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How does the FitBUX Student Loan Forgiveness Solution work?

We make it easy for you! All you have to do is complete a short form and link two financial accounts to your FitBUX profile. The two accounts to link are:

  • Your Federal student loan accounts
  • The account you are saving money in for your tax liability. This can be a bank account, savings account, investment account, etc…

We will have read-only access to your linked accounts, i.e. we will never make any changes to your accounts.

What does the FitBUX Student Loan Forgiveness Solution do?

The FitBUX Student Loan Forgiveness Solution helps you:

Understand: Since the forgiven amount is treated as regular, taxable income at the end of your IDR plan, our solution helps you understand what your tax liability will be at the end of your IDR plan, how it is calculated and the main variables that will influence your tax bill.

Plan: We help you determine how much you need to be saving each month to cover the estimated tax liability at the end of the timeframe.

Implement: Our Solution helps you implement your plan a number of ways:

  1. It updates the tax liability in real-time.
  2. It holds you accountable to make sure you are saving enough.
  3.  It makes sure your loan servicer isn’t overcharging you on monthly payments.
  4.  You can speak to a student loan expert anytime you need help!

Why do I need to link financial accounts?

Linking your NSLDS account allows us to retrieve your student loan details, including the principal balances, loan types, and interest rates for each of your Federal student loans. We need this information to calculate your expected tax liability. We get this information via a secure connection and in “read-only” mode and don’t have direct access to your account.

Linking the account(s) where you’re going to save the money to pay your tax bill allows us to update your recommended required minimum savings amount as well as inform you in real-time if you need to make changes to your savings plan. In addition, you will know in real-time if you are over-saving or under-saving.

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