Change # 2, therefore the good reason why all over is important, is that REPAYE ‘s the merely education loan program that can takes into account their partner’s money when calculating your own payment per month. The latest commitment off hitched is founded on your own government tax submitting reputation, and you may each other “partnered processing along with her” and you will “partnered processing individually” count once the hitched to your purposes of REPAYE. So, if i have been federally hitched this year my payment per month carry out be $351 rather than $111 (remember it is really not just linear since it is ten% out of AGI minus 150% out of government impoverishment line), and then season my personal fee might possibly be $880 (or $933 based on when the filing together otherwise independently) per month! Ouch. Therefore not just carry out I have less cash within my wallet about higher monthly installments, but the 100 % free government currency that is going towards my personal loans would fundamentally fall off. And you may I’m the only person having government money! If we both had government financing, new impression for the perform twice given that we had both need to pay this! During the period of my personal 5 seasons property, this would equate to several thousands of dollars in the missing money, shed compound attract (one another positive during the old age membership and you will bad inside the increased financing load), and you may lost quality of life from with a firmer finances. (more…)