What if my income increases, do I need to report that in SAVE Plan of Student loan?

Related Questions

• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Should I consider consolidating my federal student loans, which have varying interest rates ranging from 2.5% to 5.05%, now that the grace period is ending and interest rates are starting up again? I've also heard about different repayment plans on FAFSA, like the SAVE plan, but I'm not sure how they work. What would be the best approach for paying off my total student loan debt of $60,000, with $30,000 each from Federal and Private, considering my private loan interest rate is 5.64%?
  FAFSA is the Free Application for Federal Student Aid and it is the thing you fill out to get ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  If my initial loan balance was above $27,000 and now it’s $12,000, will my forgiveness period be 10 years now for SAVE Plan of Student loan?
  No, your repayment period is only based on your initial balance.
  
  1 0 1
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  How can I make sure my student loan repayment years count towards forgiveness with an undergrad FFELP consolidation loan and multiple grad school loans? I'm close to the 25-year requirement, but my income may be too high for IDR plans. Should I consider the SAVE plan for higher payments?
   Take the federal poverty level for your family size and multiply it by 2.25. Take whatever number you get ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Why does the loan consolidation for my $98,000 in graduate loans under SAVE result in a total payment of $198,000 over 25 years, doubling the loan amount, despite my understanding that interest would be waived? Is there something I'm overlooking compared to PAYE and IBR plans, which calculate a total payment of $167,000?
  98000 at an example 6% interest, accrues approximately $490 a month in interest. If you pay $436, they waive ...
  
  1 0 5
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Which Student loan plan is better SAVE Plan, PAYE Plan or IBR?
  SAVE is generally the best because your interest does not accumulate if you pay the minimum payment. In most ...
  
  1 0 2
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  I’m confused how the SAVE plan  of Student loan works. I thought there was no interest that accrues. Can anyone share their knowledge?
    Interest still accrues on the SAVE plan, but if the amount of interest that accrues is greater than your ...
  
  1 0 2
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Why is my spouse’s income taken into consideration for SAVE Plan of Student loan? These are my loans, not hers.
  The government considers you one entity for tax purposes and you get the benefits of such from a tax ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  What if my spouse and I both have loans, would we pay 20% of our discretionary income instead of 10% for SAVE Plan of Student loan?
  No, the calculation should be the same (student loan servicer's may make errors here so check their math). However, the ...
  
  1 0 1
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  How do I calculate my monthly accruing interest for SAVE Plan of Student loan?
  Principal Loan Balance * Interest Rate / 12. You can also refer to this for detailed SAVE Plan payment calculation.  
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Who typically benefits most from the SAVE plan of Student loan?
  People with low incomes compared to their student loan balance. Also, people whose income is close to the 225% ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Do I get any benefit on the SAVE Plan of Student loan if my income will increase next year such that I won’t receive an interest subsidy?
  Yes, you still may get an interest subsidy this year which will lower the repayment amount this year, your ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  How can I reduce my AGI without reducing my gross income for SAVE Plan of Student loan?
  You can obtain more “above the line” deductions by contributing more to your 401k, tax deductible IRA, and health ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Why doesn’t the government take into account my high cost of living area or other debts in my monthly SAVE payment of Student loan?
  You chose to live in a high cost of living area and the government isn’t in the business of ...
  
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