My wife and I are both on SAVE.
I have 200k left and she has 18k. I’m about to go to a lower income bracket for training. From 165 to 73k salary starting July 1 and she is a stay at home mom for our toddler.
Based on the RAP calculator my payments would be about $375 but hers also? Since her loans are smaller should I switch hers to something else?
Also once my income drops July 1 where can I report that? I don’t think I’ve had to recertify my income since before when my income was about 50k around the pandemic.
Need clarification for switching plans. Married filing jointly
byu/grootsnoot inStudentLoans
Posted by grootsnoot
1 Comment
If you are married and filed jointly, and you both have federal loans, your IDR payment is calculated based on your combined income, but your payments are prorated based on your share of the debt. With a gross income of about $73,000 your RAP payment would be about $400 and hers would be about $35.
RAP isn’t available until July. You can use your tax return at that time to apply, but if your income is lower at the time, you can use alternative documentation instead like paystubs. You will also have to report your wife’s income at that time because you had filed taxes jointly. If she has none, you can declare that on the application.