Will a high student loan balance factor into getting approved for a mortgage?

[jordanmedical]

My IBR payments don't match the payments listed on my CR, do your match, jade?

[jzsnow]

If you call and ask your student loan provider they can update the CR. the underwriter. Isn't accept a letter from your student loan provider. However, my cr does have the ibr amount listed.

[danny4l]

Forgive me for asking this but how does this IBR plan work exactly?

Do I just say.... "Sallie Mae, I want to buy a house so please lower my payments to reflect how much money I make so I can get approved for a mortgage..."

Am I missing something?

[JM-AM]

IBR is based off of your income and size of family.

Has nothing to do with buying a home.

[danny4l]

I know that's why I said "How much money I make" in my last statement.

Do I just ask Sallie Mae to look at my income and adjust my payment?  I mean is it that simple?

[JM-AM]

Im sure you will have to provide proof of income, birth certificates and ss#'s or something of that nature.

But yes contact them and ask them what they need.

[jzsnow]

It's pretty simple. Google ibr calculator and run your numbers. Basically, your payments are 15% of your discretionary income. That means the difference in 150% of the poverty rate and your income is What your 15% is based on. The poverty limit is based on income and family size.

As far as setting it up...you just call your provider and tell them you want to apply for this payment plan. After 25 years of payments, your loans are forgiven. However, the forgiven amount is taxable.

[jzsnow]

The application requests your tax returns. I forgot to say it based on your agi!

[danny4l]

After 25 years of payments on an IBR plan, my Sallie Mae loans will be forgiven??????

How come Sallie Mae never tells me this?  How come Sallie Mae never tells me about IBR plans?

[jadeite788]

I won't know until April though.  It should.  If its from the U.S. Department of Education.