Share post
Share
Debt Consolidation Forums Student Loans and Education Debt forums

Will income based repayment plan be calculated on joint income if we merge our finances?

Date: Tue, 07/19/2016 22:23
member profile picture
Posts: 1
Credits: 0
[Donate]

My wife already has about $190 in debt. She is planning to pursue a higher education, which will help her to earn more. However, that will mean adding up another $45K in debt.
We are planning to combine our finances as we will get married soon.

My question is, if my wife opts for income based repayment plan, will that be calculated based on our joint income or they will consider just her income?




First, you'll have to find out whether or not your wife's student loans would are eligible for the IBR.

Second, if you file a joint tax return, then as per the rules, your total household income will be assessed and based on the calculated adjusted gross income (AGI) will then be decided whether or not your wife qualifies for the IBR.

Third, only your wife's income is required to enter this Plan, if she files her tax return separately. Her income should be low as compared to her eligible federal student loan to qualify for the IBR.

Sub: #1 posted on Thu, 07/28/2016 - 05:43

paulcahill80 paulcahill80

(Posts: 2359 | Credits: )


DebtConsolidationCare (IAPDA member)
BBB (A+) logo for DebtCC
Connect With Us
About Us | Contact Us | Privacy Policy
Copyright © 2020 DebtConsolidationCare | 301 W. 11th Street Unit E, Reno, NV, 89503, United States
* Disclosures:
  1. By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.174 seconds.