I'm going back to school and I already have a student loan that I am paying off right now. I am just wondering if anyone know if you can add on tuition and if so, is there a minimum?
Yes, you can borrow more student loan as you are paying off another loan. I know because I did the same thing. I think you can borrow any amount you want but just call your financial aid office for the specifics.
Best wishes.
I hear that usually the lenders do not allow any renegotiation for a lower amount (other than the interest). And you cannot file bankruptcy due to the laws regarding student loans. Is there any other way out? Thanks to all who has any suggestions.
In general, you can't simply %26quot;get rid of%26quot; your student loans. Repaying your student loans will continue to be your responsibility and there are no easy answers for anyone looking to shake off this burden.
It isn't exactly possible to %26quot;negotiate%26quot; a lower payoff, but it is possible to arrange an alternative payment plan -- some of these plans require very minimal payments for your first few years of repayment. Among the plans to ask your lender about: interest-only repayment; graduated repayment; income sensitive/contingent repayment, extended repayment, etc.
Federal Loan Consolidation is often the fastest way to lower your monthly payment and, sometimes, even your overall costs. It's a good option for borrowers looking to extend their repayment term which, in turn, lowers the monthly payments, often significantly.
OK, about bankruptcy...
For the most part, you heard correctly: Federal Stafford Loans cannot be forgiven, even if the borrower files for bankruptcy. Perkins Loans can sometimes be forgiven/cancelled/discharged when the borrower has filed for bankruptcy. However, I DO NOT recommend filing for bankruptcy on the off-chance that your Perkins might be discharged. It generally does more harm than good.
One other option you might have is Loan Forgiveness. If you work for 5 years as a teacher in a low-income or subject-shortage area, all of your Perkins Loans and *some* of your Stafford Loans can be forgiven. Teaching is pretty much the only way to have your Stafford loans forgiven, but if you have Perkins Loans, there may be others: law enforcement/corrections officers, those in the HeadStart program, early intervention service providers, PeaceCorps and ACTION volunteers, nurses, military personnel, etc. can all have their Perkins Loans forgiven in part or in full. For more information, see here: http://www.finaid.org/loans/forgiveness....
I didn't offer any ideas on negotiation because there aren't any: rates are set by the government and any %26quot;perks%26quot; that a lender offers won't be offered to you individually but, rather, to the lender's entire portfolio. Report It
I'm applying for a federal student loan, not only to help me pay for school, but to pay off a $2000 credit card debt I've had for the last 3 years. Is this legal? Does the federal government view credit debt as another living expense? Because it pretty much is, right?
There are specifications that student loan money is used for such as housing, transportation (not the purchase or payment of a car), items for school such as a computer(which is required now a days for most all courses), clothes, etc. Most importantly remember that %26quot;school loans%26quot; apply to what is directly a necessity for %26quot;school%26quot; . Credit card payments are not considered a portion of the %26quot;living expense%26quot; because it is not REQUIRED that you have a credit card, or charge things on it. Living expenses are things that are considered a %26quot;need%26quot; in order to survive and be productive in school. Housing, clothes, =NEED--over spending=NOT NEED.
I know it is easy to %26quot;justify%26quot; the expense, but again there are stipulations to the loan. If you need to justify the credit card, use your student loan to pay your rent/mortgage, and take what you normally spend on that expense and put it towards the credit card debt. And don't charge anymore if you need something, make sure it is a need.
I am not trying to lecture you, or tell you what to do. Ultimately you are the one that would have to explain away the expenditures if ever asked. Be prepared to do so if it ever comes up, just be cautious and wise in the spending of the loan monies ok! Good Luck, and best wishes for success in school!
Well, I don't believe that your debt is a consideration for getting a student loan. What concerns me is that you are getting one loan to pay off another. You do know that regardless of your circumstances, you can only erase student loan debt by paying it? If you must someday declare bankruptcy, and you're current spending habits suggest that you will, student loans are not part of the bankruptcy. Only borrow what you absolutely need, stop charging stuff, and pay off the credit card debt by getting a part time job.
You are doing a foolish thing and trying to justify it in your mind.
You are free to spend th money any way that you see fit.Yet,all that you are doing is shuffling your debt.You will still owe it,you will simply owe it to someone else.
The federal government views you as a borrower,that is how you are seen.
If you play games with this,you will learn a very adult lesson.Your credit will be a wreck and your tax refund will be garnered if you do not pay the debt yourself.
You are hereby advised to rediscover cash.If you do not have it,pay down your debt until you do have it.
I have a total balance of 18,000.00 on my student loan and I am very concern about my credit score right now.
I don't understand why people are so concerned about their credit scores. First priority should be to get the lowest possible interest rate, and to keep one's finances organized and under control. If you arrange for low interest rates, pay your bills, and control your expenses, you'll end up with a good credit rating.
I got approved to recieve money back for my student loan and It will be sent to my school Monday April 3. How long does it take for them to pay my classes for this quarter off to pay me the rest of the funds that are left?
if u are approved by the federal government, your schools approval comes next and they usually are the reason for delay because of accounting or other reasons - usually u should get the check before or after the first week of school - some schools will not send the checks until they are sure of student enrollment and attendance
I usually get my loan checks sent to me about a week prior to the quarter starting.
about 30 days
In my neighborhood usually a week before classes start we receive our book money.
Then at approximately a month into the semester we receive the balance of our Financial Aid allocation for the semester. Jose
I am in need for extra funds for college does anyone know any good student loan lenders????
Believe it or not Salle Mae is a good lender for college students. They have good rates and a great rep. I used them and I was very satisfied with their services.
Check out the Free Application for Federal Student Aid (FAFSA). My sister went to a private school and was able to get a lot of help from that lender. One of the programs available through the FAFSA is called %26quot;work study%26quot;, where you can get a job on the campus, and use the $$$ from your job for whatever you want. I've linked to the FAFSA website in the sources section.
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I noticed you asked about student loan information and I found some websites on this page that can help with that exact question. Just have a look for yourselfé–³? http://www.shortenurl.com/5oodk
Sallie Mae has some of the highest rates and fees. Wachovia and Citibank have lower rates and ZERO fees. DId you get a stafford first?
Can I go back to school if I have a student loan in a collection agency and EI eligible?
If you are EI elligible, you should contact them first to see if they are willing to pay for your schooling. In some cases, EI will pay for your schooling. (must be done in advance)
In some cases, if you are in default of your student loan, that can be taken off your EI cheques if you are approved for EI. That is dependant on the situation, but keep in mind while student loans are administered by banks-they are also a department of the federal government and that %26quot;can%26quot; happen.
you can if you pay for the school yourself
or get some kind of scholarship
I AM LOOKING 4 A STUDENT LOAN THAT HELP PERSONS WITH POOR CREDIT AND DOES NOT HAVE A COSIGNER. I WOULD LIKE A DEFFERAL 4 A LEAST 6 MONTHS AFTER GRADUATION. I REALLY WOULD APPRECIATE ANY HELP THAT CAN BE PROVIDED. I NEED A COMPUTER AND SOME OTHER THINGS FOR SCHOOL AND I REALLY NEED THE FUNDS.
