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IBR and new marriage

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  • IBR and new marriage

    Hi all,

     

    I have a question about recert-ing student loans for IBR. I am a PGY-3 graduating in 2020. I have been on REPAYE since I started residency (~350k in grad + med school loans). However, I recently got married... in 2019.

    How do I recertify my loans in terms of my marital status? I was single when I filed taxes, and am now married. Is REPAYE as a "single" person still an option?

     

    My partner makes substantially more income than I do, but we're also looking at them not working for a few months before I become an attending, so I want to keep my payments as minimal as possible.

     

    Thanks!

  • #2
    REPAYE takes spousal income account regardless of your tax filing status

    Your tax filing at recertification will figure out your payments next year

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    • #3
      Are you going for pslf? Then, you'll probably file taxes separately and use paye. If not, then refinance and start aggressively paying them off.

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      • #4
        "but we’re also looking at them not working for a few months before I become an attending"

        So, your net worth is -$350k and the one of you that earns decent money is going to take time off?

        Repaye generally looks at your combined income.

        Who'd have thought these income based repayment plans would be subject to moral hazard where people would purposely not work and otherwise game the system to get taxpayer funded subsidies instead of actually working and paying their loans?

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        • #5
          I'm struggling with a similar issue, but unfortunately am not eligible for PAYE. If you're pursing PSLF, choosing PAYE and filing taxes separately would likely decrease your monthly IBR payment the most if your partner is student-loan-free and a high earner. There are some calculators that you can use to estimate payments on various plans (https://studentloans.gov/myDirectLoan/repaymentEstimator.action). Would recommend playing around with the calculator for a while.

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