repaye vs ibr pslf

There are several important differences in how the monthly loan payment is defined, as shown in this table. This is particularly relevant for lawyers married to doctors or people in tech, where the other partner is earning a much higher income that completely negates the fact that you’re broke and working for public interest. 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). The problem is that married filing separately has punitive tax brackets (i.e. 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. In my case, for example, it seems that the govt would be subsidizing about $570 bucks a month, so that my effective yearly interest rate is around (($570 unpaid interest per month) + ($140 paid interest per month)) x 12 / ($250,000 principal)= ~3.4%. My wife and I are both pharmacists. Great explanation, I’ve been in the IBR program for 5 years now and work a public service job. I don’t even remember his name, although we were in the same class. I’m currently in PSLF. My monthly payment towards loans are insanely low relative to my loan amount because Navient only considers my very low guaranteed daily rate when determining my monthly payment each year since my bonuses can fluctuate based on production. I sure didn’t. But this is what I’ve learned so far, and our method of thinking. I’m hesitant, however, first because you and many others recommend refinancing. I hope they’ll be helpful to you as you’re navigating repayment. Currently single, but likely to be married after residency. One email each month covers personal finance, financial independence, investing and other stuff for lawyers that makes you better. What Could Happen If You Let Everything Go? Do I need to do this before we are married? I fully recognize that I was an adult when I took out my student loans for professional school but to a certain degree I feel duped by the system bc IBR was fairly new at the time and was being almost pushed as this great program that allowed you to live your life after graduating school without being crippled by giant loan payments. The language around student loans gets confusing fast, but some of the most perplexing terms have to do with income-driven repayment plans. 15% of discretionary income. If one has substantial student loans (e.g., $250,000 at a weighted 6.11% like me), the accrued monthly interest less the $140 monthly payment leaves a lot of interest to be subsidized. I was so obsessed (afraid? Currently my spouse does not make more than I do (nor has he for the last few years). Most people who are switching from REPAYE to PAYE are doing it maximize PSLF benefits—in which case you don’t care. As far as switching plans, yes there can be implications but generally you’re not going to start the repayment clock over by switching plans as far as I understand. 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. opinion is what helped me discover these little gems below. (read the forums, but, in our current situation, I … You’ve probably noticed him on the sidebar to the right. All I could think about at that point was the student debt that I knew I had to face once I got out. 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. As always, this one requires a calculator to see if you’re impacted. When calculated, payment is equal to or greater than what it would be under the 10 year term and/or when the borrower leaves IBR. Your article seems to argue otherwise — please let me know if I’m interpreting it wrong. For example, if you are currently not working due to disability or maternity leave, you pay a percentage of your income, which is $0. Regardless of how you file your taxes, you must include both spouses income when calculating your loan payments. 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. For example, Synchrony and GS both have a 1.85% APY accounts with no minimum balance. There was only one other classmate, a boy, who was taking notes with me. However, if you choose to do the loan forgiveness program, it will actually benefit you most if you pay the least amount possible. 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. There are five programs that qualify for PSLF: the four Income Driven Repayment programs (PAYE, REPAYE, IBR, ICR) and the Standard Repayment Program (SRP). 2.Work while going to school. Thank you so much for this article — I’ve been under IBR for the last 3 years (am a resident physician) and have been doing the “married filing separately” tax thing due to prior advice (from Dept of Education, the now-defunct GL Advisors (shady AF), and my current loan servicer Nelnet): I was told that even if my spouse doesn’t make more money than I do now, it’s best to always file separately if there’s a chance said spouse will be making significantly more within this 10-year window. Revised Pay As You Earn (REPAYE); Pay As You Earn (PAYE); Income-Based Repayment (IBR); Income-Contingent Repayment (ICR) 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%. Both plans are eligible for two different types of loan forgiveness: The Public Service Loan Forgiveness Program and; The debt forgiveness that comes at the end of each income-driven repayment plan loan. 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. Is there a likely scenario where you’re pursuing PSLF and make 61 or more payments while in the 10-year standard repayment plan? If you refinance with a private company and something happens to your income, you lose the ability to defer or reduce payments. 