TurboTax 2015 Offers Their Customers New Tools to Learn About Student Loan Repayment Options
Life is known for throwing curveballs at the wrong time. Some examples of the curveballs that life may throw you include, but are not limited to, losing your job or having a hard time securing a job when you graduate from college.
However, this is not going to stop you from having to take care of your family or pay your high and re-curring monthly bills. When a curveball is thrown at you, it can be difficult for you to be able to afford to pay your monthly federal student loan payments.
If you are someone, who has found yourself in this type of situation it is possible that you will qualify to get a repayment plan that allows you to pay a certain amount based on your income.
How to Get an Income Driven Student Loan Repayment Plan
If you are someone who uses Turbo Tax Online when you file your taxes you will be pleased to know that they have recently collaborated with the U.S. Department of Education, the Treasury Department, and Intuit Inc. to help learning about repayment choices easier.
How Turbo Tax Can Help
During this tax season, you will find that they will be featuring a banner on their Turbo Tax Software that shows taxpayers that they have options when it comes to repaying their federal student loans. The banner will link to this site, which will allow taxpayers to see if they are able to lower their payments for their student loans based on an income driven plan.
Once here, taxpayers will have the option of applying for the plan, which is ideal for their financial situation. This new collaboration is just another step that the Obama Administration is taking to insure that college is affordable and to try to keep the rising costs of college under control. Read more about this here.
Get a Higher Education Tax Deduction
TurboTax always has their customer’s best interest at heart. They are now not only allowing you to get the maximum amount of your hard earned money back during tax season, but they are also insuring that your student loan payments are affordable so you do not have to worry about them going into default.
You can only take a tax deduction if the qualifying person attended the higher education school for the entire year, started in the previous year or began during the first three months of the year following the year the taxes are being filed for. That means you can take the Higher Education Tax Deduction if you started attending a University any time during 2014.