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IBR and Taxes
February 12, 2018
10:44 am
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February 12, 2018
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Hello. My wife and I are both physicians in training, and both have federal student loans.

Currently we are under PAYE, and have been married filing separately for the past few years as there is concern that our payments would increase significantly if we did it jointly.

Does anyone have any experience with this, and if so what is the best way to file?

Thanks.

February 12, 2018
11:24 am
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May 3, 2014
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If you both have federal student loans, there really isn’t a benefit to filing separately. With both of you on PAYE, your combined monthly payments will still be a total of 10% of your combined discretionary income. Filing jointly WILL NOT essentially double your student loan payments as many fear.

Some helpful reading…

This article discusses the basics of income driven repayment plans for couples who both have federal loans:
https://studentloansherpa.com/income-based-repayment-calculations-married-couples/

This article goes into more detail about the rules behind the calculations:
https://studentloansherpa.com/ibr-married-couples-student-loans/

For your actual situation, I’d spend some time with the Department of Education’s loan repayment estimator. You can get a good idea of what your payments will be and do the same for your wife. https://studentloans.gov/myDirectLoan/repaymentEstimator.action

February 12, 2018
11:35 am
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Great, thanks for your help and the attached resources.

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