Post # 1
Since I got laid off, I had to put my loans on unemployment deferment. My loans are serviced by Nelnet. I was talking to a representative today about renewing my income based plan in February when my deferment runs out.
And the guy mentioned that if I still don’t have a job by then, I can still renew my income based plan and my payments will be $0 for 12 months.
Then he dropped this on me. “Unless you’re married, then it will count your spouse’s income.”
I was like “Whaaat?”
I guess I should have known this earlier but it never even occurred to me. I’m not even engaged yet but once SO and I get married, my payments will go up because it will also consider his income??
That sucks. 🙁
I thought when you got married, everything would be cheaper! Lol but I guess not. :p
Post # 3
Yes, you are correct. Now that you are married you have to discolse your partner’s income! You could still ask for income based repayments though.
Post # 4
@LadyBlackheart: No not necessarily. I spoke w my financial advisor about this when I applied for IBR (Income Based Repayment) last year and told him we were engaged and getting married in March. He said IF we file taxes jointly it will take his income into account and my payment will go up almost $200 a month. But if we file married filing separately on our taxes, it will only take my income into account. Obviously when we go to my accountant in February I will ask her what the best for our situation is but if filing jointly isnt going to get us more than $2400 back (which is the amount my loans will go up over 12 months) then we will file separately. Talk to an accountant and a financial loan advisor. Mine are also all serviced thru Nelnet.
Post # 5
@mjwyatt84: this! I asked this same question when I did my IBR plan last year and got this same response. I also have the bulk of my loans with Nelnet.
Post # 6
Yep it sucks. When we got married, because my husband was in a lower paying job, we ended up getting a big tax refund back filing jointly (his low pay really helped lower my taxes). He was on an IBR plan paying $0 a month but once we got married he did have to disclose my income since we filed jointly. His payment definitely went up (not as much as the tax refund got us back) but he also got a higher paying job this year so his payment was going to go up regardless.
Post # 7
@LadyBlackheart: Sucks doesn’t it!
I was on government benefits in addition to my two jobs for the last couple of years, because I was studying full time and earned fuck all. Until they found out I was living with Darling Husband – we weren’t even married at that point and didn’t have a joint bank account, and we file taxes separately. They cut me off based on his income – not even counting his debt, so they were out by a few hundred dollars per month. He definitely doesn’t support me financially, hence the two jobs! I was absolutely filthy, but there was nothing I could do.
Post # 8
@LadyBlackheart: It’s based on if you file your taxes seperate or jointly… also, if you stopped paying and you file together, they would take you spouse’s tax returns as well.
Don’t disclose to them that you’re engaged, married or living with anyone else and they would have no way of knowing… again, unless you file together.
Post # 9
This is why I despise student loans. My parents both took out Loan’s that I have to repay. They won’t consolidate them even tho they are married and its for my education. We can do income based but then they count both incomes but won’t take into account the other person s loans. So they both give me some rediculous figure acting like we should easily be able to pay it. Its a crap system. But yes the bee who said you could get around it if you file separately is correct…. But its def not worth it just for income based repayment. Just get on standard repayment as soon as you can afford it or your just paying extra in interest. Besides one day your IBR monthly payment will be as much as standard anyway.
Post # 10
We’re definitely going to file separately for this exact reason. I have the $0 IBR going on right now too. While it sucks not having a job, it’s pretty great to not have to make payments at the moment!
Post # 11
U should file married separately. Then u do not have to disclose his income for IBR.
Post # 12
@Kate0558: They should be taking into account your spouse’s debt.