PayForED’s is excited to announce several new enhancements to the Student Loan Repayer solution. The new functionality will upgrade the tool’s tax, repayment, and loan forgiveness functions.
Student Loan Repayer Added New Features
- Actual Tax override function to better project Income-Driven Repayment amounts and loan forgiveness projections
- New monthly salary increase function to help physicians better estimate Public Service Loan Forgiveness planning
- Improved repayment charts to reflect negative amortization and amount forgiven
- Improved loan forgiveness identifiers and amounts with tax exposure calculations
As we approach the end of tax season, many couples who were recently married or started repaying their student loans need to evaluate their tax filing options and debt structure. The PayForED Student Loan Repayment solution has enhanced its tax estimating solution within the tool. The combination of student loan structure and tax filing is often overlooked. Our solution allows borrowers and advisors the ability to compare the various repayment options under different scenarios. Married couples with federal student loans have over 126 options to compare and create a plan, our software helps not only individuals but households.
These new enhancements provide couples a better insight into their options especially those qualifying for Public Student Loan Forgiveness. By properly managing a borrower’s Adjusted Gross Income, they can lower their monthly loan repayment, increase their retirement savings and improve their overall financial future.