REPAYE v. PAYE Advice
Posted: Tue Jan 10, 2017 1:28 am
*PLEASE DON'T QUOTE, I'LL DELETE THIS LATER THX*
I used to religiously research student loan programs, but now I am insanely busy and I have to turn my income driven plan reapplication in pronto. TLS, please help. Some important factors:
-Married (filing seperately)
-My income about 50k-70k
-Spouse income 35k-50k
-PSLF (quite a few more years before sweet forgiveness)
I think I had PAYE last year, but, this year the application has an option of 'whichever offers the lowest payment.' I guess my main concern is that, I see they are asking for spousal income this year if you qualify for REPAYE. The application says that spousal income will only be used if I qualify for REPAYE. I know little about REPAYE, but I'm worried about one part saying that, "Your payment will be based on the combined income and loan debt of you an your spouse regardless of whether you file a joint or separate Federal income tax return, unless you and your spouse (1) are separated or (2) you are unable to reasonably access your spouse's income information." I'd like to have them only consider my income (unless there is some big incentive not to). Furthermore, unlike PAYE, I see for REPAYE that it says graduate or professional study loans are forgiven after 25 years of qualifying loans (instead of 20).
Am I missing something? PAYE still seems better for me, but I'd appreciate some insights.
I used to religiously research student loan programs, but now I am insanely busy and I have to turn my income driven plan reapplication in pronto. TLS, please help. Some important factors:
-Married (filing seperately)
-My income about 50k-70k
-Spouse income 35k-50k
-PSLF (quite a few more years before sweet forgiveness)
I think I had PAYE last year, but, this year the application has an option of 'whichever offers the lowest payment.' I guess my main concern is that, I see they are asking for spousal income this year if you qualify for REPAYE. The application says that spousal income will only be used if I qualify for REPAYE. I know little about REPAYE, but I'm worried about one part saying that, "Your payment will be based on the combined income and loan debt of you an your spouse regardless of whether you file a joint or separate Federal income tax return, unless you and your spouse (1) are separated or (2) you are unable to reasonably access your spouse's income information." I'd like to have them only consider my income (unless there is some big incentive not to). Furthermore, unlike PAYE, I see for REPAYE that it says graduate or professional study loans are forgiven after 25 years of qualifying loans (instead of 20).
Am I missing something? PAYE still seems better for me, but I'd appreciate some insights.