There is also a provision in the Cares Act that amended section 127 in the IRS code that permits $5,250 per tax year for 2023, 2024 and 2025, Wallace added, for people to pay their student loans from salary received from their employer on a pre-tax basis."People with private loans that are about to make payments on federal loans may want to look at refinancing options for their private loans," Wallace said.
"It's not going to be for everybody, but there may still be an opportunity there for people to get a better rate than they're paying. If they haven't refinanced and if they had a lower credit score when they took the private loan out and now their credit has gotten better."via phone that with inflation still at abnormal levels and interest rates rising.
"Log back into your student loan service, figuring out what you owe and what your monthly payment would be, and then looking into options for relief like getting on an income-driven repayment plan," Channel said.
that could potentially aid over 20 million borrowers by reducing the discretionary gap from 10 percent to five percent—which could lead to savings of $1,000 per year, per borrower. It also can reduce accrued interest."I wouldn't recommend burying your head in the sand or just pretending that your payments don't exist," Channel said.