7 Key Tax Questions About Paying off Student Loan Debt
Our Wealth Advisor Catalina Franco-Cicero, MS, CFP®, CTS™ was recently quoted in Financial Planning, sharing her thoughts on paying off student loan debt. The article sheds light on the often misunderstood concept of student loan forgiveness after 20 to 25 years in a repayment plan, which can lead many individuals to believe that they can simply walk away from their debt burden.
According to Catalina, understanding cash flow is crucial when dealing with student loans. She also believes that it’s essential for financial advisors to be prepared to educate and guide younger generations who will likely be burdened with significant student loan debt.
Navigating the tax implications and complexities surrounding student loan debt has become an integral part of financial planning. It’s crucial for borrowers to seek personalized guidance from professionals who can help with tax strategies, loan refinancing, and repayment programs tailored to their unique needs and goals. Having a comprehensive financial plan that addresses these concerns is becoming more essential than ever before.
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