The Department of Education (ED), the Treasury Department, and Intuit Inc. are collaborating to improve consumer knowledge about income-driven repayment plans for student loans. Such programs allow borrowers to repay their loans on a sliding income scale, with monthly payments adjusted for income and family size.
From about Feb. 1 to April 15, Intuit will feature a banner in its TurboTax Online tax preparation software that announces options for repaying federal student loans. The banner will link to ED's online Repayment Estimator that can determine if taxpayers qualify for an income-driven repayment plan and help them sign up. Both the Treasury and ED will include a message with tax-refund checks about federal student loan repayment options.
"Too many borrowers are struggling to pay back their student loans, which is why this collaboration aimed at sharing information about income-driven repayment plans is so important," said Education Secretary Arne Duncan. "Building on ongoing outreach efforts, the Administration will continue to work to ensure that borrowers are aware of their options that can help them responsibly manage their student loan debt."