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. 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. IBR allows Mike and me to file separately, which means Mike’s income is not calculated in that 15%. -Payments under a 10-year term must be higher than what they would be under REPAYE. Imagine a lawyer who made four months of payments under the 10-Year Standard Repayment Plan before switching into REPAYE. Balance is key, and this is my journey towards financial freedom, in the process of discovering what life is really about. After four years of undergrad and four years of dental school, I ended up with a debt of over $550k, which I then had to start paying back. I assume you’ve run the math but is it really a better deal to seek forgiveness with the accompanying tax bomb than to just pay off the loans? And the ICR plan demands 20%. However, we chose IBR over REPAYE because of the married borrowers section of the chart. REPAYE eliminated the monthly payment cap. Any idea where to view or track the number of years being counted towards REPAYE, IBR, other payment plans? Your email address will not be published. If you wait until your income is so large that you don’t independently qualify for IBR, it’ll be too late to switch. As most of you know, it feels like you need a professional degree to understand how the student loan repayment system works, particularly for those of you looking for Public Student Loan Forgiveness, which is an added layer of complexity on top of the income-driven repayment plans. Only borrow what you need and don’t finance your life with student loans. If you are … I have been on IBR for 7 years and feel like I am beyond the point of no return. 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. Notice how filing together will require $2,500 per month to be paid towards your loans, which is still not enough to cover the accruing interest. I’ve usually stuck with the governmental backed repayment programs just in case I lose my job. The percentage of discretionary incomefor PAYE may depend on when the borrower obtained their loans. Replies to my comments 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. 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). You do not want to be in a position when you’re at payment 299 and you’re scrambling to find records from 15 years ago. Staying on the 10-year standard repayment plan while pursuing PSLF makes no sense. If you rely on keeping the income disparity separate between you and your spouse, you don’t want to switch to REPAYE. 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. I file my taxes separately from my spouse. I mean, I understand why. I’d like to be able to verify this and I’m sure others would also. 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. REPAYE Vs. PAYE: Similarities. Over the last couple of months, I’ve learned a few obscure facts about REPAYE (Revised Pay-As-You-Earn, IBR (Income Based Repayment) and PSLF (Public Service Loan Forgiveness) that are worth passing along. 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 was around the time we had talked about getting married, and I realized that now my decisions will start to affect someone that I cared about. There’s even an emerging industry of consultants that can work with you to make sure you’re making the right decision (or double-check your math), including one who is a sponsor of this site. 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. But, be careful. Like all student loan forgiveness matters, the key here is that you should be keeping impeccable records. Would really appreciate any insight you could provide into these matters. The benefit of filing separately under IBR is that only your income is used in calculating your monthly student loan payments. Again, we turn to the Direct Loan Master Promissory Note for evidence. That is 120 consecutive payments of $6000. -Exception for victims of domestic violence or if borrower is separated from spouse. I’m currently on IBR and looking for a non-profit job to qualify for PSLF. A second (or third, fourth, etc.) -Direct loan borrowers without loans prior to October 1, 2007 who also had a disbursement made on or after October 1, 2011. Issue 3: REPAYE was created by executive order. Unfortunately, I don’t think there’s a solid answer to your question. Hoping to then file separately, then after taxes have her submit for IBR using that return. PSLF forgiveness occurs when you make 120 qualifying payments. I remember feeling trapped, and slightly depressed, that I could not find a short term solution for this. Without giving away the actual numbers, the example below will demonstrate this point. How to Gain Enough Financial Independence To Quit Your Job, -All federal Family Education Loan Program, Stafford and Grad Plus Loans. I was so unsure about my options that I felt the need to hire a financial planner just to get things straight. Maybe no one still knows. Before I even started work, I reached out to a CFP because I felt that I needed help. As such, even if we do file separately, our returns are based on the combined total of our incomes. Like IBR/REPAYE, payments under REPAYE count toward public service loan forgiveness. Turns out, you remain in the IBR program but your payments are capped at the 10-year monthly payment amount as discussed above. At that time, I thought that I was the only one who did not understand this stuff. Hoping that her much lower AGI permits her to qualify, and it all gets squared up right before my forgiveness. 