Hello, according to the income-based calculator I am looking at a monthly payment of around $800.00 for a total sum of 100,000 loans. My issue is that although I went to school for something else and got my Masters I decided to become a Special Education teacher. My husband and myself make about 91,000.00 yearly however we have 3 kids. Long story short with our current bills including over $1,000.00 monthly for daycare I do not see a way that I can pay 800.00 a month. Is there any way to get a lower payment that can still count towards the public service loan forgiveness plan?

Thanks in advance

I would like to ask a similar question.  I am single on a fixed income.  I have my Master’s degree and about $129,000 (that includes the current interest) in loans that are currently either in forbearance or in the grace period.  According to the calculators online, using the IBR payment plan, I will have to pay over $300 a month.  Unfortunately, I do not have that extra after rent, bills, groceries and gas (I commute over an hour to work daily).  Are there any options for me if I am not able to obtain a higher paying job before my payments are due?

I’ve run into the same problem.  I’m not 100% certain how this all works, but here’s my GUESS:

The calculator takes the total AGI of both you + your spouse, but it doesn’t take into account any student loan debt that your spouse has (if any)?  I have noticed that you can file your taxes “married but separate” and this MAY be the way to go.  The tax breaks you would get by filing joint taxes are FAR less than the potential savings with IBR IF this is the case.  I’m still researching this and I’m still confused…

Wow that seems very high.  I have a son who is making about 100,000 per year and has about 96,000 in student loans.  He has four children and his payments are 175 per month.  I know this is based on AGI, so I know that the income may appear much lower due to his deductions of himself, wife and 4 little ones.  But, 800 just seems so high.  Sorry to hear about that.  I am hoping that you do find a lower payment.