Will income based repayment plan be calculated on joint income if we merge our finances?
Date: Tue, 07/19/2016 - 22:23
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?
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
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.
