You can Still Self-Certify Your Income for Federal Student Loan IDRs: Here’s how.

Own a business?

Student loan payment way up?

Make sure you are reporting your income correctly and qualify for the lowest income driven plan payment.

We have clients do a self certified letter supporting their income all the time, but we only recommend a one-month period because the math is easier (don’t get me started).

The key is to NOT give your servicer too much info which looks like a P&L.  They will not use that. The only number you need to state is your net income.

Also, make the largest possible 401k, IRA, HSA payment you can for that month.  It will lower your student loan payment for the certified period of time which is 12 months!

Are you married?

Consider filing a separate tax return, and have your spouse do some work for the firm.  Then pay your spouse.  That way, that income won’t cause your student loan payment to go up.

I hope these tips help you — it’s rough out there and every penny you can keep in your pocket helps!