The U.S. Department of Education and the U.S. Treasury are partnering with Intuit, makers of the popular TurboTax income tax filing software, to increase awareness of income-based repayment plans for federal student loans, the departments announced in a joint news release Friday.
Intuit will include advertising banners in the online version of its TurboTax program linking to the education department's repayment calculator, according to the release. From there, users will be able to compare repayment options and sign up for a different repayment plan.
“As student loan borrowers file their taxes this year, I’m pleased that many of them will have an opportunity to determine if they can lower their monthly student loan payments through an income-driven repayment plan,” U.S. Secretary of Education Arne Duncan said in the statement.
An estimated 18 million filers used the online TurboTax service last year to submit returns to the IRS, according to the statement.
The Treasury Department will also include a message on the backs of tax refund check envelopes explaining how to examine repayment options, according to the statement. The government estimates 25 million envelopes will be sent through the 2014 tax season.
“Tax filing season is an opportunity for borrowers to take a big-picture look at their personal finances and check their eligibility for repayment options, including income-driven plans, and enroll in one that meets their family’s needs. Our collaboration with Intuit Inc. will help the Administration reach millions of tax filers with that message," Treasury Secretary Jacob Lew said in the statement.
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