Does PRN pay count toward IBR for student loans?

[r23gonzo]

Hello fellow DPTs

My grace period ends soon, and I'll be starting my student loan payments. I have a question about the income-based repayments/pay as you earn plans. I currently have a full time job, and I'm also working a PRN job (only 16 hrs per month). Does the added income from the PRN job count toward my discretionary income for these repayment plans? I'm assuming it does, but then I figured PRN jobs are not "guaranteed hours", so I thought I'd ask you guys.

Thanks!

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[jadedphysiotherapist]

I believe it counts as your gross income and it's still taxable income. I'd enroll IBR and drop your prn heavily onto the loans initially to kill that compounding interest.

Push out buying a new car or upgrading your lifestyle too heavily. When it's more manageable, make your IBR payments only and then upgrade lifestyle.

 

[jadedphysiotherapist]

Yes

 

[FitBUX]

Hello fellow DPTs

My grace period ends soon, and I'll be starting my student loan payments. I have a question about the income-based repayments/pay as you earn plans. I currently have a full time job, and I'm also working a PRN job (only 16 hrs per month). Does the added income from the PRN job count toward my discretionary income for these repayment plans? I'm assuming it does, but then I figured PRN jobs are not "guaranteed hours", so I thought I'd ask you guys.

Thanks!

Yes it does...

 

[DesertPT]

You could have 1 job or 5 jobs, your discretionary income = AGI as displayed on your tax return minus 150% of the federal poverty line for your family size.