IBR and Married Filing Separately under new tax law Student Loans |
- IBR and Married Filing Separately under new tax law
- FedLoan Charging on $0 Loan Balance
- What strategies have you used to pay down your student loans quickly?
- Earnest: Extra payment toward principal or does it not really matter?
- How do you suggest I divide my payments?
- need help/suggestions with private student loans
- Why is my interest payment increasing every month?
- I consolidated my subsidized & unsubsidized loans. If I return to school, will the government pay the interest on the subsidized portion during in-school deferment?
- Changing Tax Filing Status on IBR?
- 1 discharged loan? how about the rest of them?
- New to USA and don't know anything about Student Loans
- In full time work, applying for Uni as an undergraduate. Can I get Student Finance?
- Recertify REPAYE with income changes
- Can I change back to standard repayment?
| IBR and Married Filing Separately under new tax law Posted: 04 Feb 2018 07:17 PM PST We've been filing separately to keep my AGI down for purposes of calculating my IBR monthly repayment amount. So far, we've been able to accept any tax disadvantages of filing separately. We itemize deductions (and I'm 7 years into PSLF). My AGI is about 85–88k, with 150k in consolidated direct loans. Has the 2018 federal-income-tax-law legislation caused any married borrowers to seriously consider changing from filing Separately to instead filing Jointly for 2017 (and future returns). If so, would you mind explaining your thought process? Thanks!!! [link] [comments]  |
| FedLoan Charging on $0 Loan Balance Posted: 04 Feb 2018 04:58 PM PST Hey y'all, My mother did the most amazing thing and put $15k of her 401k to my student loans which basically cut them in half. Awesome. Rad. That included paying off two entire loans completely down to $0 balance - and yes, I also paid the loan payoff amount. Those fuckers are gone. Direct debit showed I owe $281/mo. Rounded that up to a cold $300 to make math easier. Exciting, right? Not so fast. Checked my FedLoan account this week and my direct debit is $529, which is not only back up to the monthly repayment amount before the $15k payment but includes the little bit extra I added to round my payments $300. The dumbest part about this is that in the $529, there are charges for the two loans that have a $0 balance. I'm not paying $177 to a loan that does not exist anymore, FedLoan. Get rekt. Here's the other thing: everywhere on the website reflects the $529 amount except the Make A Payment page. That still says my direct debit is $300. I've already emailed them and plan to call tomorrow, because I want to be a thorn until this is resolved. Luckily the direct deposit isn't until the 21st, so I have some time. Hopefully this will have a quick resolution and is just a stupid mix-up at the student loan factory. If not, I'm ready to fight them kicking and screaming. I'm partly posting this just to vent, but I'm also curious if anyone else experienced this. What were some steps that you took to speed it along? [link] [comments]  |
| What strategies have you used to pay down your student loans quickly? Posted: 04 Feb 2018 07:50 PM PST What are some of the methods you've used in order to pay student loans off as quickly as possible? [link] [comments]  |
| Earnest: Extra payment toward principal or does it not really matter? Posted: 04 Feb 2018 01:09 PM PST I recently refinanced with Earnest, and have a $650 monthly payment, automatically taken from my checking account on 5th of every month. I get paid on the 15th and last day of the month, so with each paycheck, I pay an extra $300 - either on or a day or two after payday. I've noticed that the extra payments are being split towards interest and principal. My extra payment on January 17th was $207.91 Principal/$92.09 interest. My extra payment on February 1st was $185.29/$114.71. It then shows that my February 5th payment tomorrow (the auto monthly payment) is $619.50/$30.50. Does it really matter that the extra payments are going towards interest? Because all that does is allow a much larger chunk of my monthly payment to go to principal. Or am I better off setting my extra payments aside, and making an extra payment of $600 on the 6th of every month so it all goes to principal? [link] [comments]  |
| How do you suggest I divide my payments? Posted: 04 Feb 2018 10:36 AM PST After a lot of research, I found out that the PSLF schedule I was on just isn't worth it for me in the end. I made payments for 1.5 years, and later found out they weren't even qualifying because they were too large. With my recent marriage, and my pay raises I expect, I don't think I'll be qualified for any income based plans after next year anyways. So, I'm trying to get back on track to get my loans paid off by 2024 (which is 10 years after graduation), so I'm going to start paying $500 a month on the standard plan. Below are my loans...how do you all suggest I divide up my payments in order to save on interest the most? These interest rates are killing me... DLUNST, $7,095.42 (3.610%) DLUNST, $8,311.74 (6.550%) DLUNST, $7,635.69 (6.550%) DLUNST, $6,825.06 (6.550%) [link] [comments]  |
| need help/suggestions with private student loans Posted: 04 Feb 2018 01:45 PM PST hello everyone, hopefully you guys can help me out.. I have student loans that are currently around $35,000 through a private student loan, I pay $518 per month. I also have a federal student loan around $21,000, I pay $154 per month. The issue I have is with the private loan, I am able to afford the $518 but barely. having to pay almost $700 a month for student loans is setting me back massively. my credit is around 700. I have only ever had Credit Cards so there is nothing else on my credit history. I really need a way to lower that $518 a month but the private loan will not budge at all to help. Is there anyway I can lower that payment through other means? I went to my credit union to see what their personal loans would be but they only do max $35,000 loan and 5 year term for it, so that would pretty much be the same. any suggestions/guidance with this is greatly appreciated, thank you! [link] [comments]  |
