I've been on an IBR plan since 2011 when I started internship. Since my loans were >$240K when I graduated in May 2011 and my residency training was a non-profit, IBR/PSLF was most logical. I have hopes of applying for PSLF in 2021. I've recently accepted a job at an academic institution as an attending once fellowship ends, so it's looking like PSLF may indeed happen!
Despite the changes to pay as you earn plans over the years, I've just had my head down and selected IBR because I knew the most about it. Also, because some of my loans were taken out before October 2007, I was not eligible for the 10% capped plans. Wife and I file married but filing separately to avoid unnecessarily increasing IBR payment.
Recently I learned about the REPAYE program which I would be eligible for despite the loans prior to Oct 2007. It looks like a no brainer to switch with one exception-- wife and my salary will HAVE to be added up for the 10% payment calculation. Is this the only downside that you guys see as well? Is there anything I am missing? Obviously depending on wife's salary, it may still be beneficial to stay in IBR.
If there are big fluctuations in wife's salary, can you switch from REPAYE to IBR, and vice versa, from year to year?
Thanks!
Despite the changes to pay as you earn plans over the years, I've just had my head down and selected IBR because I knew the most about it. Also, because some of my loans were taken out before October 2007, I was not eligible for the 10% capped plans. Wife and I file married but filing separately to avoid unnecessarily increasing IBR payment.
Recently I learned about the REPAYE program which I would be eligible for despite the loans prior to Oct 2007. It looks like a no brainer to switch with one exception-- wife and my salary will HAVE to be added up for the 10% payment calculation. Is this the only downside that you guys see as well? Is there anything I am missing? Obviously depending on wife's salary, it may still be beneficial to stay in IBR.
If there are big fluctuations in wife's salary, can you switch from REPAYE to IBR, and vice versa, from year to year?
Thanks!
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