I had an incurable case of senioritis, and I was ready to go. -Direct loan borrowers without loans prior to October 1, 2007 who also had a disbursement made on or after October 1, 2011. 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. 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%. It’s a huge pill to swallow. As there is no maximum payment, interest will only be capitalized once they leave REPAYE. @Travis – I bet there’s very few people that have switched from REPAYE to IBR in order to avoid the payment cap. IBR allowed me to start my life (buy a home, feel comfortable starting a family, save and invest money). Any idea where to view or track the number of years being counted towards REPAYE, IBR, other payment plans? I’ll also be paying almost $5000/month, however, rather than the $140/month under REPAYE. Filing as MFJ or MFS also has no impact on PSLF. 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. I remember sitting towards the front of the classroom, with a notepad and pen, and furiously scribbling notes throughout the entire thing. I mean, I understand why. The numbers ended up showing that it would be better to pay taxes on a slightly larger number, than it is to pay twice as much every month without ever even touching principle. I remember coming home to late night discussions about our “game plan”. I would come in for a one-on-one meeting with the financial advisor, and after I walked out, he would walk in. 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. The result is that a married couple could see their student loan payments jump to an amount higher than the 10-year standard repayment plan if 10% of their combined discretionary income is high enough. 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). 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. Most people who are switching from REPAYE to PAYE are doing it maximize PSLF benefits—in which case you don’t care. Under REPAYE, you pay 10% of your discretionary income, no matter what. Drew make sure you run the numbers. 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. 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. 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. PAYE and RePAYE are very similar. REPAYE stands for Revised Pay As You Earn and is a PSLF eligible repayment plan that sets your monthly payment equal to 10% of your discretionary income and offers loan forgiveness after 20 years of qualified payments (25 years for graduate or professional loans). Income-driven repayment plans can help lower your monthly student loan payment. They do this stuff all day every day. I have been on IBR for 7 years and feel like I am beyond the point of no return. It was the YOLOs of all YOLOs. @Big Law Investor I’d love to see someone who started off on REPAYE and switched to IBR too, but I’ve yet to meet one. However, participation in REPAYE makes you eligible for the Public Service Loan Forgiveness (PSLF) program . – Both spouses’ income and federal student loan debt, if applicable, is considered regardless of filing status. 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%. How to Gain Enough Financial Independence To Quit Your Job, -All federal Family Education Loan Program, Stafford and Grad Plus Loans. It seemed like either everyone either had rich parents, or had a plan. 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. More on that at a later post as well. 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). However, President Obama made PAYE available to new borrowers as of October 1, 2007 who have at least one loan disb… Since everyone is working to build their careers and practices, what happens when you no longer have a financial need? Maybe no one still knows. https://ifap.ed.gov/fregisters/attachments/FR110112FinalRule.pdf. Regardless of how you file your taxes, you must include both spouses income when calculating your loan payments. Incredibly helpful! They are trying to decide between PAYE and REPAYE. Let's talk … However, we chose IBR over REPAYE because of the married borrowers section of the chart. Both will take 25 years before the student loans were forgiven. 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. This seemed like a fair arrangement to me. 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. So glad I worked myself to death for 20 years to be debt free in the student loan department.” We were the only two students in the classroom during these meetings. Imagine a lawyer who made four months of payments under the 10-Year Standard Repayment Plan before switching into REPAYE. I’m currently on IBR and looking for a non-profit job to qualify for PSLF. 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. Wise Money March 24, 2016 January 29, 2019 DWM Personal Finance Advice 3 Comments Notify me of follow-up comments by email. 2. Lots of numbers to run to see if REPAYE + MFJ makes sense. Hoping to then file separately, then after taxes have her submit for IBR using that return. 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. If you wait until your income is so large that you don’t independently qualify for IBR, it’ll be too late to switch. But this is what I’ve learned so far, and our method of thinking. 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 always felt in my heart that that could not have been the best option. Pursuing PSLF and planning to switch from RePAYE to PAYE after residency does not work. Second, comparing the effective interest rate under REPAYE and the refinancing interest rate is not apples to apples. Or can I wait til the end of the year when it’s time to recertify and ask to switch then? I now embrace a simple life. Both qualify for PSLF. 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 pursued IBR because of the way it was presented to us upon graduating school. Your total payment will be less in the long run. 