Optimizing Your Student Loan Payments and Understanding Key Tax Strategies

This episode of the Escape Student Loan Debt Podcast is a dual-cast with The New Money New Problems Podcast to discuss crucial tax strategies for student loan borrowers. 

We touch on how Adjusted Gross Income (AGI) impacts Income-Driven Repayment (IDR) plans and explain the significance of above the line tax deductions. Brenton delves into the complexities that married individuals with disparate incomes might face when filing taxes and how this affects student loan payments. 

The episode also covers common tax forms and mistakes, itemized versus standard deductions, benefits of home ownership in tax planning, and various tax credits like the Child and Dependent Care Credit and education credits.

01:06 Understanding Adjusted Gross Income (AGI)
02:49 Filing Taxes: Married vs. Single
09:54 Common Tax Forms and Mistakes
16:36 Above the Line Tax Deductions
18:13 Standard vs. Itemized Deductions
27:30 Tax Credits Explained
31:29 Conclusion and Final Advice

EPISODE RESOURCES

Read the Dept of Ed Announcement on Wage Garnishment

Try the Reddit Backdoor Payment Tracker

Download our Guide to IDR Plans

Essential Updates on Federal and Private Student Loans: January '26

In this episode of the Escape Student Loan Debt Podcast, we share updates on federal and private student loans in January 2026.

Key topics include the delay of wage garnishments for defaulted loans, the elimination of the partial financial hardship requirement for income-based repayment plans, and the discontinuation of the forgiveness tracker on studentaid.gov. 

Additionally, we cover the Department of Education's stance on student loan forgiveness under income-driven repayment plans and the impact of international politics on private loan interest rates. 

Tune in for information to help on your student loan journey!

00:00 Introduction and Episode Overview
01:03 Wage Garnishments Update
04:39 The Death of the Forgiveness Tracker
09:38 Partial Financial Hardship Removal
12:28 Fate of the SAVE Plan
16:34 Forgiveness Updates and Delays
18:39 Impact of International Politics on Loan Interest Rates
19:34 Conclusion and Upcoming Episodes

Navigating the Big Beautiful Bill Act: Strategies for Student Loan Borrowers

EPISODE RESOURCES

The Smart College Buyer Podcast

The Smart College Buyer YouTube

Check out this replay from our appearance on The Smart College Buyer podcast hosted by Jack Wang. The conversation focuses on changes brought by the Big Beautiful Bill Act and their impact on student loans and financial planning. Key topics include the importance of understanding Income Driven Repayment plans, the strategic use of financial tools to lower student loan payments, and the crucial dates of July 1, 2026, and July 1, 2028, for student loan borrowers. Brenton and Jack also discuss the interconnected nature of financial decisions, the importance of liquidity, and the practicality of transparent conversations about career paths and education costs.

00:00 Introduction to the Podcast
01:10 Rebroadcast of Smart College Buyer Podcast
02:52 Meet Brenton Harrison
07:13 Understanding the Big Beautiful Bill Act
13:47 Financial Strategies for Parents and Students
25:33 Tips for Managing Student Loan Repayment
31:02 Final Thoughts and Advice
34:45 Conclusion and Farewell

EPISODE RESOURCES

ESLD Guide to Income Driven Repayment Plans

SAVE Settlement Details

Navigating the End of the SAVE Plan: What's Next for Your Student Loans?

In this episode we talk the end of the SAVE Repayment plan and explore the implications for borrowers. Find out who benefits from different Income Driven Repayment (IDR) plans and the importance of immediately switching plans for those eligible for forgiveness. Between alternative IDR plan options, changing federal policies, and important deadlines, this episode equips listeners with crucial information to make informed financial decisions regarding their federal student loans.

00:41 Understanding the Impact of Forbearance
02:51 Settlement and the Future of the SAVE Plan
06:27 Income Driven Repayment Plans: Options and Changes
15:29 Urgent Actions for Loan Forgiveness
20:49 Conclusion: Preparing for the Future

EPISODE RESOURCES

Principal Samuelson's Business Insider Feature

Preparing Children for College and Beyond: A Conversation with Principal Joseph Samuelson

In this episode, we talk about exposing your kids to different paths, including ones that may NOT lead to college. We're joined by Principal Joseph Samuelson from Upton, Wyoming, who offers unique perspectives on exposing students to various career options, including non-traditional paths. 

Principal Samuelson details his school’s personalized learning approach, which tailors education to individual student interests and needs, ensuring students are prepared for life after high school. The episode highlights the significance of valuing lifelong learning and adaptability in an ever-changing world.

00:14 Celebrating Our 100th Episode

00:40 Listener Contributions and Community Impact

01:10 Maximizing College Aid for Your Child

02:35 Introducing Principal Samuelson

03:07 Personalized Learning in a Small School

07:16 Real-Life Examples of Non-Traditional Paths

09:59 Supporting College-Bound Students

14:14 Parental Guidance and Lifelong Learning

16:33 Conclusion and Final Thoughts

EPISODE RESOURCES

Email your stories to [email protected]!

Smart College Buyer Podcast

Connect with Jack

Optimizing Your Child's College Journey with Jack Wang

In this episode of the New Money, New Problems podcast, we interview special guest Jack Wang, a financial advisor specializing in college planning. 

