I did that, the ic plan with both has us paying for 95 months at almost a 1000 a month. No way could we do that...we'd be better off doing the standard at 360 month for 450 bucks.
Sally Mae does have a new plan, looks at income each year, same as this, however if you & spouse file taxes sepearately, they will not include spouse income (after all many married couples do NOT combine finances & bills, and I think it's a good thing after a divorce sent me into bankruptcy). With that plan, when husband goes back to work, based on an estimate I think he would make, he'd only pay 171 a month, for 25 years, each year though, like the WF program, they'd look at his income to determine his payment. To me..that's pretty fair. I do not get penalized for my earnings on something I had nothing to do with. I am supporting my family at the moment, including husband, so once he goes back to work..it should be to pay his debt, and whatever is left over, chip in for the household, so perhaps we can actually build some type of savings account, and do more for the children.
I know there are horror stories about SM, but honestly, I didn't have a hard time with them. Someone else I know with a 124 grand student loan is working with them as they don't make a lot of money right now, and they have them in a hardship status, just paying 50 a month. Granted they will never pay the balance off, a lot of people w/big student loans may not, but at least the account is in good standing, and not totally wiping out all of their earnings so they can't make ends meet. With a student loan, I think that's the best one can do since they are not dischargable in bankruptcy.
Thanks all for the links and the info. I think the key is to not file married jointly once the husband goes back to work, and stick with the lenders that don't penalize the spouse!
****************
More specific info on Sallie Mae program in case anyone here is in the same boat as we are:
If you go to the link, you will see a summary of the program. There is a link to the right w/instructions on how your payment is figured called "Want to see if you qualify for the IRB program", and unlike the WF program it specifically says if you file taxes seperate, only the borrowers income is taken into account:
"If the borrower is married and filed a joint tax return, the IBR calculation must take into account any spousal income included in the AGI.
If the borrower is married and the borrower and spouse filed separate returns, the IBR eligibility calculation will be based on the
borrower’s AGI."
Sally Mae does have a new plan, looks at income each year, same as this, however if you & spouse file taxes sepearately, they will not include spouse income (after all many married couples do NOT combine finances & bills, and I think it's a good thing after a divorce sent me into bankruptcy). With that plan, when husband goes back to work, based on an estimate I think he would make, he'd only pay 171 a month, for 25 years, each year though, like the WF program, they'd look at his income to determine his payment. To me..that's pretty fair. I do not get penalized for my earnings on something I had nothing to do with. I am supporting my family at the moment, including husband, so once he goes back to work..it should be to pay his debt, and whatever is left over, chip in for the household, so perhaps we can actually build some type of savings account, and do more for the children.
I know there are horror stories about SM, but honestly, I didn't have a hard time with them. Someone else I know with a 124 grand student loan is working with them as they don't make a lot of money right now, and they have them in a hardship status, just paying 50 a month. Granted they will never pay the balance off, a lot of people w/big student loans may not, but at least the account is in good standing, and not totally wiping out all of their earnings so they can't make ends meet. With a student loan, I think that's the best one can do since they are not dischargable in bankruptcy.
Thanks all for the links and the info. I think the key is to not file married jointly once the husband goes back to work, and stick with the lenders that don't penalize the spouse!
****************
More specific info on Sallie Mae program in case anyone here is in the same boat as we are:
If you go to the link, you will see a summary of the program. There is a link to the right w/instructions on how your payment is figured called "Want to see if you qualify for the IRB program", and unlike the WF program it specifically says if you file taxes seperate, only the borrowers income is taken into account:
"If the borrower is married and filed a joint tax return, the IBR calculation must take into account any spousal income included in the AGI.
If the borrower is married and the borrower and spouse filed separate returns, the IBR eligibility calculation will be based on the
borrower’s AGI."
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