TurboTax Takes on Student Loans
TurboTax is the country’s largest tax preparation software and they have partnered up with a student loan refinance company.
It’s tax season. If you have student loans you might already know that you could be in for a tax break. A lot of people have forgone hiring the CPA to do your taxes and have tried doing them on their own. However, most people opt to get a little help with programs such as TurboTax.
TurboTax is the country’s largest tax preparation software and they have partnered up with a student loan refinance company. They are going to be giving users offers right as they are filling out their tax paperwork. There are 5 million TurboTax users that started to see offers from Earnest pop up in January.
Earnest and TurboTax said they would like to make the process so seamless that tax filers could get a personalized refinance rate from Earnest with a single click.
TurboTax also said they are looking for ways to save their customers money and student debt was a huge part of that. TurboTax users have a total of $135 billion in student loan debt, the company says, as well as $2.1 trillion in mortgage debt, and $167 billion in auto loans.
America as a whole has over $1.3 trillion in student loans and refinancing has been a recent trend in student loans. Over 44 million Americans have student loans. This could be huge for TurboTax and Earnest as assuredly most of those 44 million do pay taxes. Only time will tell how big of a success it will be.
Those who do decide to refinance need to be sure they are aware of the pitfalls of refinancing. You will get your lower interest rate but you will miss out on a few perks from having federal student loans. Some of which would be access to income-driven repayment plans, forbearance, and deferments.
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