Quick question – neither me nor my wife have recertified our IBR student loan plans ever, only now noticing there is a deadline to recert upcoming for both of us.
I know you can get kicked out for not recertifying…and now that I am making more money after all my training and paying more towards loans monthly, I still love the flexibilty of only $10 required monthly on my own loan payment…and goal is to pursue pslf (only 3 yrs away).
Is it a bad gamble to just not recert and see if can stay on this payment plan?
More details
Annual salary now 700K+ – should be relatively stable if not more as I pick up extra shifts
Total loans owed approx 400k (mostly my loans – $315k)
Plan on staying at this non-profit for at least 3 year (unless they fire me lol)
Wife stopped working (ex lawyer) since our kiddo
Currently she pays $90 for her loan and I pay $10 (but been putting in extra 1-2k per month to pick off smaller loans) – both on PAYE plan which I know is ending (race to pslf forgiveness vs end of PAYE plan – approx 3 years-ish from PSLF forgiveness)
If I recert next yr monthly payments will be 3500 per month – doable but will definitely put a pretty big financial strain on us – like may have to consider onlyfans as a side hustle type strain
Posted by cathjock23