We started IBR (spouse is in training) with FedLoan last summer. It was a PITA that took 4 months to process. Because I had left my job the year before to stay home, our 2016 income was way higher than our current income, so we couldn't use last year's tax return. We opted for the income verification process via paycheck, but they just couldn't figure it out. My husband is able to moonlight and I think those checks messed them up. The first time they denied us. The second time they put the payment at well over $600 (we're making less than $80k with moonlighting with a family of 5). The third time they came back with $330 and I was tired of fighting it and wasting time, so I just said "fine." I love that they cannot tell you what your own income is according to their calculation--what BS! Based on the official estimator, our payments should have been closer to $250.
At any rate, I'm looking forward to having them recalculate our payments based off our 2017 tax return!
1. How soon after I file my tax return can I start the request for a payment recalculation?
2. I've noticed family size affects the payment quite a bit. For us, adding another child would apparently knock off $50/month. We are planning to go for our 4th this summer (no, not to simply lower IBR payments
). The estimator actually tells you to include unborn children in your calculation--my question is how soon can you actually do this? $400 (8 months of reduced payment) isn't chump change, but I cannot imagine what ************************ that verification process must be. Has anyone attempted to claim the increased family size before the child is born?
At any rate, I'm looking forward to having them recalculate our payments based off our 2017 tax return!
1. How soon after I file my tax return can I start the request for a payment recalculation?
2. I've noticed family size affects the payment quite a bit. For us, adding another child would apparently knock off $50/month. We are planning to go for our 4th this summer (no, not to simply lower IBR payments

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