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Hi Heather,
I’m reading a lot about changes in IBR. My wife will be making more than me after graduation to the point that our combined incomes would ruin any incentive from IBR. However my single income would not. Is filing married-filing separately still an option to avoid this issue, or do the changes in IBR nullify that?
Thanks
What changes are happening to IBR? I don’t think IBR is changing at all….the proposed changes are for a new repayment plan called REPAYE. Those who are currently on IBR will remain on IBR and nothing will change. Once REPAYE is established, it is unknown if IBR will still be an option for new borrowers, or for people that wish to switch to IBR.
Great, thanks, I guess I got confused on the repayment plan titles.
Just to clarify though, if I elect to file taxes married-filing separately, for IBR purposes it will still exclude my wife’s income, correct?