Student loan repayment plans and tax filing are intertwined. Knowing the impact of your tax filing on your federal student loan repayment plan can be critical to saving money.
In order to determine the monthly payment for your student loan income-driven plan, the Department of Education downloads the borrower’s last filed tax return from the IRS. Work with a GradFin tax professional to compare your tax liability options with your student loan repayment options. We’ll help you understand your tax filing and loan repayment options and help prepare your taxes during the tax filing season.
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Tax Planning and Student Loan Repayment Calculator
Our tax planning and student loan repayment calculator will help you learn how different filing strategies can reduce your student loan monthly payment. We’ll run the numbers for you so you can compare the options and choose the best tax filing and student loan repayment plan for your situation.
Tax Filing for Married Borrowers
The income-driven repayment rules are complex, especially for borrowers that are married. Borrowers should be fully informed of the costs of their tax liability when they file jointly or separately. GradFin will help you review how filing jointly or filing separately on your tax return will impact the monthly payment on your income-driven repayment plan.
GradFin has tax preparation software powered by Intuit to help you prepare and e-file your taxes. We will work with you and your spouse to file your taxes, compare the costs with your student loan repayment plans, and then e-file during the official tax season.