Hi Heather,

Thank you so much for the information you provide; it is incredibly helpful. I have a question about IBR for married borrowers. My husband and I filed our 2010 taxes jointly and my payment is based on the AGI from our joint return. However, we are planning to file our 2011 returns separately and I’d like my IBR payment amounts to be recalculated based on my 2011 return and adjusted filing status.

Is it fairly easy to have the servicer recalculate the payment after I change my filing status?
Do I have to initiate recalculation, or does the servicer do it a regular annual intervals?
Is my best bet to file separate returns in January 2012 and then resubmit my tax info to the servicer?

I am just looking for the smoothest way to make the shift.

Thanks!

This year I sent in my adjusted gross income income via my tax paperwork & in 2010 my husband & I filed jointly. I just found out this week that I misunderstood & can file separately which will drop my IBR monthly payment. Do I have to wait until I file my 2011 next year to try to get my payment adjusted so that my husbands income isn’t added in?