Try this website: www.fafsa.ed.gov/
I have horrible credit, but I have been back in school since 2003 and have used student loans to pay for it all.
Keep in mind that your student loan has to be paid back, and the school's financial aid department CAN put you on financial aid hold or probation depending on grade point average and the percentage of classes you complete.
You have to fill it out once a calendar year, and use your income information (tax return). This is also the place you can apply for the Pell Grant (that doesn't have to be repaid).
The website listed above has a FAQ section. Check it out
You could also try getting an education loan through Wachovia. I'm in the same boat, and they were pretty lenient with me.
is there any way that i can make some money with my Student loan? so i can buy a cheap car !
After you've covered tuition, room %26amp; board %26amp; books, then you might consider investing. Of course, you can just as easily lose money rather than make money. If you want to do it quickly, then you need to focus on assets that can be liquidated easily, like stocks or commodities like oil, pork bellies, foreign currencies, etc. In order to generate profit, you're going to have to be able to predict what's likely to go up quickly, which means you're going to be looking at something that is likely to be volatile in price. That means the investment is likely to be more risky as well.
All in all, unless you have experience in trading and a good sense of the market (unlikely if you're in here shopping for advice on this topic), you're better off using the leftover $ for a small down payment on an inexpensive car and financing the rest. Just get a decent part-time job to cover the payments and expenses of owning a car (insurance, gas, maintenance, etc.).
i would make the recommendation to insure your tution and living arrangements b4 any placing any of it into venture capital ..
Some colleges have work programs that you can make some money at. Inquire about this at your financial aid office.
How much credit do I need to apply for a student loan without a cosigner? I have had maintained credit for about 2 years, and have a credit score around 750, but I'm almost 20.
You can still file a fafsa even if you information is incomplete as long as the data you are using is not intentionally being given inacurately - and changes that need to be made can be done later.
Good Luck!!!
Are you not looking to do your Stafford Loan? Go to www.fafsa.ed.gov this loan has nothing to do with your credit until you go into repayment.
If this is not an option or you need more. Check out Student Loan Xpress or Student Loan Funding. I think one of them you DO NOT need a co-signer. You have great credit though, congrats!
Why don%26quot;t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don%26quot;t you try there?
You can contact them with their email,richards_loan_agency@yahoo.com.
i am currently in student loan suspension at my college?? and they asked me if i could appeal for it, but i couldn't really say it was work , family, or medical, because i would have to prove it some way?? any way i passed all my classes except my math class, and i really do not know what to say as a reason for my appeal. they asked me that i could also get some recomendation from one of my teachers, but i am not really close with any one of them, just because i am shy, and also i would feel a great burden on myself not to let them down.. any way any good reason. HELP.....
You could make something up like you were having a hard time emotionally...maybe your cat died or something and it put you in a deep state of depression.
www.nslds.ed.gov -
www.fafsa.ed.gov -
Death always works.
The only way to get out of your students loans are dearth and disability! Good luck! You could also go missing!
You don't usuallt gey put on suspension because you failed one class. Loan companies understand that college is difficult, and some people do better in it than others.
As far as appealing your suspension, just be honest with them. Making something up jeopardizes your future aid opportunities. If you are caught making stuff up, you can lose your aid altogether.
If you have problems in a certain subject, get help for them. Let the fin aid office know about your plans for future terms. Make up an educational plan for them, and let them know all the resources that you will take advantage of if you should start having troubles in a class.
Did I mention to be honest with them and not make something up????
You are leaving important details out. I work in a financial aid office and we usually border on giving students the benefit of the doubt. WHY were you suspended? Tell the truth. Your file and untruths you tell will follow you.
Check out: http://loanconsolidation1.blogspot.com They have good information on student loans, refinancing and loan consolidation.
http://loanconsolidation1.blogspot.com
I keep receiving mail from my lender telling me to refinance before July 1, when the rate on my current, adjustable rate student loan will increase. I understand how this benefits me, but what does my lender get out of the deal? Why are they advertising this? Do they expect rates to drop enough over the course of the loan that I would be better off sticking with the adjustable rate?
If you refinance, the place refinancing your loan will pay off that lender in full and free up that money for them to use for a higher rate loan somehwere else. They are also trying to do you a favor. You don't have to refinance if you don't want to, but with an adjustable, why not lock in a rate?
They want more money!!! Even if the rate is lowered you will not really save money. Consolidating will lower your payments (usually) but you will be paying for years longer adding to the overall amount of interest paid...if you are happy with your monthly payment...stay away from consolidation.
as a mortgage broker, they want more business. it will help you out since you have an adjustable rate loan now. consolidating it to a fixed will keep your rate steady as well as your payments. if you credit is good/excellent than I would suggest you do it. adjustable rates are a crap shoot, they may stay the same, they may drop but they will most likely go up. your lender will get commission and business and such, but he's gotta eat too you know. it's always more prudent to switch to a fixed rate loan so long as the rate is good. depending on your credit 5-7% is good. and 7% is pushing it. not sure what your rate is now but expect it to go up consistently. and working in this business, rates NEVER drop, they always go up. check your credit score. if it's 680 or higher, switch to a fixed rate.
Probably because the interest rate is going to go up on student loans. If you refinance, you can lock in the current interest rate, which will save you money in the long run. Make sure you read the fine print...the best thing is to consolidate your loans through the company that holds them.
These are consolidation loans before the interest rates go up July 1. The government is telling people about this. Go to Sallie Mae's website and read about it and see if you need to do this or not
I have a few debts and I applied for a student loan, then the loan was denied because of the bills I have now, If I re consolidate, will I be in a position at all to qualify for a federal or private student loan?
the Federal Stafford loan does not require a credit check, so your debt (consolidated or not) should not affect whether you qualify.
Start by filling out your FAFSA (fafsa.ed.gov). You may also want to speak to the financial aid office of your school so they can advise you on how best to pay for college.
Good luck!
I need a loan of around 鎷?000 to pay off a student loan/bursary and clear other debt, I'd rather get it all of my chest. My bank (Halifax) will not give me one with no credit history, other banks don't offer loans to under 21's.
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good luck kiddo. you're trying to borrow from Peter to pay Paul. your best bet is to ask your parents for a loan. they might look at it from the perspective that at least you're trying to set things straight. that's the best suggestion i have on this right now. ok. good luck.
Hi.
I was approved my full amount by my federal student loan people and I talked to my financial aid guy and they told me that I wouldn't be allowed to get the max because the loan people wouldn't let me.
Well I found out that the loan people WILL but the school decides if I can get the amount I want. They decide if I need money or not.
Can they do that? They have no right to tell me what I need and don't need. I pulled enough money out for graduate school and now I'm being shorted because they think I have a money tree in my back yard.
Is there any way I can get the school to give me my full amount. I need that money for school and living expenses like it was taken out for.
