Hello,
I have been reading (a lot) about the IBR student loan plan and the changes that will go into effect for marries couples in July - but I'm not sure if I really understand it.
I have 44k in federal student loan debt, my wife has around 70k in private student loan debt. we are both public service workers (I am a teacher, she is a librarian), however because of our modest income, my federal loans do not qualify for the IBR plan unless we file taxes separately.
I understand her loans are not eligible, but mine qualify for the public service forgiveness (10 year) if we were to file taxes separate.
However, my question is, will the changes that happen in July to how married couples are treated, allow us to file jointly, while still allowing my loans qualify for the IBR plan? From what I have read, this is very vague. It says both spouses income will be factored in when calculating both spouses IBR payment. Or will this new plan still ignore her private debt, thereby forcing us to take the tax hit and file separately? I hope this makes sense! Thanks!
does anyone have any information that might help?
basically, i'm asking if (after the changes are made in july) I can file married-joint and have my loans qualify for IBR - even if my wife has private loans that are not taken into consideration?
like, will the government only look at my income, regardless of my wife's income and the fact that she does not have federal loans, only private loans?
ive read that they will look at BOTH spouses federal debt and calculate what they pay based on THEIR individual income, but our situation is a little different i think...