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So, I just tried out the calculator again, and it gave us a higher payment than I expected.
Given what the loan officer told us at the meeting, I think that calculator is oversimplified. First of all, "disposable income" is based on the 150% of the poverty line in your state. I just googled poverty line and came up with this:
http://aspe.hhs.gov/POVERTY/09poverty.shtml
Oh, wait! This site implies that the poverty line is SAME almost everywhere, which makes no sense (NYC is way more expensive than the midwest to live!!). The loan officer implied that each state was different. Ugh, anyone have more info on this?
Anyway, that calculator still doesn't account for some "perks" they told us about. For example, she said that you don't have to (and shouldn't) count your spouse's income, especially if they also have student loans. But in order to do this, you have to file taxes separately. However, even though you don't have to count spouse income, you can still include spouse in your household size.
Also, if you have subsidized stafford loans, Uncle Sam will pay the "negatively amortized" interest for the first 3 years (i.e. if your monthly payment is less than the interest for a 25 year plan, Uncle Sam will pay it). That's good, because otherwise the interest that builds up can come back to get you later.
Sigh. During the whole session, there were at least 20 questions people asked to which the answer was, 'they're still trying to iron that out.' Hmmm....
Given what the loan officer told us at the meeting, I think that calculator is oversimplified. First of all, "disposable income" is based on the 150% of the poverty line in your state. I just googled poverty line and came up with this:
http://aspe.hhs.gov/POVERTY/09poverty.shtml
Oh, wait! This site implies that the poverty line is SAME almost everywhere, which makes no sense (NYC is way more expensive than the midwest to live!!). The loan officer implied that each state was different. Ugh, anyone have more info on this?
Anyway, that calculator still doesn't account for some "perks" they told us about. For example, she said that you don't have to (and shouldn't) count your spouse's income, especially if they also have student loans. But in order to do this, you have to file taxes separately. However, even though you don't have to count spouse income, you can still include spouse in your household size.
Also, if you have subsidized stafford loans, Uncle Sam will pay the "negatively amortized" interest for the first 3 years (i.e. if your monthly payment is less than the interest for a 25 year plan, Uncle Sam will pay it). That's good, because otherwise the interest that builds up can come back to get you later.
Sigh. During the whole session, there were at least 20 questions people asked to which the answer was, 'they're still trying to iron that out.' Hmmm....
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