I have $212,000 of student debt and I’ve been on IBR for the last 1.5 years, and I got married last year.

My AGI for last year was ~ 30K, and I’m not in a field where I expect the pay to go significantly higher. My husband’s AGI was ~ 230K (he’s already paid off all his student loans.)

My husband and I are trying to figure out whether it makes sense to file taxes together or separately this year, and furthermore, how to plan our overall financial future and taxes given my student debt in a way that makes the most sense for us financially as a family.

Under IBR, if we file our taxes separately, my monthly payments would be very low, but we’d lose out on the ~12K/year tax savings and may have to pay taxes on the forgiven amount after 25 years, which may be as high as the original loan amount (though not worth as much in today’s terms)! I’m also worried about the potential for changes to the law in the next 23 years (specifically potential changes without a grandfather clause) which would pull the rug out from under our financial planning.

I’m a client of GLAdvisor and they are strongly encouraging us to either go for PSLF, which is not a path that is in my career plan, or to file jointly, refinance the loan with a private lender at a lower interest rate, and try to aggressively pay off the loan in 10-15 years, which would significantly impact our quality of live for the next 10 years.

I’m inclined to stay on IBR and file separately, but I’m not sure. How confident can I be that the law won’t change in the next 23 years, given that these important financial decisions are hinging on the continued availability of IBR in its current form? What do you think is the best financial course of action for us, all things considered? Should I consider paying more than the minimum monthly amount?

I’m sorry but I just can’t advise you about your specific circumstances without violating the rules of my profession.  I can say that I think you are evaluating the right factors and have identified appropriate considerations.  There is not one perfect answer.  Because you do not know what the future will bring, you can only decide based on what you know now and what you reasonably expect to be the case over time.  The only thing I want to encourage you to consider that you have not already mentioned is that while you should make a decision about what is best for your family unit, I believe it also makes sense to recognize that you’ll be strongest as a family when each individual member of the family is strong and protected.  I encourage you to make choices that protect the family and that provide for the individual family members to be alright even if unexpected changes come to pass.