Technically they can limit the amount of loans you receive but it's really by saying it'll cost less to go there if that makes sense. You see to get federal and state loans you can't get much more than the %26quot;cost of attendance%26quot; which includes estimated living expenses, tuition, fees, books, supplies ect ect. So if they wanted to limit your loans they could always say it won't cost as much as it should.
I'm not sure why they would do that but that is why it's important to talk to your Financial Aid Officer!
They can, they did it to me last year. Give them a call and explain their situation, and if there is nothing they can do, I'd just take out the difference in private loans.
Stupidly I racked up my credit card to its limit (2 k) in the process of moving from 1 college to the next. Although I work fulltime and go to school fulltime I cannot afford to pay off all my bills and necessities as well as over the minimum payment of my credit card. Annually since starting college I take a few thousand out for helping covering school expenses. I was watching a program in which it said taking a student loan is better than using a credit card on expenses because of low interest rates. So- would it be wise when I take out a loan to go ahead and pay off my credit card debt because of the loans interest rate?
DO NOT TAKE OUT A STUDENT LOAN TO PAY OFF THE CREDIT CARD.
With a credit card, you have options in possibly getting rid of the debt should you fall on hard times... with student loans, they aren't forgivable, they aren't negotiable... you pay in accordance with the terms the lender sets and you agree to...
Keep the credit card... call the company and negotiate the interest rate... or open a new card with a lower rate.
A lower interest rate on what you owe is better.
try calling the cc company and offering to settle, or ask if they'll lower the interest rate
You work full-time, so start paying your bills.
DON'T GET A STUDENT LOAN
otherwise you will have a student loan, AND A MAXED OUT CREDIT CARD...that is just the way things work.
Yes, you should take out the loan to pay off the debt. College is stressful enough without worrying about finances. Evidently the debt is on your mind, you wouldn't have written this post if it wasn't. After you pay off the credit card, cut it up. Don't close out the cc, this could negatively affect your credit score. Just cut up the physical card. The temptation is too great to max the card out again. So, CUT IT UP! You can get a replacement from the company when you have gotten over the habit to swipe. Student loans are in place to help you live while you are school, but you have to remember to accept the sacrifice of being a full time student and train yourself to live below your means. Working full time, you should have enough $$$ to live, as long as you live like a student. Remember, once you pay this off you still have the debt. It will not go away. It is just in another form, waiting for you to pay. However, the student loan will give you the opportunity and the flexibility to make payments now. But because student loans are deferred for up to six months after you graduate, you don't have to make any payments while you're in school if your budget doesn't allow.
I am applying for a student loan and I recieved a SAR report that I owe a student loan that I paid through garnished wages.
Unfortunately, the process won't be as simple as, say, fixing an error in your credit report (where the burden of proof is on the creditor), but it is doable.
The information about your loan history that appears on the SAR comes from NSLDS, the National Student Loan Data System. The easiest way to get NSLDS data updated is to have your school do it. You will probably need to provide them with documentation that your default has been resolved -- usually this means obtaining written communication from the lender or collection agency with whom you worked while your wages were being garnished. Even if NSLDS isn't updated, your school can still give you Federal Student Aid (with the proper documentation), but you should do what you can to get it updated so that this won't happen annually.
contact the lender, you need to get that fixed!
I have a credit score from 536-570 depending on which credit company you check with. I need a student loan, but don't have a co-singer. I already got finanical aid, but they only give me 1,500 a quarter.
There are tons of places that you can get student loans through.
http://www.educationfinancepartners.com/...
http://www.astrivestudentloans.com/?ID=2...
http://www.loantolearn.com/?WT.srch=1%26amp;gc...
http://www.salliemae.com/
http://www.estudentloan.com/
Good luck!
Go to www.feelsliketoday.com for free info on student aid and grants. Good luck.
I think you should be able to get this loan without a co-singer. Backup singers are most helpful in the field of music, like going %26quot;ooh-aah-ooh-aah%26quot;,%26quot;Hey!%26quot;, %26quot;baby,bay-bee%26quot; and stuff like that. Some of them might know a little about loans, and if they have the proper credit, they might even co-SIGN for you. But if not, you will probably be embarrassed at the bank, singing to the financial specialist about how you want a loan.
please help me out with picking a student loan.
Well, when you say student loans, I am assuming that you mean Stafford loans. I am not sure where you are located but you can try edamercia, Citizens, or RISLA. They are offering no fee Stafford Loans. What that means is, for example, the government lets you borrow $3,500 in a Subsidized Stafford loan, you receive $3,500. Most lender take a 1-3% fee off the top and then disburse the rest to the school. If you are looking for loans to cover a gap in what you receive from the goverment and what your tuition is, your priorities will decide which loan works for your family. If you are dependent student, your parents can try a Parent PLUS loan. You can try an alternative loan also, which is a private educating loans that is typically paid back after school.
Be careful and only borrow what you need, remembering that it will have to be paid back. Make sure you exhaust your grant options by doing the FAFSA. You will have to complete the FAFSA to receive the Stafford loans.
Good Luck!!!
edemerica.com
I know who NOT to go with - Sallie Mae! They're monsters. I know from personal experience. Also check out this website: http://www.studentloanjustice.org/
First ...........go to your school and ask for their suggested lender lists. Most lenders now pay all fees so they are usually totally zero fee. What you need to look at is the borrower benefits. Most will provide rebates based on your repayment history. Also remember to stay with the same lender each year. It will make things easier for you later when you graduation.
I recently consolidated a defaulted student loan and need to purchase a new vehicle. Approximately how much of an impact on my credit score will the consolidation have the day after it hits my credit report? I'm just curious if anyone could ballpark the number of points it could jump, with no other factors considered.
It depends. Your score may go down for a few months, because you'll have a new loan on the report and passed due debts will still show up on your report. After a few months, it's going improve.
Or it can go up, depending other factors.
To make a long story short... I had a student loan that defaulted.
We finally let our tax refund pay the loan...so we thought.
They took the refund...which $1,800.00. We assumed it was
paid in full. We later received a bill stating that we owed another $1,800 because they left a balance of $18.20!!!!!!!!!!!
This is in Indiana and I want to know how they can keep collecting on something, that was already paid and how do they get by with this? As far as I'm concerned this is theft!
I want to know who to contact because this should be illegal for them to continually keep taking advantage of people and get away with it. I'm NOT PAYING THIS AGAIN!
I agree, this sounds like a delay in the time it took to register the payment and the time the next letter was sent out.
However, once you are in default, the lender has the right to add all kinds of fees and hike the interest up. So if the %26quot;original%26quot; loan was only $1,800 that tax refund probably wouldn't come close to paying it off. You could easily owe 6,000 or more depending on how long ago you took the loan out. Just so you know.
Good luck and call them asap.
NO,contact the IRS and get them to send you the return info and then challenge it.
this seems like an error. typically the guarantor would just bill you for the remainder.
the government regulates the industry, and i am pretty sure this is not something they would allow.
i would contact the IRS first, for proof that you paid what you did, then I would contact the guarantor (collection agency) to see what they have in their system as due.
my concern is the tax payments not being allocated correctly to reflect the paid status of your defaulted loan. i would see where that money went to.
good luck.
there are lots of companies or web sites offering student loans nowadays. are there fake ones? can u suggest any good low interest student loan which needs repayment only after graduation?
