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IBR & 2nd job Question

So here is the situation…

I was the typical young dumbass who thought that charging everything to a credit card was a good idea. Flash forward to the end of my 20’s and I am paying a hellacious monthly minimum payment to various cards getting pretty much no where. Honestly, I pay nearly $500 in minimum credit card payments monthly. It takes quite a large chunk out of my primary jobs monthly allowance. Leaving me with hardly any extra money to pay anything off or create a savings. Getting tired of this song and dance, I decided that I would not enter my 30’s with any credit card debts. So I did some research and found a 2nd job that is proving to be quite lucrative. In fact, I am going to pay over half of my debt off in the next 6 months. Once the debt has been paid off, I don’t intend to keep the second job. It is exhausting and time consuming, but the end result is worth less than a year.

The issue that is starting to come to the forefront is my Income Based Repayment plan. I am going to make nearly 12K more this year than I usually would. This is going to make my monthly payments quite pricey. The IBR payment calculator is suggesting that payment to be nearly $500 while now I pay around $250. When my annual review come up, I won’t be working two jobs anymore and my income will be about 12K less.

To ensure you have all the details, I will note that I work for a qualifying public institute making my payments eligible for the Public Service Loan Forgiveness program. I am a librarian so I will likely always work for an institute that qualifies.

Anyways, I guess I am beginning to wonder if I am doing myself more harm in the long run? Should I maybe pull back on my second job? Or do I say eff it and deal with my student loans doubling when the time comes? Or is there an option to discuss the drastic decrease in my annual income with FedLoan Servicing? What are my options?

Any advice, suggestions or personal experiences are welcome! I want to get out of debt, but I almost feel like I am shooting myself in the foot with my student loan debt.

Please note: I am no longer such a dumbass and have cut out the cards!

IBR & 2nd job Question – RobinHood – Reddit Feed


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4 Comments

  • I am also on the PSLF program and a librarian! From what I understand of the program, you can submit new paperwork to have your income re-calculated to reduce your payment. I think you’re supposed to do this anytime your income changes significantly. Good luck to you!

  • When is your recertification due? There are ways to effectively “skip” a year of income by playing with the dates of your tax submission and recertification. If your recert is due early in the year you can wait as long as possible to submit your taxes so that you use your IRS info from two years ago. You could also request a new payment plan (i.e. switch from PAYE to REPAYE) to change your recert date.

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