Jack discusses strategies for optimizing your child's journey to college, focusing on how to maximize financial aid and minimize student debt. The conversation covers the importance of aligning extracurricular activities with intended majors, the differences between getting accepted to college and securing financial aid, and the timing of college planning. 

We also explore the advantages of less well-known but excellent colleges and the factors to consider when choosing schools. This episode is packed with valuable information for parents looking to plan their children's educational futures effectively.

00:00 Introduction to the Episode
00:33 Celebrating Milestones: 100th Episode Announcement
02:29 Introducing Today's Topic and Guest
04:00 Jack Wang's Background and Expertise
06:05 The Reality of College Aid and Admissions
06:35 Personal Journey: How Jack Entered the Field
08:57 Private vs. Public School Strategies
17:05 Extracurricular Activities: Myths and Realities
20:21 Understanding College Aid: What Really Matters
24:27 Communicating Commitment to Colleges
25:52 When to Start the College Application Process
27:47 Financial Aid and Tax Strategies
31:01 Standardized Tests and Extracurricular Activities
31:59 Creating a Realistic College List
36:51 Alternative College Options and Financial Strategies
43:32 Conclusion and Final Thoughts

EPISODE RESOURCES

2025 Tax Tables and Guidelines

Eligible HSA and FSA Expenses

Eligible Dependent Care FSA Uses

Schedule a Private Review

Apply for a (FREE) Live Review!

Maximizing Employee Benefits to Reduce Student Loan Payments

In this episode of the Escape Student Loan Debt Podcast, we discuss how understanding and utilizing employee benefits, particularly during open enrollment, can positively impact your student loan journey. 

We delve into the concept of pre-tax deductions and explain how they can lower your Adjusted Gross Income (AGI), which in turn reduces your monthly federal student loan payments. 

The episode covers the differences between Roth and traditional 401(k) plans, as well as the benefits of Flex Spending Accounts (FSAs), Dependent Flex Spending Accounts (DFSAs), and Health Savings Accounts (HSAs). 

By using these pre-tax benefits, listeners can find significant savings both in their taxes and loan repayments. 

Additionally, we touch on life and disability insurance as part of the employer benefits that could indirectly affect student loan obligations. 

01:13 Understanding Pre-Tax Deductions
03:25 Roth vs. Traditional Plans
05:52 Exploring Flex Spending Accounts
06:56 Health Savings Accounts Explained
14:04 Impact of Life and Disability Insurance

EPISODE RESOURCES

Joint Case Update

Essential Updates on Federal Student Loan Forgiveness

This episode covers significant recent updates concerning the forgiveness of federal student loans. Key highlights include the impact of the lawsuit between the American Federation of Teachers and the Department of Education on loan forgiveness processes, the phasing out of certain Income Driven Repayment plans, and the importance of timely switching from plans like the SAVE plan to income-based Repayment plans to avoid tax implications. The Department of Education's agreement to process loan cancellations under original repayment plans and to remove partial financial hardship requirements for IBR plan eligibility is also discussed. The episode concludes with a critical overview of tax considerations and the timing of loan forgiveness procedures.

01:33 Context and Background on Student Loan Forgiveness
03:00 Legal Challenges and Department of Education's Response
07:02 Joint Status Report and Its Implications
10:24 Important Deadlines and Tax Implications
15:17 Final Thoughts and Next Steps

EPISODE RESOURCES

Student Loan Forgiveness Lawsuit Latest

OBBBA Student Loan Updates

FSA Feedback Portal

Joint Consolidation Loan Latest

Schedule A LIVE Review

Schedule a 1-1 Private Review

Impacts of Government Shutdown and Key Updates on Student Loan Forgiveness

In this episode, we provide updates on various aspects of federal student loans, focusing on how the ongoing government shutdown may affect borrowers. Key topics include a halted student loan forgiveness class action lawsuit, issues with loan forgiveness progress and communication due to the shutdown, inaccurate payment counts and how to dispute them, and options for lowering or pausing loan payments during economic hardship. 

Detailed scenarios including the implications of partial financial hardship, spousal consolidation loans, and upcoming deadlines for Parent PLUS borrowers are also discussed. 

01:18 Student Loan Forgiveness Lawsuit Update
02:17 Impact of Government Shutdown on Loan Forgiveness
04:08 Disputes and Payment History Issues
05:38 Options for Government Employees During Shutdown
07:22 Hardship Forbearance for Private Loans
08:45 Upcoming Deadlines and Repayment Plans
12:53 Spousal Consolidation Loans Update
15:23 Conclusion and How to Get Help

EPISODE RESOURCES

Federal Mortgage Student Loan Guidelines

Navigating Home Buying with Student Loan Forbearance

In this episode, we explore how student loan forbearance affects the home-buying process. We discuss the significance of credit scores on loan structure and the impact of debt-to-income ratios, particularly highlighting how student loans influence these metrics. The episode breaks down how different loan types (Fannie Mae, Freddie Mac, FHA, VA, USDA) treat Income-Driven Repayment (IDR) plans versus loans in forbearance or deferment, and the strategies you can use to optimize your chances of mortgage approval. 

01:05 Why This Episode?
02:07 Impact of Credit Score on Home Loans
03:37 Debt to Income Ratio Explained
05:02 Income Driven Repayment Plans and Home Loans
05:47 Different Loan Types and Their Guidelines
11:01 Strategizing Your Student Loans for Home Buying
13:09 Conclusion and Key Takeaways