PAYE-change in income?

[rsha03]

Hi,
I'm a PGY-2 who did her transitional year out of state and am currently earning less than I did as a PGY1. I opted for the PAYE and for automatic bill pay. However, I wanted to know if I can update my income with my servicer, or does it need to be after I file my taxes for this year? I hate to have automatic deductions (from my previous income) which was higher than my current income.

Thanks

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[RangerBob]

Hi,
I'm a PGY-2 who did her transitional year out of state and am currently earning less than I did as a PGY1. I opted for the PAYE and for automatic bill pay. However, I wanted to know if I can update my income with my servicer, or does it need to be after I file my taxes for this year? I hate to have automatic deductions (from my previous income) which was higher than my current income.

Thanks

You can submit a new application for PAYE anytime your income changes. You will need to submit a paystub, and you usually just write on it how often you get paid (monthly, biweekly, etc.). So if it has dropped I would submit that now rather than wait until after you file taxes.

 

[SigmaFS]

Any reason you're not considering REPAYE? The REPAYE interest subsidy might benefit you.