IBR, PAYE and SAVE for Married Couples who Both Have Student Loans
Getting married doesn’t mean payments will double for couples who both have student loans, but payments may still go up.
Getting married doesn’t mean payments will double for couples who both have student loans, but payments may still go up.
IDR plans like SAVE could result in borrowers receiving a massive tax bill when their student loans are forgiven.
After the initial excitement of student loan forgiveness or a refund, borrowers often worry about tax consequences.
There are many different opportunities for student loan borrowers at tax time.
Monthly payment calculations on income-driven repayment plans get especially complicated for borrowers living in community property states.
The clear trend shows that the student loan tax bomb probably won’t happen for the borrowers on IDR Plans like IBR, PAYE, and SAVE
Student loan payments from parents or grandparents can trigger an IRS gift tax, but exceptions exist to avoid having to pay any taxes.
The student loan tax bomb may or may not happen. My plan uses a Roth IRA to save for retirement and prepare for big tax bill.
For most borrowers, a student loan refinance will not change eligibility for the student loan interest tax deduction.