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Student Loan Income Based Repayment Plan, Duty to Immediately Report Higher Income?

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I am currently paying back my student loans under the REPAYE plan, and I work in public service so I will be eligible for loan forgiveness after I complete 120 payments under this plan.  Every year in November I have to send proof of my income, which consists of my previous year's tax return, and my payments are increased based on how much my salary has increased over the previous year.  I am going to be starting a new job in June (still in the public sector) and my salary is going to increase by approximately $20,000 a year.  Is there a requirement that I immediately alert my loan servicer that my income has increased substantially, or can I continue submitting my tax returns, thus putting off the increase in payment effectively for an additional year?  Thanks in advance for anyone who has dealt with this.

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no, only when the do the year re-verify

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phil4444 said:   no, only when the do the year re-verify
 Thanks. When I do the year re-verify I normally submit the previous year's tax return.  I can still do this without any sort of penalty or problem even if I know I'm making substantially more this year than the previous year's tax return would show?  I can't find anything that says that I can't do that, but I just want to make sure I'm not doing anything wrong.

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They are super lax about this. I have friends who took jobs making 150k whose payments are still under 100 per mo because of the effective 1.5 year lag between taking a job and filing tax return with that income.

If I were the government I'd want to more tightly control it but I'm sure it's their little way of making the default numbers look better.

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jd2010 said:   They are super lax about this. I have friends who took jobs making 150k whose payments are still under 100 per mo because of the effective 1.5 year lag between taking a job and filing tax return with that income.

If I were the government I'd want to more tightly control it but I'm sure it's their little way of making the default numbers look better.

  
Thank You!

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The quicker you pay off the loans the less you will pay in the long run. You save more in interested than you can get in the bank.

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2tiger said:   The quicker you pay off the loans the less you will pay in the long run. You save more in interested than you can get in the bank.
  
Not the point.  Often the decision is between paying more and loading a 401k/IRA or between paying more or having an emergency fund, or between paying more or kicking it down the road and having it forgiven by the current programs in place,  I think anyone who finished 8th grade understands how compound interest works.

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2tiger said:   The quicker you pay off the loans the less you will pay in the long run. You save more in interested than you can get in the bank.
  You missed the part where the OP will be eligible for loan forgiveness after 120 payments, so saving interest is pretty much irrelevant in this instance.

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