What’s under the spotlight this month?
Winter is a popular time to get engaged; with the various romantic holidays, abundance of family time, and anticipation of springtime warmth and cheer, it’s not hard to imagine why. For those with significant student loan debt, however, a time for joy and excitement can also bring added anxiety, especially as tax season creeps ever closer.
Student loan debt is tricky and sticky; it can be difficult to navigate and it is more troublesome than other kinds of debt when it comes to things like marriage or taxes. For those on an income-driven repayment plan, it has the added complexity of affecting your payments.
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.
Ultimately, this is a topic you will want to discuss with your accountant, financial planner, and—most importantly—your spouse. Navigate will work with all of these forces to help you come up with the best plan for your student loans; it’s just one service that sets us apart. As the old saying goes, death and taxes are certain, but we can help ease your anxieties about one of them, letting you focus on a season of love and joy.