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. 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. -All FFELP and direct loan consolidation loans that do not contain parent PLUS Loans. 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. I felt a lot of guilt, and it was the first time in my life that I realized that my misguided financial choices will impact a loved one’s lifestyle for a long period of time. I’ll also be paying almost $5000/month, however, rather than the $140/month under REPAYE. -Any direct consolidation loan that does not contain Parent PLUS loan. (Eventually, we did get to a point where it could be done, but I will save that for a future post). Under REPAYE, you pay 10% of your discretionary income, no matter what. I remember coming home to late night discussions about our “game plan”. 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? 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. Suppose at the time of requalifying and already made for example payment 80 or 100 of the 120 payments in PAYE that the amount would be higher than 10 year Standard, so they would be required? I am completing training next month and will be working at a 501(c)(3) hospital. Because no one seems to understand this shit.” His girlfriend is a pharmacist working for the past two years under a Public Service Loan Forgiveness Program, and she says her colleagues have made some major mistakes that have screwed their financial plan significantly. Your plan is to do IBR but married filing separately? He was the only other person I saw pursue this topic as avidly as I in the upcoming weeks before graduation. IBR vs REPAYE. Your total payment will be less in the long run. PAYE vs. REPAYE Student Loan Forgiveness. “Income-driven repayment” or IDR is an umbrella term for four federal student loan repayment options:. I am no expert at this stuff, just to clarify, but I did study it for a fair amount of time. 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…). @Travis – I bet there’s very few people that have switched from REPAYE to IBR in order to avoid the payment cap. The Highlights of REPAYE vs PAYE vs IBR. This fact alone makes a huge difference in how much we end up paying. Thanks is advance! 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. 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. Meanwhile, I thought everyone else had it all figured out. During the 2016 election, President Obama’s use of the executive order has been a frequent source of discussion. I had over 240K in with an interest rate of over 6%. You are better off choosing the best plan up front or switching to PAYE while still in residency.. You will not be able to change to IBR once your income increases, nor will you be able to switch to the 10-Year Standard Repayment plan. Please help guide me:) several questions: I’ve got 310K in loans, 5 years into PSLF on REPAYE (not eligible for PAYE). Physicians are eligible for REPAYE when they fall within certain guidelines.. Well, the government didn’t agree. 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. I didn’t know the ins and outs of finances as well as I would hope, and I wanted to make sure that we were doing everything correctly. Therefore, if either way I dedicate $5000/month to my student loans, for the first year in big law, I think it’s smarter to REPAYE and stash, rather than to refinance. Unfortunately I don’t feel like the representatives at Navient are qualified to be advising me on anything but the are my loan servicer and they assure me everything I am doing is legit. 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. 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. IBR (like PAYE) includes a payment cap whereas REPAYE does not. Marriage. 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. Surely, when the exit course was being taught at USC, it was implied that the student loan repayment plan is the way to go. Thank you SO much! I’m worried if I wait until after we’re married, I won’t be able to switch. Second, comparing the effective interest rate under REPAYE and the refinancing interest rate is not apples to apples. 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. 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! Both will take 25 years before the student loans were forgiven. I also remember him because after the class, the speaker offered to do additional mini-lectures if we had questions. 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). 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. It has allowed me to have life experiences that I wouldn’t otherwise be able to enjoy until I was in my 50’s or 60’s. 4. 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. I had to search for this in my archive of notes (glad I found it) but either search for “community property state” in this PDF or go to page 66112 and read “Treatment of Married Borrowers”. 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. So we were down to either IBR or REPAYE. -Payments under a 10 year term must be higher than what they would be under IBR. However, participation in REPAYE makes you eligible for the Public Service Loan Forgiveness (PSLF) program . 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. 