Hi! I have no idea what to do.
Scenario: Just did my taxes today (married filing separately because student loans ugh), haven't filed yet. Am currently in the SAVE forbearance period. I have a substantial income change between 2024 and 2025.
- 2024: AGI of $63k
- 2025: AGI of $80k
The difference between the monthly payments is:
- 2024 AGI: $261 (IBR)
- 2025 AGI: $405 (IBR)
I certainly can't afford $405, I'd be underwater immediately. Haven't even calculated my husband's student loans yet…
I'm wondering if I should file today to move to the IBR, hopefully using my 2024 tax information? I'm worried about this 90-day thing, which would certainly use my 2025 taxes. I can't afford $405, which is what it seems like I'd move to. Anyone have any advice? Thanks in advance!
Should I change plans before I file taxes? Income changed
byu/Weary_Appearance inStudentLoans
Posted by Weary_Appearance
3 Comments
Get an extension. File later. Submit an IDR application with your 2024 return.
If his loans are federal as well you’re almost certainly costing your household more overall by filing separately in general.
No file an extension on your taxes – if your 24’ is lower the payment only go based on your AGI