ENG2307. Advanced Education Tax Planning: From 529 Plans to Student Loan Forgiveness (TAX, PFP)

This session will take a deeper dive into the many facets involved in the education planning process and will focus on the tax consequences that arise at almost every stage. From identifying the tax benefits available to individuals and families who are currently saving for college to implementing a distribution strategy for those who are currently paying for qualifying education expenses. This session will also address how tax planning can impact student loan repayment strategies under the various income-driven repayment plans and will discuss the financial and tax implications associated with student loan forgiveness from both federal and state income tax perspectives.

Learning Objectives:

• Review the income qualifications and calculations of the current five different Income Driven Repayment (IDR) plans, including the newest revision of the widely used Revised Pay As You Earn plan, known as REPAYE under the Biden administration
• Understand the financial and tax implications of Public service loan forgiveness (PSLF) and current Income Driven Repayment (IDR) programs available to federal student loan borrowers.
• Compare and contrast the tax benefits associated with different education savings vehicles and understand how distributions can be strategically managed to preserve tax-efficiency
• Identify planning strategies that can help individuals and families across all income, wealth, and generational spectrums achieve their education planning goals in the most tax-efficient manner.