Strategies for Student Loan Forgiveness, Parent Plus Loans and Optimal Tax Filing Status 02-20-2024
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Strategies for Student Loan Forgiveness, Parent Plus Loans and Optimal Tax Filing Status
Presented by David Gourley, CSLP, each Plan Retire & AEL Wealth Management
In this webinar, student loan planner, David Gourley, talked about the latest strategies on student loan forgiveness and how to help clients, including Parent Plus borrowers, take advantage of the loan forgiveness opportunities that still exist with Income Driven Waivers, PSLF and more. David also addressed the double consolidation “loophole” for Parent Plus borrowers and how they can become eligible for the SAVE repayment plan, how he’s helped new borrowers get multiple years of $0 loan payments using tax filing strategies, and how married filing separately is helping some of his clients take their student loan payment down to $0.
Attendees Comments:
A few comments from listeners when they were asked what the learned from the webinar:
Tax implications of Married Filing Separately should have been included. For Example: MFS eliminates certain credits you can take. You can't take the earned income credit. You can't take the exclusion or credit for adoption expenses in most cases. You can't take the education credits (the American opportunity credit and lifetime learning credit), the deduction for student loan interest, or the deduction for tuition and fees. Also if one spouse itemizes the other spouse must even if the other spouse has $0
- John M.
Nuances of the loan forgiveness rules and criticality of terminology and deadlines.
- John D.
I see student loans often on my clients credit report, and they are not my expertise, it is good to have an expert to refer them to if they need one.
- Janet M.
Tax implications of Married Filing Separately should have been included. For Example: MFS eliminates certain credits you can take. You can't take the earned income credit. You can't take the exclusion or credit for adoption expenses in most cases. You can't take the education credits (the American opportunity credit and lifetime learning credit), the deduction for student loan interest, or the deduction for tuition and fees. Also if one spouse itemizes the other spouse must even if the other spouse has $0
- John M.
Nuances of the loan forgiveness rules and criticality of terminology and deadlines.
- John D.
I see student loans often on my clients credit report, and they are not my expertise, it is good to have an expert to refer them to if they need one.
- Janet M.
Tax implications of Married Filing Separately should have been included. For Example: MFS eliminates certain credits you can take. You can't take the earned income credit. You can't take the exclusion or credit for adoption expenses in most cases. You can't take the education credits (the American opportunity credit and lifetime learning credit), the deduction for student loan interest, or the deduction for tuition and fees. Also if one spouse itemizes the other spouse must even if the other spouse has $0
- John M.
Nuances of the loan forgiveness rules and criticality of terminology and deadlines.
- John D.
I see student loans often on my clients credit report, and they are not my expertise, it is good to have an expert to refer them to if they need one.
- Janet M.