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No, you do not pay income taxes on student loans because they are debt. You do however need to look into Grants as the laws are different for free money. You do not pay taxes on a LOAN, because it has to be paid back, so it is not income.
Wiki User
∙ 15y ago
Wiki User
∙ 11y agoIn most cases, financial aid for education is not taxable income - grants and fellowships are occasionally taxable at the state level, but loans are almost always not taxable.
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How can you become ineligible for financial aid?
not pay taxes make too much money be white
Can you get financial aid after your taxes were offset for student loans?
no
Do you have to pay back the money from financial aid?
no..
How many times do you have to pay for financial aid?
You shouldn't have to pay at all.
How do you pay for room board with no financial aid?
Job
Will the government or state pay me for majoring in nursing?
"Pay you" - no Financial aid - maybe
Financial aid is?
Financial aid is the umbrella term for any assistance you receive to help pay for expenses related to attending college. Financial aid can include scholarships, grants, fellowships and loans; most students use some combination of the above to pay for college.Financial Aid is a gift of money.
What is financial aid?
Financial aid is the umbrella term for any assistance you receive to help pay for expenses related to attending college. Financial aid can include scholarships, grants, fellowships and loans; most students use some combination of the above to pay for college.Financial Aid is a gift of money.
Do states pay into federal aid?
Yes, when you pay taxes a part of that goes to the Federal Government. Which technically you are paying for Federal Aid.
How much do you have to pay for Student Financial Aid?
In most instances, you should not have to pay for student financial aid - this is a free service offered to all students enrolled at the college/university. However, you may have to pay for student loans depending on your financial situation.
How do you pay for college if financial aid and loans are not enough?
Get a job!
If you did not claim your 22 year old on your taxes would she get more help from financial aid?
No.
