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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Income Based Repayment
Does anyone know if you apply for an Income Based Repayment program for your student loans, do they base it on your salary WITH your spouses salary?
Together it looks as though we can afford the minimum payments but they're MY student loans... My income is much smaller than my husbands...
I'm nervous because I cannot afford the minimum payments right now... and these are MY loans. DH has his own set of debt (not student loans...)
Later next year, when his car payments end, he can help me pay down this debt but right now I need my min. payments lowered.
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Posted 5/14/12 12:06 PM  |
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peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
Name:
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Re: Income Based Repayment
I'm not 100% sure, but I *think* it is based on your salary alone. When I consolidated, they gave me a list of what my payments would be based on income, graduated, standard, etc. etc., and I don't remember entering any of Eric's information.
I didn't choose income based though, so I'm not sure if they would have required that info if I did go with that option.
ETA: If this is of any help, the payments came up as lower for standard than with income based. I feel like the income based did not necessarily take all factors into consideration.
Message edited 5/14/2012 12:19:31 PM.
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| Posted 5/14/12 12:14 PM |
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AngnShaun
Sisters
Member since 1/10 21015 total posts
Name:
Ang
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Re: Income Based Repayment
I believe its you alone
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| Posted 5/14/12 12:22 PM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: Income Based Repayment
Posted by JAAMS
I'm not 100% sure, but I *think* it is based on your salary alone. When I consolidated, they gave me a list of what my payments would be based on income, graduated, standard, etc. etc., and I don't remember entering any of Eric's information.
I didn't choose income based though, so I'm not sure if they would have required that info if I did go with that option.
ETA: If this is of any help, the payments came up as lower for standard than with income based. I feel like the income based did not necessarily take all factors into consideration.
thats the thing... we OWED in taxes b/c we don't own our home. we rent in a very expensive part of the city...
My next step is the extended graduation repayment which I think I can handle, as long as I sell a decent amount of art per month.
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| Posted 5/14/12 12:22 PM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: Income Based Repayment
thank you btw.
I need to simmer my anxiety
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| Posted 5/14/12 12:23 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: Income Based Repayment
It's based on yours and dh. I just got screwed royally bc of this and my payments have doubled on 2 of my loans. I'm fighting it now.
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| Posted 5/14/12 7:24 PM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: Income Based Repayment
Posted by WannaBeAMom11
It's based on yours and dh. I just got screwed royally bc of this and my payments have doubled on 2 of my loans. I'm fighting it now.
nooooooooooooooooooooooo!
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| Posted 5/15/12 11:52 AM |
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Re: Income Based Repayment
IF you file taxes together it is based on your salaries combed.
IF you don't file together it is based on your income alone.
I just consolidated all of my grad school loans and we didn't file together because the payment would be double what I am paying with just my income.
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| Posted 5/20/12 5:14 PM |
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newbie00
LIF Adult
Member since 3/11 1191 total posts
Name:
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Re: Income Based Repayment
I just did this and it was based on DH and I salary.
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| Posted 5/20/12 6:34 PM |
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AidansArmy
LIF Adult
Member since 3/11 1292 total posts
Name:
Suzanne
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Re: Income Based Repayment
I have done it with Sallie Mae and they always did it with my salary alone. They never asked for tax forms either.
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| Posted 6/1/12 10:14 AM |
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MrsW2010
Mommy of two!
Member since 5/10 2202 total posts
Name:
Jill
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Re: Income Based Repayment
i was rejected because it was both mine and my husbands.. they make you send in tax return and mine includes both of us...
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| Posted 6/27/12 6:51 AM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Re: Income Based Repayment
Posted by AidansArmy
I have done it with Sallie Mae and they always did it with my salary alone. They never asked for tax forms either.
Same.
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| Posted 6/27/12 6:37 PM |
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