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Q: Can you get federal money back if you have no income but are a full-time student?
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Do federal student loans count as income for tax purposes?

No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.


Do federal student grants count as income on the FAFSA?

Because it is a part of the family support that helps pay some of the necessary living expenses.


Does income tax money go to the federal reserve?

Not all income tax goes to the Federal reserve but all money that goes to the Federal reserve comes from income tax.


How do you get a loan with no co signer no job and bad credit since this is why most of us are in school in the first place?

It is clear to me that no one is thinking. How am I to go to college fulltime and have a fulltime job. If I had a fulltime job and could handle fulltime student status, I would not need your money. This has got to be the silliest thing I have ever heard. You can borrow up to $35,000 for education, but you have to have a job. If I had a job, I would not be in school and I would not need your money. What a joke.


How do you get a loan with no co-signer no job and bad credit since this is why most of us are in school in the first place?

It is clear to me that no one is thinking. How am I to go to college fulltime and have a fulltime job. If I had a fulltime job and could handle fulltime student status, I would not need your money. This has got to be the silliest thing I have ever heard. You can borrow up to $35,000 for education, but you have to have a job. If I had a job, I would not be in school and I would not need your money. What a joke.


Does a parent's income count against 17-year-olds applying for financial aid for students?

Yes, a parent's income does count when a 17-year-old is applying for financial aid for students. The Free Application for Federal Student Aid (FAFSA) requires information about the parent's income and financial situation to determine the student's eligibility for federal student aid.


Do you have to claim inheritance money on federal taxes?

Inheritances are not taxed by the federal income tax.


What is the maximum income a full time student can earn and still be taken as a dependent on a federal income tax return?

If the student is under 24 at the end of the year or is totally and permanently disabled, there is no limit. But the student must not provide more than half of his/her own support. Money deposited in a savings account (for example) does not count as support. Otherwise, the student's gross income cannot exceed $3500 and the taxpayer claiming the student on their return must provide at least half of the student's support.


How is money raised for Social Security?

Federal income tax


Will Georgia tax your Federal rebate money?

No. Your federal tax is not deductible from your income in determining state taxable income, hence any refund of it isn't included as taxable income.


A student loan has been in default will collection agency still garnish tax return?

If it was a federal student loan, then yes, the collections agency could take your income tax return money. If it was a non-federal loan, then they would not be able. Secondly, federal student loans are can not be discharged, the US always gets paid even when laws are created for private businesses that disallow the same right of collections.


Can the state take your federal student loan money?

The state should not usually be able to take your federal student loan money. However, there might be some particular details that will cause them to take it.