My Student loans are 79,000 between 4-6% – personal income last year was $105,000 but filed jointly with husband so joint is $260,000 total. This is all before taxes of course.
We are planning to move somewhere more affordable and closer to family and he will have to take a new job in the coming year in which his income could decrease, and my hope was to work less hours if we decide to have 1 child. I assume I could be bringing in 50-60k for a period of time if that’s the case, if no child then I would maintain full time.
Husband would bring in I assume 120,000 per year (possibly more I’m not sure I’m just low balling ), with a job change. His salary will increase overtime, I can say mine may increase but not by much. I’m a social worker so there’s not much upward mobility I already am in a job paying well over the average. If we decide to have a child I could work full time again but when they are little my husbands job is very inflexible and I may need to be around more. His job he can make overtime which is what I’m calculating and why it could be more it’s not certain. My Job is also an hourly clinical Rate so it’s hard to say exacts on income that’s why it’s kind of all an estimate. I am estimating part time income but I could Possibly make more if I only drop some hours.
I have been able to pay 1k monthly towards my loans right now and trying to do as much as possible, we are trying to save for a house simultaneously on top of regular expenses.
I’m confused what I should be doing with my loans bc SAVE is ending, I have done calculators but I’m confused if I’m doing it right. It’s saying RAP would be extremely high monthly payments and then lower after 10 years maybe? Should I look at other plans, if so which ones? Should I be doing anything el se or considering anything else?? I’m so confused about it all. I know I need to try to pay off the highest interest loans which is what I’ve been focusing on but I just don’t know what to do next with choosing another plan that is sustainable
Help I have no idea what plan I should be considering
byu/Putrid_Band_5926 inStudentLoans
Posted by Putrid_Band_5926
2 Comments
By 2028, the only income based plans available will be IBR or RAP. You might have a lower payment with PAYE, but it goes away in 2028. The calculators will tell you.
If you make over 100k, your payment is maxed out a 10% of your AGI in RAP. It doesn’t change after 10 years, that may just be a glitch.
So you know student loan payments count towards your dti ratio.
On jbr you would be capped at would the 10 year standard repayment amount.