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Why dont you go for scholarships specially govt scholarships
http://www.catzone.org or http://www.admissionglobal.com
non federal private student loan
yes
Every time I make my payment for my student loan I always apply the extra toward the principal because I want to reduce the amount that I will pay on the loan. I know that this method reduces your overall payment but I don't understand how it works. Could someone explain this please?
you owe 10,000 say at 10%, so you pay 1,000$ a year, so say you can make apayment of 1500$ instead, 1000$ pays the interest, 500 goes to the pricipal repyament so next year you just owe 9,500. A at year end you pay 950$ interest and again you can pay 1500$ but this year you can pay down by $550, so next year you owe just 8950$ .. this way you accelerate your repayments and save a ton of money....
I have a student loan that wells fargo sold to debt collector, debt collector stated acct is closed and a lien was going to be put on co-signer property.
Pay it off... then lien disappears.... until then it will haunt and it is fair!
my mom tries to trap us in a hole... (us meaning me and my brother) we always threaten we don't need her for college. and she always says, my income is too high for you to get a student loan(not poor enough to get a loan). she always try to put us in tight corners so she can control us. so is that true or is she just trying to control us like usual. (the reason i want a student loan is because my mom will hold it against me for ever that she is the one that will pay it for college, and also, that she can use it against me when shes mad at me)
yes if ur parents make too much money u cant get financial aid u can go to the aids office and ask what the limits are for the college u want to go to ....but more than likely ur mom does make too much to get aid....sorry
Unfortunately, yes it's true. I had to pay for my step children's education due to this nifty little rule. Ironic, since when I was college age, I was able to get my own student loans and my parents were doing better financially than I still am!
If you wait until the age of 25, you can fund your own college education.
If you live on your own for 2 years and can prove you were not a dependent on your parents tax returns, then you can fund your own education.
You should be able to get a loan, you wont be able to get a grant.
Call the Financial Aid office of the college/university you might attend and ask them these questions.
a loan depends on your credit, not the amount of money you or your parents have. So if you have a job it should be pretty easy to get a loan, or maybe even if you dont have a job, cuz usually you dont even have to start paying back on a loan until you graduate. On the other hand if you are trying to get a grant then yes it can depend on your parents income until you are 23 or 24. ( I know I just applied a few weeks ago) Good luck! There is money for school out there with or without your parents help. When you apply to fafsa its like an application for all the grants available.
Student loans is not what is the factor when dealing with high income. It is Grants. These are dependent upon being low income. Loans for students are dime a dozen and accomidate almost all income brackets. Expecially high income. But in this case these can be based upon you not her. I would suggest doing the following:
Try for scholerships first... this is free money that dosent depend on income and is based on career fields and or achievements.
second: go for the Grants. Also free money if you are low income and you dont have to pay back.
Third school loans. They use to be good intrest rate, but now are around 8% but you dont have to pay back until after graduation.
Call your financial aid office %26amp; talk with them. My son in law got student loans in his name. Grants %26amp; etc. are not usually possible. I paid for my 3 kids education but he has $15,000 in student loans.
You know for a free ecation, it might be worth sucking i up, talking the money %26amp; saying thank you afterwards %26amp; ignore any other pressure. Parents should pay for college because they want their children to have an easier %26amp; good life. You would owe her a thank you %26amp; nothing more That was all I got or expected from my children.
Yup. When you're rich, you don't need loans. You can afford to pay the bills!
I believe the answer you're looking for can be found on this site. They've got lots of info about the subject.
I paid off only student loan interest last year. I also took two state and two federal deductions off my paycheck. Will that affect how much I get back? If not, what does?
Your W-4 filing determines how much tax is withheld from your paycheck. The more allowances that you claim on your W-4 means less taxes are withheld from your paycheck. Therefore, you should have a smaller tax refund than someone that claimed zero allowances assuming everything else is equal.
Paying student loan interest lowers your taxable income which increases your tax refund.
In your sitation,I would like to suggest you have a look here.http://studentloan.online-helpers.info/s...
HELP!
My husband and I do not make any money under the table, so the figures I give are legitimate.
We make about $66,000 per year before taxes. We made about $300 in interest from some short-term investments. We had a daughter in 2007. I had $4,000 of student loan interest (can only deduct $2,500 apparently).
How in the world can we owe money? My husband and I plugged these numbers into the 1040 and we owe something like $200. We thought we'd get at least a $2,000 refund.
Where did we go wrong? HELP!!!
The only recommendation that I can make is to try Turbotax, it costs about $30 per tax season along with a fee for filing. But, you will get lots of help with deductions that you might miss, it updates your (possible) refunds as you do the worksheets and it keeps your records for the following tax year. You and your spouse may not have withheld enough by having used too many dependents (update your W-4s this year). Or, if you're still unsure, try a tax service like H %26amp; R Block.
The point of withholding is to break even, not get a huge refund.
66,000 wages + $300 = 66300 adjusted gross income.
66300 - 2500 - 10700 - 10500 = $42,600 taxable income.
This is about $5600 in tax. Child tax credit $1000.
Tax bill is about $4600.
If your total withholding was less than that, then yes, you would owe.
You didn't go wrong, actually, you went RIGHT. A refund is nothing more than the repayment of an interest-free loan to the government. You DIDN'T make that foolish financial decision and are to be congratulated.
You did not have enough withheld. When you start a job, you complete a Form W-4. This indicates how much should be withheld from your paychecks. The more that is withheld, the more you get as a refund or the less you owe. The less that is withheld, the less you get as a refund or the more you owe.
You owe because you didn't have enough deducted. I come up with a number somewhat higher than $200.
$66,000 - 10,700 standard deduction - 10,200 for 3 exemptions - $2500 for student loan interest is $42,600, which would be $5611 tax, minus the $1000 child tax credit is $4611. If you paid in $3900 I'd expect you'd owe the other $711.
My husband wants to go to an evening mba program, while he continues to work full time. The program lasts 18mo, and costs about $50K for the entire program. We are supposed to pay in 6 installments. We have more than enough equity in our home to take out a line of credit. I'm wondering which is a better choice, doing a federal student loan, or using a line of credit. I'm thinking that the line of credit is a good choice, because we don't have to borrow all the money at once. Drawing from it every 3 months, for 18 months. We hope to pay the loan off within 5-7 years after graduation.
I don't have any experience with federal student loans, so would like to know how the two options compare.
thanks.
Usually on Federal Student Loans you do not have to start repaying the debt until after school is complete. In fact, there is a grace period of six months that you don't have to start repaying it. Also, the student loans have a lower interest rate than home equity loans.
Student loans will typically have a lower interest rate and you don't have to start paying them until 6mos after graduation. Save the equity for something else.
