I saved an attorney couple just shy of $100,000 on their student loans by using an interesting strategy:
Specifically, choosing the PAYE program and filing taxes separately.
This strategy allows the borrower to have payments based off their individual income, rather than their combined household income.
In most cases, this can greatly reduce monthly income-driven payments and lead to a higher loan balance forgiven.
Usually, this is NOT an appropriate recommendation because it’s more cost-effective to file taxes jointly as a married couple.
However, I crunched the numbers and, in this couple’s particular situation, the additional tax burden of filing separately was much less than the savings they’d receive.
Bottom line – everyone’s student loan situation is different and there’s no one-size-fits-all strategy.