At Navigate, we are working to bring our expertise to bear on the injustices of student debt. Earlier this year, the Student Borrower Protection Center wrote powerfully about the ways in which the student debt crisis is a civil rights crisis: “The reality for Black and Latino borrowers who bear the brunt of this debt load and its consequences is even more stark, making student loan debt a key barrier to racial equity.” We have work to do.
The first thing to know is that you have options. Depending on your situation, you may be eligible for various payment plans. That may impact how you decide you and your spouse file your taxes, jointly or separately. The latter may increase your taxes , but depending on your tax situation, it could be offset by savings in loan payments.
At Navigate, we are working to bring our expertise to bear on the injustices of student debt. Earlier this year, the Student Borrower Protection Center wrote powerfully about the ways in which the student debt crisis is a civil rights crisis: “The reality for Black and Latino borrowers who bear the brunt of this debt load and its consequences is even more stark, making student loan debt a key barrier to racial equity.” We have work to do.
If you’re in repayment, it’s likely you have some special forms your loan servicer requires. Unless you’re on the standard 10-year repayment plan, you need to submit an income recertification annually for your income-driven repayment (IDR).
For those pursuing Public Service Loan Forgiveness (PSLF), you should also be submitting an employer certification form as well so you can track your progress.
PSLF – Public Service Loan Forgiveness can eliminate all remaining student loan debt for those who have made qualifying on-time payments over ten years. Anyone who is a full-time employee of federal, state, local, or tribal governments; a 501(c)(3) non-profit or certain other public service organizations qualifies.
Right now, due to the COVID-19 pandemic, income recertifications have been put on hold under the national emergency forbearance. For borrowers whose loans are serviced by FedLoan—which includes anyone pursuing PSLF—your recertification has been extended by 20 months.
We created Navigate to give the best advice to people who need it, to support physicians, to give people the tools to overcome. Together, we’re making the world a better place: let’s get to work.
A big part of the work we do is help people not be “fooled” by the system or bad information. Even though the student loan industry has come a long way in a relatively short period of time (PSLF began in 2007, it’s still less than 20 years old!), it still has a poor track record due to the lack of information, arcane instructions, scant customer service advice.
It’s tax season, and even if you don’t think you’ll find a “pot o’ gold” on April 15th, you can at least take steps to minimize the amount you owe to Uncle Sam. Fortunately enough, there’s no luck involved; you just have to know where to put your money. One smart step is to create your own little pot o’ gold by maximizing pre-tax contributions.
The first thing to know is that you have options. Depending on your situation, you may be eligible for various payment plans. That may impact how you decide you and your spouse file your taxes, jointly or separately. The latter may increase your taxes , but depending on your tax situation, it could be offset by savings in loan payments.