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If you apply to consolidate your loans, but get denied one of the plans, do you have to apply all over again to try IBR and wait again, or will they call you back saying no you can't have pay as you go, and then offer you other options that you do qualify for?
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Nov 4, 2014 22:12
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| # ¿ Apr 28, 2024 20:25 |
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So end of 2014 we filed for IBR and cosolidated my wife's student loans. For the 2013, we filed jointly for 2013 taxes without realizing it would impact the payments for the IBR loan. For 2014 taxes we plan to file separately since I have no loans, and her income is only 40k as apposed to 110k combined. Does it work like that? If we filed maried jointly when we applied, will the IBR recalculate for this year when we file separately? If they do, when do we submit the new tax return? I did the calculator and we would only have to pay $200 a month vs $1,000 which would give us a bit of breathing room.
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Feb 21, 2015 18:52
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So, based on the IBR calculator, my wife and I would have to pay ~$2000 a month if we file jointly, and ~$1000 if we file separately for her federal direct loans. Her job is a 501(c)(3) non-profit, which means we want to make our payment as small as possible to have whatever's left after 10 years forgiven from Public Service Loan Forgiveness (PSLF). Is there any reason to file jointly that I'm not thinking of? Also, someone told me that the amount forgiven through the PSLF is taxable? So if we get $60,000 forgiven, we basically add that to our income for that tax year? If that's the case, do we have to save up to make that payment at once, or can we pay that over time? Also, one more. If my wife and I have a child, and I quit my job, IBR calc says our payment would go down to 300. Now if that happens in the middle of the year, can we contact the loan people and make our payments lower, and how long would we have to deal with the $1000 payments usually before the new amount kicks in?
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Jun 13, 2016 21:50
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In general, are CPA's familiar with loan rules? We want to get our taxes done by a professional since things are getting a little more complicated, and it would be great if they automatically knew the ins an outs of the way that works. She's currently on IBR and is working for a non-profit, so the filing status is pretty important for how much we save in the long run.
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Oct 13, 2017 19:42
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Did the new tax bill impact PSLF? There were a bunch of articles early December saying it could end it, but I don't see anything now that it has passed.
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Jan 5, 2018 13:18
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For IBR calculations, does it only figure it after all your pre-tax items get deducted? (health insurance, 401k, etc...) I'm trying to figure out if it would be better to max 401k in order to drive down my monthly payment since since my wife qualifies for PSLF (2nd year re certified).
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Mar 16, 2019 22:04
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I read on Forbes that thru the CARES Act, PSLF payments that are skipped will still be counted thru forbearance. Can anyone else confirm that? https://www.forbes.com/sites/zackfriedman/2020/03/29/student-loan-forgiveness-coronavirus/#74efebad7710 quote:If you pause federal student loan payments through September 30, 2020, then you will no longer need to make 120 payments because these non-payment months still will be “counted.” This means not only will you make fewer payments, but also you will pay off less of your student loan balance.
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Mar 30, 2020 22:23
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 Somehow the subsidized and unsubsidized loans are out of sync on payment counts. The subsidized just updated to 120 today after recertifying about a month ago. Will the subsidized get forgiven when the other one still has 4 to go? If so, any ideas how long that actually takes?
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Sep 7, 2023 22:04
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| # ¿ Apr 28, 2024 20:25 |
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Raimondo posted:
If anyone is curious, to the answer: Yes, the subsidized sequence was forgiven when it got to 120, even though the unsubsidized had 4 to go. Also, here was the timing: Submitted PSLF Manual application 7/31/23. Mohela updated count to 120 on 9/7/23. Balanced was changed to $0 on 10/9/23. 2 more months and we can submit for the remaining loan and be done!
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Oct 9, 2023 16:14
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