My wife and I are currently paying off her student loans. We got married at the end of 2016, so she has asked the organization handling her loans how to update her income to the income based repayment plan. She was told that she does not have to update her income. This seemed odd to us, and we are not sure if its true.
My wife works for an employer that qualifies her to have her loans forgiven after 10 years of employment. She has worked there for 4 years and loves her job, so we are anticipating the loans to be forgiven after 10 years. So...if we assume the remaining balance will be forgiven after 10 years, we would want to pay as little as possible during that 10 year period. If we dont have to provided updated family income numbers, then she her "income-based" monthly payment will not change over the 10 years.
I dont trust the information that was provided during my wife's phone conversation with the loan provider. When she graduated from college, they told her that her "income-based" monthly payment was only $16 even though she was earning $35,000 per year at her new job and had roughly $30k in loans.
I apologize if i rambled in this post, but want to know if anyone updates their income information for student loan payments.