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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.
- 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.