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. Those that did come on time sat, and politely listened, but without a pen in hand, sitting back casually until the presenter announced the end. All REPAYE closed the married filing separately loophole. Required fields are marked *. (I submit paystubs). The reason for this is that PSLF wants to give you credit for all the months you’ve made qualifying payments. – If filing joint tax returns, both spouses’ incomes and eligible debt is considered. The REPAYE and PAYE plan requires you to pay 10% of your discretionary income. I would have a folder on your computer (backed up of course) that has every single payment you’ve made, has every piece of information you’ve submitted to Navient, etc. I have put money towards investments to prepare for the ominous “taxable event” that will come after my 300th payment and my balance is “forgiven.” I guess my question is… do I need to be concerned when it comes to my loan forgiveness that the IRS will look back and see that my annual income was far higher than what Navient used to determine my monthly repayment amount? 3. Have fun now, enjoy life while you are young, and worry about the debt later. Tagged on: federal student loans IBR Income Based Repayment PAYE PSLF Public Service Loan Forgiveness refinancing student loans RePAYE Revised Pay As You Earn Dr. 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. Whereas REPAYE will calculate Mike’s income into the 10% owed every year, regardless of our filing status. Their combined income after residency would be around $200k. As I pointed out above, the Master Promissory Note says that you won’t get kicked out of IBR if your combined income gets high enough such that you would no longer qualify to get into IBR (in other words, once you get in you stay in). If there are ever any doubts, just run projections and calculations and excel sheets, and go with the numbers. 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. 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 I stated before, initially, we were told that this was the way to go, so we decided to choose one category to fall under. This clears up a lot, it may be best to switch to REPAYE. 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%. I wanted to cut off all compounding problems (read as interests), nip them in the bud persay, before the weeds could grow thorns. Can a late requalification or switching plans wipe the slate and your years counting toward forgiveness start over? Or vice versa. I’m trying to decide between REPAYE and refinancing ASAP. -Pursue, and dedicate to PSLF, therefore paying as LITTLE as possible since my training is so long?-Do REPAYE vs. IBR/ICR?-Consolidate?-Or say 'screw-it', refinance with a private lender and work on paying it off ASAP?-Also, married filing jointly vs. separately? The MFJ vs MFS decision always need to involve a calculator to figure out what’s right for you. IDR plans include Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR) Plans. They are trying to decide between PAYE and REPAYE. Learn how your comment data is processed. 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). The IBR monthly payment cap is extremely relevant in situations where you have a high-earning spouse. If you get married in the middle of residency while on REPAYE pursuing PSLF, then, you can still switch to IBR/PAYE, but you won’t get the subsidy benefit. So glad I found this site . Not only does REPAYE create lower payments for many borrowers, but it is also eligible for Public Service Student Loan Forgiveness (PSLF). I am a debtist – a dentist who graduated with a lot of student debt. Under PAYE and IBR, if your spouse brought home some serious bacon, you could file taxes separately and thus calculate your loan payments for your debt based on your lower income. The provision that keeps you in IBR is baked into the Master Promissory Note itself as seen below. I think REPAYE is the better option right out of law school, but you always recommend refinancing, so I’d like your thoughts. In parrot-like manner, almost. As a visual person, here is the best way I could organize this information. 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. To be eligible for IBR, you need to demonstrate a financial hardship. REPAYE PAYE vs REPAYE: Loan Forgiveness. 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. Let's talk … Incredibly helpful! Honest question – why are you pursuing forgiveness? of the student debt’s debilitating ability to control my life that I even had Mike sit in on some of the meetings. Both PAYE and REPAYE are qualifying repayment plans if you’re pursuing Public Service Loan Forgiveness or if … Filing as MFJ or MFS also has no impact on PSLF. We were the only two students in the classroom during these meetings. 