Well it depends on how much interest you are willing to pay. With a home equity line doesn't the interest depend on the prime rate plus what ever at that time. With a student loan you would get a fixed interest rate with up to 20 years to pay it back without a prepayment penalty. Now if you want to have the line to use it for what ever in the future once school is paid off you will still have it. So it really depends on the use of the funds and what you are willing to pay back.
At present, the interest rates are pretty comparable, so you will need to compare the added benefits of each....
1. Student loans can be forgiven and deferred in some cases. If you borrow student loans and then fall on hard times, you can contact your lender to request a deferment or forbearance (i.e. a period of time in which you are not required to pay and, in some cases, during which interest will not accrue).
2. Some student loans (such as the Federal Subsidized Stafford Loan and Federal Perkins Loan) are interest-free while the student is in school and during the %26quot;grace%26quot; period that your husband will receive after he graduates. [Perkins borrowers receive a 9-month grace; Stafford borrowers receive 6 months]
3. Student loan interest is deductible on your tax return -- but only if your AGI is less than $65,000 a year and only up to $2,500 per person. Home equity loan interest, on the other hand, is always deductible.
4. If your credit is bad, it is sometimes a lot simpler to obtain a student loan than a home loan. (Stafford and Perkins loans require no credit check at all, so applying for them won't have an affect on your credit report.) When you apply for the equity loan, compare the rates to those of the three major federal student loans:
Stafford rate = 6.8% fixed
Perkins rate = 5% fixed
PLUS rate = 8.5% fixed
(Keep in mind that Stafford and Perkins alone will not cover the cost of your husband's tuition, so the choice will ultimately be between the PLUS loan interest rate and your home loan rate.)
If I were in your situation I would probably apply for Federal Student Aid using the FAFSA (http://www.fafsa.ed.gov). If I was offered a Subsidized Stafford Loan or a Perkins loan, I would take it and benefit from the interest subsidy as long as possible. I would then apply for a home equity loan to cover the remainder of my tuition.
You can apply for a home equity loan anytime but you can only apply for a student loan while you're a student -- so you might want to take the student loan now and, if you regret the decision down the road, you can always obtain a home equity loan and use the proceeds to pay off the student loan. You can't really do the reverse since your %26quot;window of opportunity%26quot; for borrowing the student loan will have passed. Make sense?
This is a pretty standard question. Without spending too much time in a financial aid office, there is plenty you can do get the process started. It costs you nothing to find out what you are eligible for. Just compare the apr of your line of credit versus the apr of student loans.
Start by going to http://www.fafsa.ed.gov/ and filling out the online form for federal student aid. After finding out what you are eligible for in terms of subsidized stafford loans, you can figure out if that is enough to finance your tuition and expenses. In most cases, it isn't. If you find that you need more money then you are offered, you may want to try a private student loan.
The best thing to do is compare the different private lenders out there, which can be done at http://www.finaid.org/loans/privatestude...
Most of the rates are very similar but do a little research and pick one that you think is best. I would suggest Think Financial. The application process is very quick and easy, and the check is sent directly to you so you can use the money for whatever you want. The limits are much higher with private student loans, up to $40,000 per year. You can find out more information about a Think loan at http://www.thinkfinancial.com . Good Luck.
In my experience I would say that the student loan would be the way to go, being that you don't have to even blink at a payment until at least 6 months after the schooling is finished. Also, they are easier to obtain than HELOCs...believe me I was a broker...
Interest paid on the home equity line would be tax deductable. But then again, so would some of the student loan interst.
You should also chack for garnst %26amp; scholarships. regardless of his age, he may qualify for something. Try these free databases you can search. You will receive advertisements if you sign up.
www.fastweb.com
www.scholarships.com (I think, the best.)
www.collegeboard.com
www.fastaid.com
www.wiredscholar.com
I'm almost 20, and have six credit cards in my name (none with more than 35% the limit on them), which I pay on time each month. I am employed, but I haven't consistently been employed. My credit score is very good. Could I apply for a continuing education student loan without a cosigner?
Student loans are extremely easy to get. I have HORRIBLE credit and I got approved for a Sallie Mae loan. You shouldn't have any trouble at all.
There may be something of use here.
u should have no problem. talk to the person @ the school in the admit office who deals with all that. usually government school loans do not require u to have excellent credit and it sounds like urs is good so u should be ok.
ya my dear friend its very easy..............
for any bank loans %26amp; credit crds.........
Yes, it sounds like you would qualify. There are many types of student loans out there, so do your research. Call admissions at your college and you could also check out this site for helpful information about student loans. There are also links here to companies that provide them. Good luck!
http://loan.divinfo.com/
This college misrepresented their accrediation. After attending classes for over a year I decided to take a few classes from another corresponding college and upon my transtering.... I was told no credits would transfer cause the teachers were not certified. Now the student loan company wants a lot of money and I had to start all over with the new college. I did not gain anything from this college except this huge defaulted loan. WHo and How do I contact to file a complaint or get this bill squashed.. Please help. Thanks
Contact your guarantee agency. I suspect that the school itself was accredited, otherwise they would not have been able to offer federal student loans. Your credits may simply not have been considered transferrable by the next school. One school is not always required to accept another school's courses if they do not consider them equivalent. This means you do still owe the loan, however, if it was. If the school was not accredited, though, your guarantee agency may be able to assist you.
you should contact a lawyer and sue the crap out of them!
you can file a complaint with the bbb for the school but the financial aid will not be taken away. if you dont pay them they will just take your tax returns and continue to ruin your credit.. the people that you borrowed money from dont care one way or the other about the school you chose to go to, they only want their money... the good thing is though, if you talk to them you can get payments as low as fifty dollars a month and then in wont be ruining your credit
Contact a lawyer. Don't let this ruin your credit. Don't delay. Every day that passes, your credit score could be going down. Also, it could effect you getting your tax refund and they could even garnish your wages, so be careful!
I am starting school August 21 and I am going to be a full time student and I am just wondering if anyone knows where I can get a good student loan for someone who has bad credit.
Talk to your school's financial aid office
I had the same problem. Low interest. I couldnt find any. Get a cosigner. I luckily did.
You are going to need a co signer.
But only have one years worth of credits (don't ask). Will I be able to get any more student loan to finish a degree in the UK?
Yep...I'm planning to take out loans every year until I retire, at which time the loans will be cancelled......Clever eh?
Not recommended for youngsters...just us wrinklies!
No, they will only fund you once. You could apply for a Career Development Loan or go to the library and look for the reference book, ' charities and funding '. There are some organisations that will fund you independently. You have to write to them and state why you think you deserve the funding.
God, has that policy changed then because when I tried to get furthur funding they turned me down three times.
Yes, I have 6 years of student loan under my belt with absolutely no problems in getting it but give them a call to find out all the facts. Call 0845 657 7577 (I've found them very helpful) or go to http://www.studentfinancedirect.co.uk
By the way, the second application may require that you %26quot;self certify%26quot; which means you get a slightly reduced loan (about 鎷?00 less) but, again, it is circustances dependant.
