Payment calculator for SAVE plan - family size

General
1

Hi guys,

I apologize if this question has been asked numerous times, but my husband and I are currently deciding whether to file our taxes jointly or separately this year. We’re using the loan simulator on studentaid.gov to estimate what our payments might be. We both have federal loans; mine are a bit smaller than his; and I earn slightly less than he does. We also have four children.

While using the loan simulator, when selecting the option for married filing separately, it asks, “How many dependent children do you have?” I’m trying to figure out whether we should both enter the total number of four, or if only one of us should enter that to get the most accurate payment estimate. Alternatively, can we split the dependents; such as 1/3 or 2/2; to achieve the most favorable payment terms? It seems like entering four for both of us could result in double-counting since we’d be filing separately, but I’m finding conflicting information as I research. Any insights would be greatly appreciated.

2

If you both have federal student loans, you can include the children in your family size for whom you contribute more than half the support, even though it is nearly always incorrect to file separately.

When submitting a separate application… Do you favor two of them (51%), whereas he favors two (51%). Next, each of you makes claim 2. Which one of you supports all four with more than 51% of the vote? Then, according to that individual, 4. Who claims them on taxes is irrelevant. The child you both claim cannot be yours.
As opposed to filing jointly, which would result in a family of six and an income-driven repayment schedule that is divided according to the amount of debt incurred.