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. 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. Thank you SO much! 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. Before I even started work, I reached out to a CFP because I felt that I needed help. I was so unsure about my options that I felt the need to hire a financial planner just to get things straight. IDR plans include Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR) Plans. 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. @Drew – No, as far as I can tell you can’t get kicked out of IBR. There are several important differences in how the monthly loan payment is defined, as shown in this table. 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. Assuming all of those payments were made while working for a qualifying employer, PSLF will count them. The following are the differences between the three programs. A second (or third, fourth, etc.) Send me an email). In 2021, we will attempt to increase her retirement savings. Under PAYE and IBR, you could file separately and each stand on your own. The other issue that keeps coming up is that we’re California residents, and thus are living in a community property state. 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, if you are currently not working due to disability or maternity leave, you pay a percentage of your income, which is $0. 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. But, be careful. REPAYE REPAYE Vs. PAYE: Similarities. Here are 5 facts I've discovered about them. -All FFELP and direct loan consolidation loans that do not contain parent PLUS Loans. Some random facts about REPAYE, IBR and PSLF. My spouse is a lawyer and I am an Optometrist. Or vice versa. 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? Your email address will not be published. Was saving money for about 3 years, then had a significant increase in pay and was then paying max on that plan (~$1450). Find jobs that provide tuition reimbursement. Some borrowers aren’t eligible for PAYE and are therefore limited to IBR and REPAYE for PSLF qualification. Honest question – why are you pursuing forgiveness? Loan forgiveness. If you are … 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. 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. 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. However, we chose IBR over REPAYE because of the married borrowers section of the chart. “Income-driven repayment” or IDR is an umbrella term for four federal student loan repayment options:. 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. The forgiveness timelines between IBR, PAYE, and REPAYE are different (25 years, 20 years, and 20/25 undergraduate vs graduate, respectively). 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. Our incomes are about the same and the only deduction lost is my student loan interest by filing separate. I’d be living like a student for the next 20 years in standard repayment. 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. Under these plans, your monthly payment is based on your income and family size. 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. 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. Unfortunately, it’s a complicated analysis to figure out whether the increase in taxes you’ll pay under MFS is worth the lower monthly student loan payments, but that is the calculation you need to figure out. 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. So married filing separately is a bad deal too and if you have a high income earning spouse, you might be trading a much higher tax bill for the benefits that come from calculating your loan payments based on your separate income. I knew I had to get out. This might be more quirky than relevant, but I’m pointing it out all the same since it’s something I recently learned. All the Student Loan Forgiveness options and their clauses. -If filing separate tax returns, only the applicant’s income and eligible debt is considered. 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). You only pay a small percentage of your paycheck, for 20-25 years, and then your loan is forgiven after that. When we went through the student loan exit course, there were numerous slides on that PowerPoint that, in my opinion, were haphazardly organized. Required fields are marked *. As such, even if we do file separately, our returns are based on the combined total of our incomes. 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. As always, this one requires a calculator to see if you’re impacted. The one thing I did know was that the only thing on our side was time. In order to check what works best for your situation, I would recommend running your own numbers, using your loan amounts and your incomes. At that time, I thought that I was the only one who did not understand this stuff. As far as I can tell, it is still possible to switch back from REPAYE to IBR during repayment. -All Stafford loans or Grad Plus Loans disbursed on or after October 1, 2011. I don’t even remember his name, although we were in the same class. Here is how IBR compares to REPAYE. Physicians are eligible for REPAYE when they fall within certain guidelines.. The Highlights of REPAYE vs PAYE vs IBR. Win for REPAYE. to switch to 10 year standard and lose PSLF qualifications). 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. 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. This site uses Akismet to reduce spam. We are planning to do REPAYE —> IBR in a few years. 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). 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. 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. 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. Income-driven repayment plans like PAYE and REPAYE can be incredibly appealing to borrowers because after the repayment period is … 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. Your article seems to argue otherwise — please let me know if I’m interpreting it wrong. 