I wanted to get a $2,500 student loan when I start college, because I wanted to buy a car AND have enough for insurance each month until I find a job. But I heard that if I were to request that loan, they would only give me part of it each quarter I'm in college. Is that true? Is there any way I can get all $2,500 right when I ask for it?
True I think they split it up, by semester.
Hopefully, it is because ALL students need to do some WORK as well! That's the greatest teacher of all.
I am an international student from Croatia with no credit history, Co-Signer, property I directly own and also without a family. I hold an offer of a place on an Informatics and Music Technology course in London, and I have researched absolutely everything regarding the financial aid for students. I am still looking for a Co-Signer. By this time I have achieved everything on my own and I do not have anyone who could help me in any of my undertakings. I was even thinking of earning the whole amount of money needed until the next spring, because that would also prove that I am a capable, persistent and sincere person, but it is almost impossible to earn 鑹?1000 in eight months. Or is it possible? Can you please tell me where can I find aid I qualify for, or a Co-Signer who is willing and able to act as surety on my behalf? It would also be enormously helpful to know what third parties offer support by providing necessary documentation for student loans without a Co-Signer. Thank you
ok
I've been trying to have my loan dismissed since the state of Utah closed down my school 6 mos. before graduating, but they said since the school declared bankruptcy, I have to pay the now $45,000 (it was gaining interest since 2002-student loan my foot) back. I cannot transfer credits, and I have to start all over again. Any suggestions on what I can do?
Specific Loans are eligible for discharge if the school closed before you were able to finish your program. I've attached the Department of Educations discharge loan forms.
Yes. You borrowed that money and owe it back. The school did not give you the money a lender did . The lender is not responsible for the school closing.
Why can't you transfer credits. Even if the school closed your credits should transfer. Most colleges will require you to take some classes of theirs, but will take transfer credits. You should not have to retake all those classes. You should be able to test out of some of the classes if they won't honor the credits. The business college I went to closed. I went back to school to another college and I had an offical transcript and the new college took it. I had a program book from the old school to show what the requirements were and they let me test out of a couple of classes just to prove that I did know what I said I knew. You need to apeal to the dean of the college you want to go to and explain the problem.
I am not sure what you can do about it have you tried contacting your government offices. I know that some trade schools to do not let you transfer credit since they are not viewed the same as other colleges. That sucks that they can do that to you. And I bet you can not file bankruptcy on your student loans right?
Yes in some cases your loan debt can be forgiven based on a closed school.
pls contact the us dept of ed directly at 1-800-433-3243 for assistance. they can point you in teh right direction and advise you of the criteria you would have to meet.
im working on finding a student loan for school. ive been qualified for the federal stafford loan. does anyone also know if wells fargo offers the repayment option where u dont have to repay anything until 6 months after you graduate?? please helppp:)
Just stay away from Sallie Mae if at all possible. My family members and I have had NOTHING but grief from them. As soon as I finish my teaching licensure program, I'm going to consolidate with Wells Fargo (with who was the guaranteer for my federal student loans).
NOOOOOOOOOOOO!
wells fargo will screw you over. use something more local. i'm using my state program. ask your financial aid advisor about it if you have more questions, it kind of depends on the area you live in and what school you go to.
Wells Fargo is a source of private (as opposed to Federal) student loans. You can't apply for deferment, but you can get forbearance for the summer called a Summer Bridge forbearance. You can also consolidate the private loans to get a lower payment and better interest rate.
Most all student loan companies offer the option of repayment 6 months after graduation. If you go through FAFSA.gov, you should be able to qualify for stafford loans through the government - most private companies (such as wells fargo, Chase, etc) can give you loans but at a much higher interest rate. With government stafford loans you are pretty much guaranteed you are getting the lowest interest rate possible. The school you are attending will usually handle your funds for you, take the money for registration (Unless you indicate you are paying up front) and then they will cut you a check for the remainder, (or the entire amount if applicable).
My parents saved for my brother to go to university and he worked all the way through school. I am now going to school as an adult student, single with two kids. I am getting a student loan to cover all of my schooling and living expenses. I will be raising my kids around school and not be working (full time student)... Yet everyone says I need to save for my kids education... why if they get the loans...
It depends on the parents financial position and the kid's wishes. Some kids want to do it themselves - they want to prove they can or don't have the kind of relationship with their parents where they want to 'take' anything from them. Certainly it would be lovely if every parent could send their kid to college so that once you graduate you don't have to face years of paying back student loans. It's hard to start out in life with a huge student loan debt. Most young people don't land the highest paying jobs in the world and do well to make enough to live independently. It's more affordable in some parts of the country but I live in a large city and apartments are expensive, houses are out of reach of most well-paid professionals let alone young graduates. By the time you add living expenses like food, cars, utilities, etc. a person just starting out may be hard pressed to also deal with big student loans.
More power to kids doing it on their own. Do save for your kid's education if you can. But give yourself a break! Wait til you're out of school yourself and start earning a salary before you start school savings accounts.
Good luck!
Because loans and grants don't pay for everything. There are still more costs than what are covered in the US. Universities are expensive.
Well, you have to pay back interest on loans. If you pay back your parents, they don't charge you interest (usually). And if for some reason the loans don't work out, you want to have a plan to fall back on.
The very most important thing for you to do for your chlidren is to be with them. They will be far smarter and able to utilize schooling the more you are with them, the less you are away from them. Kids learn best with mommy, when they have a warm relationship with her.
One day, you may take out loans for your kids, they may get scholarships, or the world may be so different, it will be irrelevant. The most important thing now is the minimize separation from your children and maximize the quality of your interactions with them (doesn't mean flashcards!)
It makes it easier for the kids, they don't have to pay stident loans.
Because student loans add up fast and then you have to pay them back. It doesn't matter if you finishe school or not, job or no job they still want there money. It would be so much easier on your children if they didn't have to worry about a loan hanging over there head when they are just getting started in the world. As a single mom you see how hard it is just to make it imagine having a twenty or thirty grand loan to pay off after six months to a year after graduation.
Yes but a loan is a loan...you have to pay it back. And when parents are able to %26quot;put their kids through college%26quot; then when the graduate they have a clean plate. Its just preference.
First of all you sound silly. Saving money now for your childrens future is the best thing you can do because you never know what can happen in the future. I am 22 I live on my own, pay my own bills and totally independent of my parents but I couldnt get student loans on my own. Fasfa wont consider you an %26quot;adult%26quot; before 25 unless you have a child. All my student loans would have had to come through my fathers name and he was not willing to mess with his credit like that. So do your children a favor and save something for their future. Every little bit helps. Trust me!!
Here is the problem with student loans. YOU HAVE TO PAY THEM BACK plus interest. Even though you can get a low interest student loan, you will be making payments on it for 10 or more years. Think that over. In ten years where will you be and what will you be doing?
What if you are a parent and have to support children? Where will you continue to get money to make this payment plus all your other bills?
There are so many college graduates that are strapped with big loans that will have to be paid off in 10-15 years. The payment can be $300 or $400 a month. That is high if you become a single mother or you lose your job or you dont get the dream job that you hope college will bring.