| Why is my interest payment increasing every month? Posted: 04 Feb 2018 08:09 AM PST Apologies if this is not the place to post this kind of question but I've been googling my ass off with limited success. Maybe it's my poor understanding of how interest and loans work, but any help would be much appreciated. I've graduated in may of 2017 with about 20k in student loans and secured a job in August. My grace period ended in November and I've started paying in October. Around $200 per month spread over 4 Federal Subsidized loans ~@4.5k ~@4% each. Here is my payment and loan history with interest paid each payment. My question is, shouldn't the amount of interest paid every month go down if the principle is slowly going down? Or am I missing something. Again, apologies for my ignorance and thanks for your help. [link] [comments]  |
| Posted: 04 Feb 2018 09:07 PM PST I've been scouring the internet for an answer to this question, but can't find one anywhere. I'm hoping someone here will be able to help me figure it out. Thank you! [link] [comments]  |
| Changing Tax Filing Status on IBR? Posted: 04 Feb 2018 01:57 PM PST TL;DR version- For IBR, if you're married and have been previously filing Married Filing Separately, can you change your status and file jointly instead, as long as you update your IBR paperwork afterwards? Longer version: My husband and I both have six figure student loans. We're both on IBR and for the past four years of marriage have been filing Married Filing Separately. In the past, this has made the most sense for us because we were both making around the same (~$60k), so we decided that the loan benefits we received for filing separately outweighed the extra taxes we had to pay. For 2017, I started a new job and my salary was bumped to $115k, but my husband lost his job and has been unemployed for the entire year (other than about $5k he has made working for himself). Based on this, we're still bringing in around the same amount of income, but the tax hit I will take is pretty big if we file separately this year. I want to file jointly, but I'm having trouble finding information on when/if you're allowed to change your filing status under IBR. Am I allowed to file jointly as long as I update my IBR info afterwards or do I have to wait until I file my 2018 taxes since I already received the loan benefits for filing separately in 2017? If it is relevant, it seems unlikely our income situation will change much in 2018. [link] [comments]  |
| 1 discharged loan? how about the rest of them? Posted: 04 Feb 2018 12:04 PM PST My mom sent me a letter she got in the mail saying one of my loans was discharged last year and I now have a 1099C to file, to say it was income last year and I now owe taxes on. Long story short- I took out a bunch of money for a private school, struggled to pay it back, racked up interest, but now I learned my lesson and I've been paying back what I know I owe. I consolidated some loans a few years ago, and now I'm thinking of refinancing so I can pay it all even faster with less interest. So how is it that this random loan was missed? I could swear I paid off some loans that went into collections, and my tax return was even garnished to pay for some loans... where are the records and who keeps track of all of this? *I think I need an accountant now :( * [link] [comments]  |
| New to USA and don't know anything about Student Loans Posted: 04 Feb 2018 09:37 AM PST Hey guys, I've just moved here with my family and currently I'm planning to enroll in college next year. I want to have a Student Loan so that I can enroll in college but I don't know much, as how to apply, what are the conditions, how am I going to pay them, could my parents pay them for me,... etc? My plans are to finish college as fast as possible and then return to my country, but I don't know if I could return due to my student loans? My family is staying but I'm moving back due to personal interests... Really appreciate if you guys could help me get a start on this one! Thanks Reddit [link] [comments]  |
| In full time work, applying for Uni as an undergraduate. Can I get Student Finance? Posted: 04 Feb 2018 10:36 AM PST So, I left school, jumped into the professional world. Learned lots of neat things & now I want to go to Uni with what I know. I've been accepted by one Uni but my question now is, what finance will I be entitled to considering I have a full time job right now? [link] [comments]  |
| Recertify REPAYE with income changes Posted: 04 Feb 2018 05:38 AM PST Hey guys, just had a quick question regarding recertifying my REPAYE plan with a lower AGI. My yearly renewal date is in July/August, however after doing my taxes it looks like my AGI went down (due to shoveling money into 401k). My monthly loan payment would go from $85 per month to $25 per month, give or take. If I submitted paperwork to change my payment, would my new recertification date change? Or would it remain in July/August? I expect my income to increase dramatically over the next few years and would like to try and keep my recertification month where it is. Please let me know if you've encountered this question before! Thanks! [link] [comments]  |
| Can I change back to standard repayment? Posted: 04 Feb 2018 04:39 AM PST I graduated and began paying loans office. 2014. I paid on the graduated plan my first year and then enrolled in PSLF and switched to income based (even though they wouldn't count my graduated repayments as qualifying...so dumb). I owe $30,500 (which isn't much less than I started with...thanks interest!). And my loan payment has been $150 for a year. It's about to go up to $215 though due to pay raises. I got married late last year to someone who also has loans and makes significantly less than me. He is also on income plan. We're now filing taxes and want to do so jointly bc our return will be huge (like $4500 as opposed to each of us getting $800 separate). Problem is that I know my payment plan will skyrocket. Would his as well? I was looking on the student loan website and it calculated me as owing up to $448 a month under REPAYE and only coming out with $2000 forgiven. If I switch to standard 10-years then I'll owe $338 a month. Question is....can I do standard at $338 for ten years even though I'm already on my third year paying loans? Or would that actually get recalculated higher to supplement for the three years lost? I'm not a huge fan of starting ten years over again, since I'm on track for forgiveness in 8 years, but I also don't want to miss out on the tax returns we'd get filing jointly Any advice would be appreciated! [link] [comments]  |
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