Who knows about IBR for SL?

[keyslover]

Both DH and I have Federal SL and are going for the Income based.  I SAH so my income is $0.  He works and is income is not $0.  

Do they base the payments on our combined student loan debt and income?  It is a ratio type equation?

I ask because he has less SLs, higher income and less payment.  I have higher loans, no income and higher payment.

Is the cap based on family?  

Any info is welcome.  Thanks.

[janegold]

See the fourth paragraph: studentaid.ed.gov/sites/default/files/income-based-repayment.pdf

[karinothing]

Oct 18, 2013 11:51:43 GMT -5 keyslover said:

Both DH and I have Federal SL and are going for the Income based.  I SAH so my income is $0.  He works and is income is not $0.  

Do they base the payments on our combined student loan debt and income?  It is a ratio type equation?

I ask because he has less SLs, higher income and less payment.  I have higher loans, no income and higher payment.

Is the cap based on family?  

Any info is welcome.  Thanks.

It all depends. My SL IBR payment is based off my income and my SL alone because we filed seperate. We do this for the SOLE purpose of lowering my loan payment.

You also have the option of comining your SLs and your HHI and they will base your payment off that.

I also think you can use combined HHI and seperate SLs for payments too, but not entirely sure.

[keyslover]

Oct 18, 2013 12:19:48 GMT -5 karinothing said:

Oct 18, 2013 11:51:43 GMT -5 keyslover said:

Both DH and I have Federal SL and are going for the Income based.  I SAH so my income is $0.  He works and is income is not $0.  

Do they base the payments on our combined student loan debt and income?  It is a ratio type equation?

I ask because he has less SLs, higher income and less payment.  I have higher loans, no income and higher payment.

Is the cap based on family?  

Any info is welcome.  Thanks.

It all depends. My SL IBR payment is based off my income and my SL alone because we filed seperate. We do this for the SOLE purpose of lowering my loan payment.

You also have the option of comining your SLs and your HHI and they will base your payment off that.

I also think you can use combined HHI and seperate SLs for payments too, but not entirely sure.

Thanks. Can I send you a pm later with some more questions? I realize you may not have all the answers, but I also need someone to bounce a few things off

[karinothing]

Oct 18, 2013 12:46:06 GMT -5 keyslover said:

Oct 18, 2013 12:19:48 GMT -5 karinothing said:

It all depends. My SL IBR payment is based off my income and my SL alone because we filed seperate. We do this for the SOLE purpose of lowering my loan payment.

You also have the option of comining your SLs and your HHI and they will base your payment off that.

I also think you can use combined HHI and seperate SLs for payments too, but not entirely sure.

Thanks. Can I send you a pm later with some more questions? I realize you may not have all the answers, but I also need someone to bounce a few things off

Sure!