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With federal student loan payments set to resume the first of the month, the Department of Education recently announced changes to its income-driven repayment plan. Considered the "most generous" repayment plan to date, the Saving on a Valuable Education (SAVE) Plan will increase the income threshold for payments up to 225% of the federal poverty level and eliminate the accrual of unpaid monthly interest, as long as borrowers make their monthly payments as required under SAVE. In July 2024, borrowers will see additional changes, including a cap on their monthly payments of no more than 5% of their discretionary income (10% for graduate loans) and a sliding scale for federal student loan forgiveness moving forward. Click the link below to read more about these changes and to find instructions on how to enroll in the SAVE Plan. As always, if you have any questions, please... call - (724)743-3301 text - (724)888-5684 email - themcnamarainvestmentgroup@janney.com https://files.constantcontact.com/c839c829701/9982e0e0-8314-4e31-8055-9e2e6b9b3a2f.pdf

Whether it’s the possibility of tax laws changing soon or recent updates impacting inherited retirement accounts, there’s a lot to consider when it comes to tax and estate planning. Join us for this exclusive virtual seminar where we will explore what to do before the 2017 Tax Cuts and Jobs Act sunsets, estate & gift planning strategies, charitable gifting, and income tax planning opportunities, as well as new provisions in Secure Act & Secure Act 2.0, types of beneficiaries and the new 10-year payout, using trusts as beneficiaries, and incorporating Secure Act & Secure Act 2.0 within your financial plan.

ICYMI, earlier this year, the Dept of Education announced a delay in the release of the 2024-25 FAFSA. The application is expected to open sometime in December 2023, as opposed to its usual time of October 1. The Free Application for Federal Student Aid has been undergoing a redesign that the DOE has called "the most ambitious and significant redesign...in decades [that] will significantly simplify how students, parents and other educational stakeholders use the FAFSA." Click the link below to read more about these changes, which include a transition away from Expected Family Contribution calculations and adjustments to how minors savings accounts (like 529s) are treated, among others. If you have any questions, be sure to call, text or email our team today! https://fsapartners.ed.gov/knowledge-center/library/dear-colleague-letters/2023-08-04/fafsa-simplification-act-changes-implementation-2024-25