Spotlight on Student Loans:
YIKES! Federal Student Loan repayment to coincide with this year’s tax deadline. Are you ready?
April and May are in the distant future…or are they?
As we move into February, the gap in the holidays can lull us into a sense of security. The year’s major deadlines in April and May can seem so far off in the distant future. Student loan repayments aren’t set to resume for three months, and the Spring tax deadline does not seem to loom so large on the horizon.
Now is a time for relaxing and taking it easy. It is also a time to set ourselves up for success so that we can avoid the panic associated with so many important deadlines happening almost back-to-back.
Plan in Advance for Back-to-Back Deadlines
With just thirteen days separating the resumption of mandatory student loan payments (May 1) and filing taxes (April 18), it is a good idea to plan for both well in advance.
Some questions you might ask yourself are: Am I on-track for Public Service Loan Forgiveness? Have I submitted my Employer Certification Form? What measures am I taking to ensure I am in good standing to resume student loan payments on May 1?
Income-Recertification and 2021 Taxes: A Two-For-One Package
The coinciding of these two major deadlines for the fiscal year may leave you feeling overwhelmed. That’s where Navigate comes in. We can help you figure out your IDR Recertification strategy. With the extension, your payment will be the same as it was prior to the COVID forbearance. This will last until December and perhaps into 2023, depending on your IDR recertification date.
However, for some people, it may be smarter to recertify earlier. For others, it may impact whether you file taxes Married Jointly or Married Separately. No matter your situation, we will be here to help every step of the way.
If you’re pursuing Public Service Loan Forgiveness and you haven’t met with us yet, schedule your free 15-minute Discovery Session to find out if you qualify for PSLF, or what you can do if you don’t.