Student Loan
Student Loan questions and answers
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Q: How can I get a student loan after I declared bankruptcy?
I'm finding it impossible to get approval for a student loan because I previously declared bankruptcy. I can easily get approved for a car loan, but not for my education. Anyone with ideas or information about this situation please respond. I have to pay for nursing school by August 1st!
A: You might check out the site that I've listed.
Go to the student loan forum and do some reading. You might be able to get some ideas on what to do.
If you cannot find what you are looking for, post your question. Someone may be able to give you some suggestions.
I'm sorry I can't be of more help. I go to the creditboards forums every day, for credit related reading/learning. But I usually go to other forums than the student loan forum.
Q: Where can I get a good student loan or student grant for my daughter?
I need to see about getting a student loan or a student grant for my daughters college fees? What's the best one?
A: Before getting your 1st student loan..KNOW YOUR LOANS: FEDERAL VS. PRIVATE
Though federal and private loans are both eligible for consolidation, federal loans have superior rates and terms, which are set by the government. However, federal and private loans must be consolidated separately.
Federal Loans Have Favorable Terms
There are several types of federal loans that can be consolidated. These include:
* Stafford loan
* Perkins
* Parent PLUS
* Supplemental Loans for Students (SLSs)
* Health Professions Student Loans (HPSLs)
* Loans for Disadvantaged Students (LDSs)
* Nursing Student Loans (NSLs)
* Health Education Assistance Loans (HEALs)
Different loans carry different interest rates. Some are fixed, some are variable. While it's possible to consolidate fixed--and variable-rate loans, the primary advantage of consolidation is shifting your variable-rate loans to a fixed rate.
Find more information:http://student-loan-consolidationrebate.blogspot.com/
Q: What will happen to student loan repayments if there is a recession?
If you have a UK student loan which is taken directly from your salary and is linked to the rate of inflation, what is likely to happen if there is a recession, and the knock-on effects this would have? Can anyone enlighten me?
A: As the student loans company work out the rate of inflation each year as defined by the retail prices index it changes annually and you are informed of this in your statement (at the moment it's around 2.4%)
Therefore this could rise or fall depending on the yearly situation, normally not by very much, however a recession could cause a more significant change.
Of course you only pay back 9% of any earnings you have over £15,000 regardless of the debt you have and the interest applied so your payments themselves won't change. All as that will happen is the yearly interest applied to your account will be higher or lower.
Q: What happens if I paid off my entire student loan but they still applied my tax rebate to it?
I paid off my entire defaulted student loan at the beginning of this month. I even received a paid in full letter. But today I just got a letter from the IRS that my $600 was applied to that loan by offset!! Apparently there wasn't enough time between when I paid off the loan and then getting my rebate. I just tried to call the Missouri Department of Education, which my loan is through, but they are closed for the day. Does anyone know if I can get my $600 back??? :(
A: You are going to have to contact FMS, or the Financial Management Service. They are the ones that actually collected the money from your tax rebate. (800) 304-3107 If you can provide proof to them, they should be able to get your money back to you, if they haven't already forwarded the money to the State of Missouri
Q: Is it possible to get a private student loan without a credit history or a co-signer?
I currently have no credit history, and no available co-signer for a private student loan. I have exhausted my availability of government sponsered Stafford loans and Pell grants. I need a private loan in the amount of around 2000 dollars to supplement the remainder of my tuition that will be paid out-of-pocket through working on nights and weekends in two jobs.
A: Honestly, your answer is going to be no. You will have to have fair credit and proof of income plus decent work history or a co-signer. They will also want your savings and checking account information to put your finances under a microscope. It is a pain...I went the federal loan route. I wish you the best of luck!
Q: How will a discharged student loan affect my federal tax return?
Can the federal government take my tax return if my student loan has been discharged due to a disability.
A: If the loan is discharged, IRS should not keep your tax refund.
Normally, debt cancelled must be reported as income on the tax return.
Read about debt cancellation, http://taxipay.blogspot.com/2008/08/us-income-tax-topics-1.html
Q: If I have a student loan, that I am not in default with then will I receive a stimulus check?
I have a student loan that I pay on time every month, so will I not receive a stimulus check?
A: i have a student loan that im paying on time every month..and according the irs tool, im getting my check june 13th...so i would say yes your gettting a check. :)
Q: What is the maximum student loan interest you can reclaim on taxes per year?
For instance, if i pay $5,000 vs $10,000 in student loan interest, do I get a bigger tax break or more money back if I pay $10,000 vs $5,000? Or is it capped at a certain amount once you pay a certain amount of money?
A: The student loan interest deduction is capped at $2500.
Q: What's the best student loan for my situation?
I am currently a full time student. I already have a loan out to help cover Tuition costs, but I would like to take one out to get a new computer.
I've had steady employment for 2 years and I have a credit history of about 7 months, all of it positive.
Any suggestions/hints & tips will be greatly appreciated.
Thanks!
I have a Chemical Bank account.
A: When I was in college I had this similar situation arise. You will not be able to get a federal loan for this computer, but you should be able to get financed through a computer company to get the loan. Do you have an account with a bank? If that is the case you may be able to get a personal loan through a bank as well. Dell does a great job getting you financed even if you have bad or little credit history.
Q: How do you figure student loan money on tax forms?
Is it counted as income? Do you have to file taxes on student loan funds?
A: According to the IRS, "A school loan is not taxable at the time you get the money and should not be included as income on your return." However, the interest is a write off. You can deduct up to $2,500 in student-loan interest if your adjusted gross income is less than $50,000 (single filers) or $100,000 (married filing jointly). Now, if you receive a scholarship or fellowship, all or part of it may be taxable.