Student Loan Repayment and Individual Taxes

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Description

Student Loan Repayment and Individual Taxes
IRS Program #: X9QQU-T-01034-23-O
CTEC #: 6257-CE-0203
CE: 1 IRS & 1 CTEC credit
Speaker: Fred Amrein

More student loan borrowers are using Income-Driven Repayment (IDR) methods. This trend is expected to accelerate once repayment restarts. As a result, student loan borrowers will requireadditional advice due to the increased complexities. For example, a married couple who both have student loans could have up to 126 different combinations of repayment and tax filing options. They expect the loan servicers to help them navigate these options, but they legally cannot provide all the necessary options to make the best repayment and forgiveness decisions.

Tax Preparers and financial advisors are uniquely positioned to provide this needed advice. Both understand and legally can provide personal financial advice to help borrowers maximize their repayment options. Tax preparers have an added advantage since they can calculate the turn cost of filing methods and managing AGI.

This program will link the previous day's knowledge of the various student loan repayment options and their direct relationship to repayment and forgiveness. It will provide case study examples of how simple adjustments could result in thousands or hundreds of thousands of dollars for your clients. We will also cover the risk to your business if you do not have this knowledge.

Learning Objectives:

Understanding the impact of tax filing decisions on student loan repayment
Proper management of AGI when using Income-Driven Repayment
Broaden your focus from tax efficiency solutions when clients have student loans
Displaying an approach to help you compare a client’s options.
Timing of tax filing strategies to lower a client’s monthly payment

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.