Everyone doing IBR ?

[ForeignBody]

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My monthly payment is 516 bucks a month.. seems a little steep to me. Family of 2. Wife doesn't work.

How is everyone else dealing with this? Kinda sucking the life outa my finances.

 

[jbp100]

I am gonna do the automatic forbearance option that is available automatically for medical residents. It is just not worth it to give part of my already meager salary that won't even pay down the interest on the loan. Plus, I am going to shoot for a job with some sort of loan repayment as a benefit. No reason to struggle financially during residency IMHO.

 

[Acherona]

My monthly payment is 516 bucks a month.. seems a little steep to me. Family of 2. Wife doesn't work.

How is everyone else dealing with this? Kinda sucking the life outa my finances.

tell your wife to get a job

 

[Pkboi24]

tell your wife to get a job

Seriously yo, shorty needs to step it up.

 

[ForeignBody]

Then I'd just be paying more money in IBR.

 

[tele man]

Then I'd just be paying more money in IBR.

Depending on your situation, if your wife got a job then you could file your taxes separately so that her income wouldn't factor into the IBR equation. 2 incomes > 1 income.

 

[jbp100]

Depending on your situation, if your wife got a job then you could file your taxes separately so that her income wouldn't factor into the IBR equation. 2 incomes > 1 income.

I believe this also means more money paid in income tax! I have thought through the same scenario as the OP. My wife has a job as a teacher (and ironically will be making more than me as a first year resident, but not by much), and with both of our incomes, my IBR payment would be over 800 a month!!! The sad thing is that that payment would only just about cover the monthly interest on my loans.

For my money, go in to forbearance now when money is tight, and when you get out become very aggressive in paying back your loans on an attending's salary. My goal is to pay off all my student loans within 7 years after finishing residency, and it will not require me to struggle financially to accomplish this.