Student Loan Updates: Borrowing Limits and Repayment Plans Under the New Tax Bill

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I’m diving into the One Big Beautiful Bill Act and how it impacts student loan borrowers. This new legislation introduces changes to borrowing limits, updates to repayment plans, and raises important questions for legacy borrowers still managing older loans.

If you’ve been wondering how these updates affect your education financing or what steps you should take to prepare, you’re in the right place. My goal is to provide clear explanations and practical resources so you can confidently navigate the new student loan rules under this tax law.

Also mentioned in today’s episode:

01:00 Introduction to the One Big Beautiful Bill Act

06:42 New Borrowing Caps and Repayment Plans

13:31 Navigating Legacy Borrower Challenges

Takeaways

• The One Big Beautiful Bill Act is significant legislation to focus on.

• New student loan borrowers will have only two repayment options after July 2026.

• The SAVE program is ending, impacting many borrowers.

• New lifetime caps on borrowing for education will be implemented.

• Half a million borrowers may see increased payments due to changes.

• Low and middle-income students may struggle with graduate school costs.

• The RAP plan offers more flexible repayment options for borrowers.

• It's crucial to stay informed through reliable resources and articles.

• Navigating student loans requires careful consideration and action. 

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Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.

Other Sunlight Tax podcast episodes about OBBBA:

• Unpacking Trump’s New Tax Law: What You Need to Know About the One Big Beautiful Bill Act

• Breaking Down Trump’s New Tax Law: Cars, New Loan Interest Deduction, and Expiring Energy Credits

• New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors

Links:

Help article by Tara Siegel Bernard from the New York Times

This article on the NPR website, by Cory Turner 

Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.

Link to pre-order my workbook, Taxes for Humans: The Workbook

Get your free visual guide to tax deductions

Check out my program, Money Bootcamp

Watch YouTube video version

New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors

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In this episode of the Sunlight Tax podcast, I break down the One Big Beautiful Bill Act and what it means for taxpayers like you. I explain the campaign promises written into this bill, including the “no tax on tips” provision, the “no tax on overtime” benefit, and the new deductions available for seniors. 

My goal is to help you clearly understand how these changes may impact your taxes, your income, and your financial planning. If you want to stay ahead of new tax laws and make the most of these opportunities, this episode is for you.

Also mentioned in today’s episode:

03:13  Campaign Promises and Tax Deductions

06:15  Understanding the No Tax on Tips Provision

19:52  Exploring the No Tax on Overtime Provision

Takeaways

• The One Big Beautiful Bill Act (OBBBA) was passed on July 2nd.

• The bill includes several campaign promises related to tax deductions.

• A new higher standard deduction for seniors is introduced.

• The no tax on tips provision benefits higher income tipped workers.

• Only qualified tips are eligible for the new deduction.

• The no tax on overtime provision allows deductions for overtime pay.

• The deductions expire in 2029, providing limited time benefits.

• Tax equity is a significant concern with the new provisions.

• The bill's provisions are retroactive to January 1, 2025.

If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.

Other Sunlight Tax podcast episodes about OBBBA:

• Unpacking Trump’s New Tax Law: What You Need to Know About the One Big Beautiful Bill Act

• Breaking Down Trump’s New Tax Law: Cars, New Loan Interest Deduction, and Expiring Energy Credits

• New Tax Bill: Student Loans: New borrowing limits, changes to repayment plans

Links:

Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.

Link to pre-order my workbook, Taxes for Humans: The Workbook

Get your free visual guide to tax deductions

Check out my program, Money Bootcamp

Watch YouTube video version

Breaking Down Trump’s New Tax Law: Cars, New Loan Interest Deduction, and Expiring Energy Credits

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In this episode, I dive into the new tax law called the One Big Beautiful Bill Act, focusing on two major updates: the car loan interest deduction and the expiring energy tax credits. I explain why understanding these new tax rules matters, especially if you’re considering a clean vehicle tax credit or planning energy efficiency improvements for your home. 

With key deadlines approaching, I want to give you clear, actionable insights so you can maximize your tax benefits and make the most of these opportunities before they expire.

Also mentioned in today’s episode:

01:00 Overview of the One Big Beautiful Bill Act

03:37 New Car Loan Interest Deduction

13:04 Expiring Energy Credits and Deadlines

Takeaways

• The new tax law is called the One Big Beautiful Bill Act.

• There are new deductions for car loan interest starting in 2025.

• Tax credits for clean vehicles are expiring soon.

• The deadline for clean vehicle tax credits is September 30th.

• The car loan interest deduction is only applicable to new cars.

• You must have the VIN number to claim the car loan deduction.

• Energy efficiency improvement credits are also expiring soon.

• The residential clean energy credit is set to expire in 2025.

• Commercial vehicle tax credits are available for businesses.

If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.

Other Sunlight Tax podcast episodes about OBBBA:

• Unpacking Trump’s New Tax Law: What You Need to Know About the One Big Beautiful Bill Act

• New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors

• New Tax Bill: Student Loans: New borrowing limits, changes to repayment plans

Links:

VIN decoder

Check out my program, Money Bootcamp

Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.

Link to pre-order my workbook, Taxes for Humans: The Workbook

Get your free visual guide to tax deductions

Watch YouTube video version

The Child Care Tax Credit

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Today, I’m sharing important details about the Child and Dependent Care Tax Credit particularly focusing on its relevance for parents during the summer months when childcare costs can be significant. I’ll share how you can use it during the summer months when sending your children to summer camp. 

I’m also talking about the difference between a tax credit and a tax deduction and why a credit is more beneficial to the taxpayer. 

Join me in this episode to learn how you can take advantage of this tax credit and how it can apply to you. 

Also mentioned in today’s episode: 

• 01:08 Understanding the Child and Dependent Care Tax Credit

• 04:00 Exploring Summer Camp and Tax Benefits

• 11:00 Eligibility and Application for the Tax Credit

Takeaways

• The Child and Dependent Care Tax Credit helps working parents with childcare costs.

• This credit is different from the child tax credit.

• Summer camp expenses can qualify for the tax credit.

• The credit allows for a percentage of childcare expenses to be claimed.

• Tax credits are more beneficial than tax deductions.

• Eligibility for the credit requires earned income or full-time student status.

• Unemployment income does not count as earned income for this credit.

• Both spouses must file jointly to claim the credit if married.

• It's important to keep records of care providers for tax purposes.

If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.

Links:

VVRKSHOP, Paddy Johnson: https://www.vvrkshop.art/

Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.

Get your free visual guide to tax deductions

Check out my program, Money Bootcamp

Watch YouTube video version

Should You Do A Tax Protest?

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In today’s episode, I’m chatting about the impact of the Trump administration and why I think doing a tax protest is a counterproductive method of political dissent. I’m also giving you some ideas for effective ways you can influence policy if you’re looking to make a difference.

Join me to learn how you can channel your political energy and exercise political power through engagement rather than breaking the law.

Also mentioned in today’s episode: 

• Effective ways of political engagement 7:50

• Consequences of a tax protest 9:10

• Alternative channels for political protest 16:55

If you enjoyed this episode, please rate, review and share it! 

Links:

FREE LIVE CLASS: Make Taxes Easier and Stash an Extra $152k in Your Savings

Watch YouTube video version