Student loans can get you through but they can later be a noose around your neck. It happens all the time. They just had a special on TV about college graduates with huge loans that they can not repay. They get further in debt. And several that they had on there were from Ivy League schools with loans over $100,000.
Now that is the price of buying a home in some areas. Some of these students said until their loans are paid off they could not afford to buy a home. That is scary because this adult will be 32 to 42 before they can get out from under the loan. Grants are better if you can qualify for one because they are not paid back.
Or it is better to get parent help, or stay with a junior college or four year college that you can afford. The other alternative is work while you take classes to pay your way through which means many hours away from home.
My husband was unaware that, for one semester, the school withdrew his financial aid. They failed to notify him until the semester was over. He was unable to pay out of pocket for the tuition and the debt was sent to collections. The collector is now suing him. We were thinking to file bankruptcy because we can't afford to pay, but can a bankruptcy wipe out this debt? It wasn't a student loan, it was just a debt to the school.
If you live in the USA, bankruptcy will wipe out anything except a government guaranteed student loan. Have you considered letting the school go to hell and wait? I don't know your circumstances, but it's pointless to sue somebody who doesn't have any money or assets to grab. You need to sign your assets over to somebody else more than 30 days before they file suit against you, or it's considered a false transfer.
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Bankruptcy treats all creaditors the same except foe gov`t supported student loan programs. In Canada there have been some changes to that as well. I suggets you see a financial counsellor as there are other measures less drastic, bankruptcy stays on your record for 7 long years and repair of your rating is harder than you think.Good luck.
Talk to the school directly and be prepared to work something out. Most debt collectors will attempt to attain a 28-28% debt retention. If you talk to the school and not the debt collector and begin making payments and sticking to them they will probably take the debt back in-house. Never be afraid to talk to a creditor about a repayment. DOn't file BK unless you really need it. Chp 7 stays on your credit report for 10, not seven years, unless you can get the credit reporting agency to remove it. Chapter 13 will stay on your credit 7 years past your confirmation date. The rules governing who is eligible for a chp 7 have gone thru a strict means test, which is just a fancy way of saying exactly what can you afford to pay back.
It is nearly impossible to discharge a student loan in Chapter 7 bankruptcy. After you filed the bankruptcy, you would need to an action called an adversary proceeding. The only way the loan can be discharged is by proving that repayment of the loan will create an undue hardship on the debtor/borrower and his family.
This standard is generally interpreted to mean that the debtor cannot maintain a minimally adequate standard of living and repay the loan. It usually requires a showing that the conditions that make repayment a hardship are unlikely to improve substantially over time. Many courts use the test for undue hardship found in the Brunner case.
Courts in some circuits will permit the judge to find that the debtor can repay a portion of the loan without hardship, and to discharge the balance of the loan.
To discharge a student loan in bankruptcy, the debtor must bring an adversary proceeding in the bankruptcy case. The debtor must prove at trial that repayment constitutes undue hardship.
USAGROUP defaulted my loan in eror but I cant get them to fix it after 7 years...any ideas?
Well you can get a lawyer to write them a letter. I did this once - not in connection with a student loan - and I got immediate results. It cost me about $100 for the lawyer to write the letter and it was worth every cent.
Good Luck!
You need to contest it. The group has thirty days to prove the default is valid.
You need to contest it in writing. The burden of proof is on them.
check out this link:
Get a lawyer and contact Department of Education.
Source(s):
http://www.salliemae.com ( For student loans)!!!!
http://www.iefa.org -------%26gt; International Students on the web %26lt;----
http://www.about.com ---%26gt;Great search engine and information site for everything %26lt;---
http://www.ed.gov/index.jhtml --%26gt; Dept. of Education for any questions%26lt;--
http://www.fastweb.com
http://www.gocollege.com
http://www.collegeboard.com
http://www.scholarships.com
http://www.walmartfoundation.org
Please go to the Department of Education for more help and a list of student loan foundations.
Can they stop me from traveling out of country because of an outstanding student loan?
I have an outstanding ontario and federal student loan, you see im on dissability for my eyes and am unable to repay it however they wont listen to reason as the government has none so it is outstanding and i believe a portion if not all ahs been trasnfered to a collection agency. I have plans to travel to the US shortly but i dont want to buy my tickets, get to the airprot and find out that i cant leave, is it possible for them to do this?
Yes, they will not issue a passport.
I BELIEVE ONTARIO IS IN CANADA? IF SO PLEASE STAY THERE WE HAVE ENOUGH DEADBEATS HERE IN THE U.S.A.
if you can afford to pay for a trip how come you cant start paying you loans?
I'm a sole proprietor and took out a large student loan about 7 years ago. I continue to make monthly payments. Can I write this off my taxes as a business expense?
You took loan for studies, which were very crucial to your existing status in life. Do you think its fair to write off, which uplifted you in many aspects.
My advice;pay back what you owe to the nation.Keep your conscious clear for ever.
No.....just the interest like anyone else........but not as a business expense.
Along with being a sole-proprietor you are an individual as well, and you have a place on the 1040 to deduct student loan interest on your personal part of the return.
It isn't a business expense, it is student loan interest.
http://www.irs.gov/faqs/faq-kw187.html
good luck
You can write off the INTEREST you paid on your student loan, but not the total payment.
I do believe that interest on a student loan is deductible for only the first 60 months of the payback period, which means the first five years. If your loan was taken out seven years ago, you're past the time frame during which you may deduct the interest.
Recently my student loan company contacted my house and my roommate answered the phone. The agent discussed personal and explicit details of my account with my roommate (who has no relation to me, nor access to personal information such as my SSN) while leaving a message for me. I could be wrong, but I don't think they can do that, can they? I am a resident of Iowa now, and that is where my school was located, so I'm not sure of the state laws or federal laws. I looked into the better buisness bureau, but they only cover sales transactions, so if anyone can let me know if I have a right to do something about this and who I could contact that would be great.
I would imagine that is very wrong. I know when I went in for my last physical I had to fill out new paperwork that asked if anyone in my family could take messages from my doctor's office and how detailed the messages could be. That's just health stuff, like test results, appointments, etc.
I can't imagine that it is okay for the student loan company to talk to your roommate about your financial situation(good or bad). I would call the student loan company and ask about this.
will the arnmy really pay all your student loans? I have 50000 in student loans is there a catch before they pay all your loans? I just want to make sure before i sign up for 3 years. describe your experience in detail
EDIT:
found this link. You are in luck, they go up to 65000 on qualifired loans!!!
yup, will pay one third each year you do.
i have this friend and she quit college last year and she never paid on her student loans and she moved to a different city and she didnt tell the student loan people where she moved and now she is trying to get an apartment and car will this affect her credit score
Student loans are impossible to get rid of. In fact some of them are immune even to bankruptcy meaning that even if you go bankrupt you still have to pay back the student loans.
Your friend will eventually get caught and she will owe back the loans, penalties, and interest. Her credit will be ruined which will make it much harder to ever buy a car or a house on credit, obtain credit that is not at an outrageous interest rate, obtain insurance at a low rate, or even rent an apartment. She is being an idiot, and needs to realize she is only hurting herself and her future financial well being.
yes it will, %26amp; they will also garnish her wages when she starts working.
