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re certifying through fedloan

Started by Carol, April 24, 2019, 05:36:27 pm

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Carol

I've never had a complaint until now with fedloan servicing.  I recertified this year and mistakenly triggered a request for additional income verification along with my 2018 IRS info.  I therefore uploaded my paycheck stub to fedloan per their request.  When submitting pay check information, fedloan looks at the gross amount, which is far more than my agi.  Can I redo the recertification and not mark the box that triggered the extra income verification?  I waited 30 minutes on hold for a rep. and finally spoke with someone who couldn't give me a clear answer except, "you can try."  Well, I know I can try, but will the second request be honored?  And if I can't redo it, then will I have to submit my check stub every year from now on, so they can get more money from me?  Before now, my IRS info was enough.   

TheCollegeInvestor

If you use any alternative methods, like a paystub, they have to take into consideration the gross amount, not the net. It's the law. The reason is because they can't see your tax return to see what types of deductions you may have to lower your AGI. They just don't know if they exist with the alternative method.

And yes, you can resubmit your IBR plan request anytime, and you use your tax return. On the IBR certification form, box 1, check the box that says "I am submitting documentation early to have my income-driven repayment calculated early".

And stop submitting a paystub! Use your tax return.

James Strome

Quote from: TheCollegeInvestor on April 24, 2019, 08:36:58 pmIf you use any alternative methods, like a paystub, they have to take into consideration the gross amount, not the net. It's the law. The reason is because they can't see your tax return to see what types of deductions you may have to lower your AGI. They just don't know if they exist with the alternative method.

And yes, you can resubmit your IBR plan request anytime, and you use your tax return. On the IBR certification form, box 1, check the box that says "I am submitting documentation early to have my income-driven repayment calculated early".

And stop submitting a paystub! Use your tax return.
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