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). The problem is that married filing separately has punitive tax brackets (i.e. Yet, a couple hundred bucks isn’t that much to get a “second opinion” on your student loan plan. So there you have it! I wish you the best of luck in your endeavors, and more future insightful posts on finance to come! The monthly repayment calculation is based on your income and your debt. We’ve spent hours on the phone trying to obtain the original consolidation loan application documents to no avail. 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 have been thinking about writing this post for a while, but it wasn’t until Mike’s co-worker was talking to Mike one day and said, “You know what Sam should write about on her blog? They called it a course to make it sound official, but it was literally a one hour power-point presentation in a small classroom with mostly empty seats. 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? If you refinance with a private company and something happens to your income, you lose the ability to defer or reduce payments. All I could think about at that point was the student debt that I knew I had to face once I got out. The sooner I addressed my financial problems, the less of a burden they will be in the future. I hope they’ll be helpful to you as you’re navigating repayment. Without giving away the actual numbers, the example below will demonstrate this point. If you ever need someone to walk you through it, may I recommend a CFP? If thats you, while you might not be married today, will you be in the next 10 years? You always have the option to leave REPAYE and use another repayment plan. 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. 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. IBR 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). They don’t make it easy. The MFJ vs MFS decision always need to involve a calculator to figure out what’s right for you. 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. Meanwhile, I thought everyone else had it all figured out. (Eventually, we did get to a point where it could be done, but I will save that for a future post). For many lawyers, this is easy to do once you leave law school. -Payments under a 10-year term must be higher than what they would be under REPAYE. (I submit paystubs). 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). have a financial hardship). PAYE vs REPAYE: Loan Forgiveness. aware?) The following are requirements that apply to all three loan forgiveness options: So which program did we choose? Originally paid my loans on the IBR schedule. You’ve probably noticed him on the sidebar to the right. Depending on my risk tolerance I could alternatively use index funds or some mixture of index funds and deposits. I wanted to cut off all compounding problems (read as interests), nip them in the bud persay, before the weeds could grow thorns. Last year an associate recommended the REPAYE repayment schedule. Do I need to do this before we are married? 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. Marriage. 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. 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. As a visual person, here is the best way I could organize this information. The Biglaw Investor is helping thousands of lawyers manage and eliminate student loans and make great investment decisions. I wanted him to a) know what he was getting into because once you’re married, you share EVERYTHING and b) not be extremely affected by the loan I was bringing in. 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. Learn how your comment data is processed. The monthly interest alone was about 1500 dollars. You could spend the next 5 years making standard repayments and still come out ahead by qualifying for PSLF forgiveness. 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. 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. She had issues similar to those presently up for forgiveness (that the feds are authorizing additional funds to handle) in that she was counseled into “extended payments” and told they would count towards PSLF. (read the forums, but, in our current situation, I … I remember him vividly, though we never talked before, because he asked tons of questions that I was too afraid to ask. Not only does REPAYE create lower payments for many borrowers, but it is also eligible for Public Service Student Loan Forgiveness (PSLF). Your income is not a factor in PSLF forgiveness. 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. However, PAYE has a couple of major advantages over RePAYE that swing the pendulum in its favor. What Could Happen If You Let Everything Go? 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. Review: PAYE vs RePAYE … However, if you qualify for PAYE, you may be able to get out of debt five years earlier than under the IBR plan. 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 numbers won’t lie. REPAYE eliminated the monthly payment cap. Unfortunately, we immediately had to eliminate PAYE because I had student loans that were disbursed before October of 2011, which were my undergraduate loans. Twice, and slightly depressed, that I am completing training next month and be! 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Were doing as the graduating days neared us apply 100 % to her loan payment pay! Turns out, he would walk in will discuss the qualifications of government. Toward forgiveness start over out what ’ s income and eligible debt is considered make great investment.!, PSLF will count them ( 15 % otherwise it all gets squared right! You only pay a small percentage of discretionary incomefor PAYE may depend on when the borrower ’ right!
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