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Some interesting information re: Repaye

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  • #16
    Great info. I have done an almost exact replica of this post. (Aquired about $1600 in interest, payed it off in Nov 15.). I too received the exact same subsidy both that month and the next month, it seems their formula is calculated once and just applies automatically once a month.

     

    Being a new year now, I have a question regarding RePAYE I was hoping to get some clarification on. When is it necessary to send new financial information to update my subsidy? I am an intern, so I have made 5x $0 payments for 2017. Now that it is 2018 do I need to resubmit the paperwork or can I wait until June rolls around again and submit last years AGI (~25k). In other words, can I ride this free subsidy a few more months or should I start looking into submitting new paperwork to recalculate my payments. I use Great Lakes and have heard nothing from them yet.

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    • #17
      Sorry to bump an old thread. I have a quick related question regarding the student loan interest deduction. Does the REPAYE subsidy count toward your $2500 max deduction (e.g., is it treated like a "payment")? Or will my 1098-E only reflect additional payments toward the interest that I have made on top of the subsidy?

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      • #18




        Sorry to bump an old thread. I have a quick related question regarding the student loan interest deduction. Does the REPAYE subsidy count toward your $2500 max deduction (e.g., is it treated like a “payment”)? Or will my 1098-E only reflect additional payments toward the interest that I have made on top of the subsidy?
        Click to expand...


        It should only cover actual money that you actually paid to your actual interest.

        The government isn't going to give your a further break on the break they already gave you.  What are you, a CRNA? :lol:

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