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IBR proof of income

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  • #1

    IBR proof of income

    So its that time of year again where we have to provide our proof of income. Anyone else frustrated with how new this is and how it seems to be changing? For example our first year we had to submit paystubs AND our tax return. Our payments were a decent chunk because of the job I had in med school even though I was unemployed for intern year. Then the last two years they have only wanted our income tax statements so our payments dropped substantially. When I got a job at the end of 2012 I sent an email asking if I needed to report the new income and they said no.

    Now this year while uploading our tax information it asked me if our income is significantly higher than last year - well I only worked 3 months last year, and I hope to work 12 this year - so YES our income is higher. I'm unsure what to do so I sent an email to my service provider, because I am paranoid that I will be breaking some kind of federal law or something if I don't send my paystubs.

    Maybe this is because they have different policies with the different loan servicers? Ours was transfered at least once already.

    Loving wife of neurosurgeon
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  • #2
    What about people who don't have pay stubs? I'm skeptical that they could really require you to submit them (recommend i understand), since freelancers/independent contractors typically don't even have pay stubs.

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    • #3
      Grr. The response I got was that I need to provide at least 30 days of paystubs.

      I was hoping to keep paying another year but that won't happen if they factor in my income.

      Wife to PGY4
      Loving wife of neurosurgeon

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      • #4
        We're not doing IBR this year because my income went down and it doesn't make sense for us to pay based on last year's tax returns. I'd guess the pay stub requirement they're telling you about is because you said your income was significantly changing.

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        • #5
          I'm sorry Marissa! I had to write a letter verifying some things and it was pretty easy...I'm hoping this coming year will be the same and hopefully you guys can get things sorted without too much hassle

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