SideBar Advisors Ian Murray: Student Loans, Lifestyle Design, and Planning Smarter
Jul 16, 2025
Ian Murray, a Certified Financial Planner and Student Loan Professional, shares his expertise on financial planning for attorneys. He discusses the unique challenges high-earning lawyers face with student loans and the importance of tailored repayment strategies. Ian explores the balance between loan repayment and long-term financial goals, including homeownership and retirement. He also delves into recent changes in student loan legislation and the intricacies of income-driven repayment plans, offering valuable insights for professionals navigating their financial futures.
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Attorney Loan Complexity Insight
- Attorney student loan challenges vary significantly due to diverse roles and unpredictable income levels.
- Unlike many professions, attorney incomes and career paths are highly variable, complicating loan planning.
Adjust Plans With Life Changes
- Adjust your student loan plan whenever your income, marital status, or tax filing changes.
- These changes can significantly affect monthly payments and eventual loan forgiveness taxes.
Tax Impact of Forgiven Loans
- Forgiven student loans under income-driven repayment are considered taxable income the year they're forgiven.
- This can spike your tax bracket significantly and requires forward tax planning.