Do You Have Student Loans? What should you be thinking about in terms of taxes and planning?  

If you have federal loans and are married, your filing status (Married Filing Joint vs. Married Filing Separate) can impact your monthly payment for some of the income-based payment methods.   

There are ways to reduce your income-based student loan payments on federal loans by contributing more money to your retirement accounts.  

If you have federal loans and work for a public service employer, you could be eligible to receive forgiveness on those loans after ten years of qualifying payments.   

It is important to take other considerations into account when determining the best strategy to pay off student loan debt. Before consolidating or refinancing student loans, you should consider your monthly expenses, other debt (credit cards, personal loans, etc.), as well as your savings and investment goals.   

How can we help?  

Schedule a no-cost initial appointment with a S.E.E.D. financial planner (available on-site at Bloom or S.E.E.D.’s office location in downtown Binghamton) to learn more about if planning is appropriate for you. S.E.E.D. works with clients dealing with student loan debt by helping them determine the best way to handle their loans while also working toward other financial goals. S.E.E.D.’s planning services are coordinated with your Bloom tax services to make sure your plan for repaying student loan debt coordinates with your plan for managing taxes.  You can schedule your meeting by visiting www.seedpg.com/contact


Amy Michaels is a Partner and Financial Planner at S.E.E.D Planning Group. She holds the CFP® (CERTIFIED FINANCIAL PLANNER™) designation and oversees all of S.E.E.D.’s  Financial Planning Programs. She created the Sprout program in order to help young people have better conversations about money and finances.

S.E.E.D. Planning Group LLC (S.E.E.D.)is a Registered Investment Advisor (RIA) with the SEC. S.E.E.D.’s team provides investment fiduciary and financial planning services to clients. Our fees are disclosed, easy to understand, and not predicated on product sales.