981 Search Results
981 Search Results
https://www.sofi.com/learn/content/are-forgiven-student-loans-taxed/
The Internal Revenue Service (IRS) generally requires that you report a forgiven or canceled debt as income for tax purposes. But tax on student loan forgiveness is a different matter. The American Rescue Plan (ARP) Act specifies that student loan debt forgiven between 2021 and 2025, and incurred for postsecondary education expenses, will not be […]
https://www.sofi.com/learn/content/income-contingent-repayment-plan/
Income-contingent payment (ICR) plans are one kind of Income-driven repayment plan, which can help make federal student loan payments more affordable. The income-contingent repayment plan allows you to extend your loan repayment period while reducing monthly payments to help them better align with your income. Any remaining loan amounts due at the end of your […]
https://www.sofi.com/learn/content/529-and-student-loans/
A 529 plan is a type of savings account that can help pay for college and other education expenses. If you’re among the more than 43 million Americans who have student loan debt, you might be wondering, can I use a 529 to pay student loans? While money from a 529 plan can be put […]
https://www.sofi.com/learn/content/oasdi-tax/
OASDI tax on a paycheck is one of two taxes the IRS collects under the Federal Insurance Contributions Act (FICA). It stands for old-age, survivors, and disability insurance, and it’s designed to replace income lost due to retirement, disability, or death. Some people refer to it as Social Security tax. The other tax provides for […]
https://www.sofi.com/learn/content/biweekly-mortgage-payments/
Homeowners with a mortgage typically make monthly payments toward the loan principal and interest. But borrowers can choose to make biweekly mortgage payments instead, resulting in 13 full payments over a one-year period. Opting for this mortgage payment strategy may come with advantages and drawbacks, including impacts on your savings and reducing the interest you […]
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