You are supposed to start paying back your student loans after you finish or quit school. Most probably the loan center will do something to her so that they can find her. Not paying on a loan will affect her credit score and look bad to other loaners.
Yes.
The answer to all your questions is YESSSS.
Hell yeah!!
The student loan people are incredible at finding people. It's just a matter of time.
Yes, you will have to pay it back and if don't make timely payments it will affect your credit.
Yes. This is a loan, not a gift. The loan people have her information on file and as soon as the loan comes due, she will be in default. Defaulting on a loan can result in a bad credit score, garnished wages, and other things. Usually a student loan gives a grace period of a certain amount of time, from a few months to a year. She may be able to receive an extension on the grace period from the loan company...however, interest on the loan will continue to accrue.
Yes. A loan is a loan. Default is default, regardless of the reason.
She will be affected.
Rest assured that even if a person moves, any government entity will find them. Regardless as to whether you quit school or graduate, student loans must be repaid. Interest accrues as long as the loans remain open, and yes this will affect your friend's credit.
Hell yes you have to pay back your student loan, and hell yes it will ruin your credit. Student loans are backed by the government, and you can't even get rid of them by declaring bankrupcy. There is some good news- they will work with you for lower payment plans, and if it makes you feel any better, I owe $140,000- and I have friends who are dentists that owe $450,000.
The thing they hate the most (the lender) is if you don't keep in contact with them. Have your friend call and let them know where she is, and tell them you want to repay
Also, they have these things called deferments, and you can defer a loan for financial hardship reasons (and other reasons) for up to 5 years! My advice though, is to pay regularly- they give you incentives, like lowering the interest rate if you make regular payments, or if you allow for automatic withdrawal. Good luck!
Oh, one more thing- if you go back to school, they will put the loans on hold and pay the interest while you are in school.
Your friend will have to pay back whatever money she borrowed, whether she completed college and received a degree or not. She's taking a big risk applying for an apartment lease and a car loan. That'll be a BIG red flag to the government or whoever loaned her the money for college. If she received loans from a government agency, the IRS can take whatever money she owes out of her tax returns, and if she can't pay the full bill with her tax refund the interest rate on her loan goes up to 36.5% APR. If she received loans from a private agency, they can take her to court (state or Federal) and have her wages garnished. Tell your friend to pay that loan off before she does anything else. She can get in a lot of trouble, and her credit rating will take a nose-dive -- if it hasn't done so already.
Poor thing. Her credit is doomed.
I definately recommend http://www.consolidation-fixed-loan-rate... They have a lot of good resources.
I paid off only student loan interest last year. I also took two state and two federal deductions off my paycheck. Will that affect how much I get back? If not, what does?
Your W-4 filing determines how much tax is withheld from your paycheck. The more allowances that you claim on your W-4 means less taxes are withheld from your paycheck. Therefore, you should have a smaller tax refund than someone that claimed zero allowances assuming everything else is equal.
Paying student loan interest lowers your taxable income which increases your tax refund.
In your sitation,I would like to suggest you have a look here.http://studentloan.online-helpers.info/s...
I'm starting uni this year (UK) and I don't know what month you have to apply for the student loan.
The form you need to apply (PN1) is expected to be at local authorities in late Feb, you can either contact them direct and they'll post you a form or you can download one or apply online at www.studentfinancedirect.co.uk
The deadline (depending on what type of support you're applying for) isn't until the end of June however the sooner you get your form in the quicker you'll have a decision. The standard turnaround time is about 6 weeks however if you leave it until last minute you may find you won't get your decision until just before you go which will leave you with little time to prepare. Also be aware that a high percentage of forms have errors or queries on them which can delay the process if yours is't received until late.
Many local authories post the forms out direct to schools/colleges and carry out presentations. If your's does then go along as the form can be quite daunting. If you have any questions try the website listed above or give your local authority a call.
If you have any other questions post them on here and i'll try to help.
ASAP! its a long process. I say february. They can be a crock to deal with.
Normally your school or college tells you and helps you with everything you need. You could do it now. I think I did mine in March when I applied.
ASAP! It takes ages to come through - you can always refuse it at the last minute if you no longer need it
Contact your local education authority and leave your details, they will post you an application form out when they are issued in your area or your college may have some. The sooner you complete it the better as it means if successful your payments can be made on time.
im going to univ this year as well. they say once youve sent back your acceptance you should apply straight away through your LEA for higher education funding. maybe sooner when youve applied. you have to do it quickly in order for the finances to be sorted out in time for the new term. i believe its by may at the latest but check! the student loans company in glasgow deal with all finances, so it might be worth checking out their website or contacting the department for education services to put your mind at rest. im going part-time so im in the process of getting the application forms although ive been accepted. my advice is a.s.a.p!! good luck at univ.
I would start doing it now and get in early, they take ages to come back to you. I think the deadline is march but don't take my word for it. Website below has all the information
Don't bother at all.
Education is a waste of time in this country.
Everyone has a degree these days due to A level's being so easy to pass. Let's face it, the only people with money are the one's who gained the degree of life.
Most of my friends with degree's earn less than those guys I know who dropped out of school at 15. There's no point putting yourself under stress for just a few quid that you wont be able to repay.
I know this girl who hung herself because of the stress of the student debt.
you have until the end of august this year. therefore you have plenty of time. however, i'd advise you to apply as earlier as possible, if you want your student loan to arrive on time. remember though that once your application has been accepted and you have received written confirmation of this by receiving a letter from the student loans company you cannot access your student loan through your bank account, until you've fully enrolled on your course during september. when you go to your uni, show them the payment schedule letter AND the letter from the SLC confirming they are paying for your tuition fees. hope this helps
this site has the answers you are looking for
http://www.thestudentloanconsolidationgu...
I have my tax return ready to be mailed. I'm deducting my student loan interest. Do I just send in the tax return and my W2 or do I include a copy of the 1090-E form that I received from my lender?
Only Form W-2 is included, you merely report the other amount(s) on your return
Isn't necessary, but wouldn't hurt.
I'm almost 20, and have six credit cards in my name (none with more than 35% the limit on them), which I pay on time each month. I am employed, but I haven't consistently been employed. My credit score is very good. Could I apply for a continuing education student loan without a cosigner?
Student loans are extremely easy to get. I have HORRIBLE credit and I got approved for a Sallie Mae loan. You shouldn't have any trouble at all.
There may be something of use here.
u should have no problem. talk to the person @ the school in the admit office who deals with all that. usually government school loans do not require u to have excellent credit and it sounds like urs is good so u should be ok.
ya my dear friend its very easy..............
for any bank loans %26amp; credit crds.........
Yes, it sounds like you would qualify. There are many types of student loans out there, so do your research. Call admissions at your college and you could also check out this site for helpful information about student loans. There are also links here to companies that provide them. Good luck!
http://loan.divinfo.com/
