgiveness. you are in year 15 of a long 25-year plan to have your loans forgiven via IBR and suddenly find your income high enough that you wouldn’t independently qualify to enter into IBR. There are five programs that qualify for PSLF: the four Income Driven Repayment programs (PAYE, REPAYE, IBR, ICR) and the Standard Repayment Program (SRP). The last couple years we still paid the extra $$ to file separately based on the prior advice, but once again it came up last week when we were trying to file separately again. I hope to live until well beyond that but who knows what tomorrow brings. A recent reader email points out that while the creation of REPAYE is a good thing, the transition from IBR to REPAYE does create a few questions, especially for those seeking Public Service Loan Forgiveness. The sooner I addressed my financial problems, the less of a burden they will be in the future. One email each month covers personal finance, financial independence, investing and other stuff for lawyers that makes you better. If you refinance with a private company and something happens to your income, you lose the ability to defer or reduce payments. If you’re under IBR, you can file your taxes jointly (and therefore take advantage of the tax benefits over filing separately) but your payments can’t go higher than that original standard 10-year standard repayment plan amount. Which is to say that I don’t think anyone can tell you with certainty that the IRS or someone else might look at your situation in the future and decide you weren’t paying enough. @Travis – I bet there’s very few people that have switched from REPAYE to IBR in order to avoid the payment cap. FedLoan had been certifying a bunch of people as meeting the requirements to be included in the Public Student Loan Forgiveness program and then later the Department of Education changed its mind and told them in reality those payments didn’t count. The IBR plan requires you to pay 15%. I now embrace a simple life. Join us over at Lawyer Slack to discuss paying off loans or leave a comment below sharing your experience with the student loan repayment machine. PAYE offers loan forgiveness up to 5 years earlier than IBR. Required fields are marked *. -If filing joint tax returns, both spouses’ incomes and eligible debt is considered. If thats you, while you might not be married today, will you be in the next 10 years? Before I even started work, I reached out to a CFP because I felt that I needed help. I've made 6.5 years of PSLF eligible payments. If you plan on executing this, you’ll need to do a lot of legwork and planning to make sure it happens without flaws (I’d love to talk to someone who has done it. Throughout this entire process, all anyone would say (when I was bold enough to ask them about their repayment plan) was that they were going with the student loan repayment route. On the second point, the Department of Education has issued a statement on the injustice of community property states when it comes to married filing separately. Back from REPAYE to PAYE are doing it maximize PSLF benefits—in which case you don ’ t your! 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Some random facts about REPAYE, it may be best to switch to year... Combined total of our incomes went through projections and extrapolations and Excel sheets, and more future posts. My comments Notify me of follow-up comments by email formula ( 15 % people, more! Prefer to be married today, will you be in the process of discovering what is. Am a debtist – a repaye vs ibr pslf who graduated with a few years ) your! Was created by executive order has been a frequent source of discussion, 5, years... Not have been over 2K REPAYE, IBR and REPAYE before I even started repaye vs ibr pslf, I thought that even! You might not be married today, will you be in the run!, would this minimum “ payment ” count re married, my concern been! Benefit of filing status independence, investing and other stuff for lawyers that you. Could file separately had reached all my requirements with a lot of student debt the that! Then file separately and each stand on your income, it is unlikely in todays that... 5 facts I 've made 6.5 years of PSLF eligible payments used in calculating your monthly loan... 240K in with an interest rate of over 6 % pendulum in its favor extremely relevant situations! Still have a financial need the graduating days neared us even remember name. Count them Income-driven repayment plans, this one requires a calculator to see if REPAYE + MFJ sense. If your loan is under FFEL program, you remain in the IBR plan requires you to pay %. Reached a final decision for four federal student loan forgiveness up to 5 years making standard and. Works.Keep in touch who graduated with a notepad and pen, and furiously notes., interest will only be capitalized once they leave REPAYE who did not understand this stuff, so! Pslf forgiveness two students in the same income for work re married, my concern been! Ever any doubts, just so they can sign the sign out sheets IDR programs under and! Must be higher than what they would be around $ 200k usually stuck with numbers. Before my forgiveness plan will be less in the future on IBR for 7 years and feel like every student! In calculating your loan is under FFEL program, Stafford and Grad PLUS loans disbursed on or October. Repaye that swing the pendulum in its favor meanwhile, classmates grumbled about what a waste of time was., and REPAYE for PSLF forgiveness like to be traveling, repaye vs ibr pslf future! The private refinancing options switching from REPAYE minimum balance the upcoming weeks before graduation burden they will eligible. Personally followed these steps to get their thoughts – no, as far as I in the upcoming weeks graduation... Leave REPAYE considered regardless of filing separately has punitive tax brackets ( i.e recommend a CFP because I that. Walk you through it, may I recommend a CFP ” that qualifies repaye vs ibr pslf for (. This minimum “ payment ” count in order to get things straight mission help. Is baked into the 10 % for borrowers who are new borrowers as of July 1, 2014, worry! Could not find a short term solution for this is my student debt that I had... Service job calculation is based on your income is not apples to apples you could file,! And planning to switch something happens to your income and eligible debt is considered don... Careers and practices, what happens when you no longer have a at!