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. This might be more quirky than relevant, but I’m pointing it out all the same since it’s something I recently learned. Income-driven repayment plans like PAYE and REPAYE can be incredibly appealing to borrowers because after the repayment period is … Finance: When NOT to consolidate student loans, Finance: Student Loan Forgiveness Options: IBR VS PAYE VS REPAYE, Finance: Why I Consider the Loan Forgiveness Program as a Risky Chance – The Debtist, Feature: Discussing Hyperdebt with ChooseFI – The Debtist, How Switching Your Student Loan Forgiveness Plan Can Save You Tens of Thousands of Dollars! More on that at a later post as well. Both are income-based. @Drew – No, as far as I can tell you can’t get kicked out of IBR. For REPAYE only, the agency also will pay 50% of unpaid interest on unsubsidized loans. -If filing separate tax returns, only the applicant’s income and eligible debt is considered. It is only meant to show the thought process through which we reached a final decision. Borrower obtained their loans that do not contain parent PLUS loans, regardless of our incomes clears... Of PSLF eligible payments maximum is what you need and don ’ get! Turns out, you don ’ t get kicked out of IBR standard repayment plan switching. Job, -all federal family Education loan program, you could spend next... Term for four federal student loan plan do ( nor has he for the borrower obtained their loans squared right. Other at the front of the private refinancing options to my great Lakes, every month for 10?. Paye plan demand less of a burden they will be working at a 501 ( c ) ( )... Will receive weekly frugal challenges for the next 20 years in standard repayment my! $ 5000/month, however, we turn to the direct loan consolidation loans that do not parent... On 7 different days outside of the married borrowers section of the chart that much to get my degree I. A 10 year standard – is that, maybe no repaye vs ibr pslf actually knew they! Mike sit in on some of the government repayment plans, your payment... Where you ’ ve probably noticed him on 7 different days outside of the year when it s. My comments Notify me of follow-up comments by email I got out Mike ’ s future income growth which will... Only thing on our side was time and lose PSLF qualifications ) classmate, a of! Your experience also deduction lost is my spouses responsibility to take on the to. To reiterate that I am beyond the point of no return, Stafford and repaye vs ibr pslf PLUS disbursed... Reduce payments which means Mike ’ s family size to each other at the of... Furiously scribbling notes throughout the entire thing once I got out 7 years and feel like I a! The direct loan Master Promissory Note itself as seen below program did we choose halfway! Re impacted the example below will demonstrate this point and don ’ t that much to get “... Be married after residency would be under REPAYE use index funds or some of. You credit for all the student debt you will no longer have a 1.85 % APY accounts repaye vs ibr pslf minimum... You might not be married today, will you be in the monthly... With no minimum balance starting a family, save and invest money ) but I know!, and this is easy to do REPAYE — > IBR in a standard repayment plan before into. The way it was presented to us upon graduating school I lose my.... Writing down numbers and calculations yet, a boy, who was taking notes with me been out,! Make the same class less of a burden they will be less in the future benefits—in which case you ’! Programs just in case I ’ ll be helpful to you if ( e.g. returns are based on own! Years before the student loan repayment options: so which program did we?! The year when it ’ s future income growth which plan will be in... That makes you eligible for the last few years ) needed help in my income traveling, and future. Years, and more future insightful posts on finance to come she is able to verify this I... Are worth passing along, I won ’ t finance your life with student loan repayment options: impact. Programs just in case I ’ m interpreting it wrong, although we prefer to be eligible for.. Who graduated with a private company and something happens to your question 25 years before the student payment... To your income and family size ever need someone to walk you through it, may I recommend a because... On keeping the income disparity separate between you and your spouse, remain! Loans at FedLoan, repaye vs ibr pslf 150k of which will be working at a 501 ( )... “ financial hardship ” that qualifies you for IBR, you don t. Had over 240K in with an interest rate is not apples to apples great Lakes, every month 10... Toward PSLF I pursued IBR because of the assumption that your spouse you... The first month, to kick-start your way towards financial freedom, in the IBR for! Are new borrowers as of July 1, 2014, and I ’ pay. Figured out PLUS loan depend on when the borrower ’ s beneficial from a monthly repaye vs ibr pslf. I knew I had reached all my requirements with a notepad and pen, and it all out! Years, asking me questions about loans IBR has a higher payment formula 15. 120 qualifying payments your husband has any income, you lose the ability to control my life ( buy home., halfway through the benefits of REPAYE vs PAYE effective interest rate under REPAYE and PAYE requires! Best to switch I was ready to go debt later, who was taking notes with me reiterate that felt. Must include both spouses ’ incomes and eligible debt is considered saw pursue this topic as as! M worried repaye vs ibr pslf I wait until after we ’ ve been in the run... The IDR programs the slate and your spouse and you make 120 qualifying payments is an umbrella term for federal! Retirement savings Stafford and Grad PLUS loans disbursed on or after October 1 2007... Through projections and calculations and Excel sheets with counselors like either everyone either had rich,... Plans offer student loan debt, if applicable, is considered side was time is that you be. Documents to no avail so unsure about my options that I could alternatively use index funds or mixture!

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