Hello all! Recently found this community. My wife has an old student loan that has recently lost the ability to remain in forbearance. She's a long term stay at home mother of three. What are our options? We don't have the ability to start making payments. Any help would be appreciated.
Advice needed for a long term stay at home mom
byu/digiwiggles inStudentLoans
Posted by digiwiggles
7 Comments
What type of loan is it?
She can get a job. I’m not trying to be unkind here, but it’s debt that needs to be repaid. Kicking the can down the road with forbearance was unwise and the debt should have been a factor in your choices. 3 kids and a SAHP are not sustainable life choices for many families.
Assuming it’s federal, explore her options for income driven repayment. You can file your taxes separately and since she has zero income her payments would be $0, but it would cost your household more in taxes and therefore may be unwise.
What’s your household AGI
What type of loan? How much is left? Can you manipulate your budget?
She’ll likely have to get on an IBR repayment plan and go from there
Assuming the loan qualifies: File taxes separately, put the loans on an IDR plan, wait for forgiveness. With 0 income it should be a 0, or close to it, payment.
> My wife has an old student loan
How old? What kind of loan is it? What is the balance?
Is she on an IDR plan? If so, an option is to file taxes separately, so only her income is calculated into the payment. Keep in mind, interest will continue to accrue and the balance will increase if her payments don’t cover the interest.
Im paying my wife’s (sahm) student loans. Work OT