Student Loan Repayment and Forgiveness Basics

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Description

Student Loan Repayment and Forgiveness Basics
IRS Program #: X9QQU-T-01033-23-O
CTEC #: 6257-CE-0202
CE: 1 IRS & 1 CTEC credit
Speaker: Fred Amrein

After three and half years, student loan repayment will restart on October 1, 2023. Student loan borrowers and loan servicers are unprepared for this financial event. With new legislation and the increased use of Income-Driven Repayment, borrowers will need to seek better advice that the loan servicers legally cannot provide.

In addition to the repayment restarts, starting later in 2023, IRS data will integrate into the Department of Education's (DOE) systems. This new integration will create an opportunity and unique tax planning requirement for tax preparers to understand. The public must understand this new use of IRS Data in the Department of Education systems. The financial consequence of improper tax planning and advice can be significant, especially for IDR users.

As a result, Enrolled Agents have a great opportunity to add student loan repayment advice to complement their current tax business. This program will give the Enrolled Agent an overview of the various student loan repayment options and their relationships to borrowers' tax planning.With the proper advice, tax preparers could save their clients thousands of dollars annually.

Learning Objectives:

Introduction to the types of student loan repayment
Trends in student loan and repayment
New tax preparers’ risk due to IRS data integration into Department of Ed systems
Explain the new gatekeeper role of tax preparers in student loan repayment and financial aid.
Increase revenue opportunities, including student loan repayment, forgiveness, and FAFSA services.

Contributors

Fred Amrein

Founder/CEO
PayForED

Fred is the founder/CEO of PayForED.com. He is a nationally recognized expert in the entire college funding and student loan repayment process. Fred’s unique approach helps students and parents envision the financial outcome of a college education. He brings together the financial aid process, college saving plans, educational tax strategies, student financing and the loan repayment options.

Under Fred’s direction, PayForED has developed the first comprehensive college funding and student loan repayment platform that provides software, training, and consulting. The company mission is to prevent and solve the student debt crisis. He has the most CFP approved courses related to student loan repayment, forgiveness, financial aid, and college affordability. PayForED has been recognized as a CFP Quality Partner since 2017.

He has an MBA in Finance from Saint Joseph’s University and BS in Accounting and Marketing from Saint Joseph’s University. Prior to starting PayForED, Fred was a Finance Director for a Fortune 500 company supporting 5 International IT VPs. He is the author of a book and has been quoted in the WSJ, Money Magazine, US News and other national publications. Fred is also an instructor on the Surgent CPE platform.