Many clergy leave seminary with large student loan bills. The menu of repayment options available for struggling borrowers is a key benefit of taking out federal loan. Only 3 out of 10 borrowers in the repayment plans are getting the kind of help that pegs a borrower’s payment to his or her monthly income. These income-based repayment plans (known as IBR). Two recent changes could improve the situation: The Department of Education will streamline the IBR enrollment process by making it easier to apply online, and in March of this year, President Obama restructured how the government pays student loan servicers to make putting students in IBR programs more attractive. Source: Clergy Financial Resources https://www.clergyfinancial.com Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
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