Comments on: 2023 Tax Return Strategy, Tips & Deductions for Student Loan Borrowers https://studentloansherpa.com/tax-strategy-tips-deduction/ Expert Guidance From Personal Experience Fri, 05 Jan 2024 15:15:18 +0000 hourly 1 https://wordpress.org/?v=6.7.1 By: Michael P. Lux, Esq. https://studentloansherpa.com/tax-strategy-tips-deduction/comment-page-1/#comment-11889 Mon, 11 Sep 2023 21:31:47 +0000 https://studentloansherpa.com/?p=6887#comment-11889 In reply to Sarah.

By putting money in your 401(k), you lower your AGI when you file your taxes. Because your AGI is used when calculating income-driven payments on federal student loans, the lower AGI means lower monthly payments.

This article on saving for retirement and repaying student loans breaks it down in more detail.

]]> By: Sarah https://studentloansherpa.com/tax-strategy-tips-deduction/comment-page-1/#comment-11888 Mon, 11 Sep 2023 20:32:57 +0000 https://studentloansherpa.com/?p=6887#comment-11888 Can you explain to me how 401K contributions can lower my student loan repayments? I am a bit confused.

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