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No.
At the same time, the fact that one defaulted on a loan does not mean that they may write off the value of the loan from their taxes.
Personal loans, unless specifically tied to a principal residence (e.g., [first] mortgage, home equity loan, home equity line of credit), do not increase or decrease one's taxes.
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Are personal loans taxable as income?
No, since loans are not income (even if the obligation is cancelled, there is no taxable event as a result). Also, the interest in personal loans may NOT be written off of taxes (unlike that of first and some second mortgages).
If you catch up a defaulted loan can you get a another student loan?
In the US, yes you are eligible for additional student loans if you rehabilitate, bring current, or consolidate your defaulted federal loans. If you need help with the consolidation of your defaulted loans, click the link below.
Are personal cash loans considered taxable income?
I'm in need of business loan for buying a house and oven and floor and some other stuff
Can you receive the GI Bill if you have defaulted student loans?
No they check on that.
How do defaulted homeowner loans affect bad credit?
Defaulted homeowner loans affect bad credit because it wont allow one to get a mortgage or another loan. Most banks and loan lending companies wont offer one a mortgage or a loan because one had taken defaulted homeowner loans.
Are personal loans taxable as income?
No, since loans are not income (even if the obligation is cancelled, there is no taxable event as a result). Also, the interest in personal loans may NOT be written off of taxes (unlike that of first and some second mortgages).
Are personal loans from family taxable?
The loans themselves are not taxable. The interest paid on the loans are taxable to the lending relative. Also, if the rate being charged is lower than the Applicable Federal Rate (AFR), there will be an additional gift tax on the net difference between the AFR and the rate being charged.
If you catch up a defaulted loan can you get a another student loan?
In the US, yes you are eligible for additional student loans if you rehabilitate, bring current, or consolidate your defaulted federal loans. If you need help with the consolidation of your defaulted loans, click the link below.
Are personal cash loans considered taxable income?
I'm in need of business loan for buying a house and oven and floor and some other stuff
Can you get your student loans paid for by joining the peace corp?
if you paid off a Defaulted student loan and don't have any other defaulted student loans, then you are eligible to get new Federally Guaranteed student loans
Do states ever default on their loans?
Arkansas defaulted in 1933.
Can you receive the GI Bill if you have defaulted student loans?
No they check on that.
Is it possible to reconcolidate defaulted student loans?
In the US,it is certainly possible to consolidate your delinquent or defaulted student loans. Most lenders will not accept them, but a few will. If you need assistance with the consolidation of your loans, click on the link at the bottom of this text box.
How do defaulted homeowner loans affect bad credit?
Defaulted homeowner loans affect bad credit because it wont allow one to get a mortgage or another loan. Most banks and loan lending companies wont offer one a mortgage or a loan because one had taken defaulted homeowner loans.
Are you eligible for a single-mother student grant if you have defaulted on your student loans?
In the US, the answer is no, unless you rehabilitate the defaulted loans for 12 months or unless you consolidate the loans. A person with defaulted federal loans is not eligible for additional federal assistance until the default status is rectified. Once the loans are rehabilitated or consolidated, you will then be eligible to go back to school and receive additional loans or grants. If you need help consolidating your federal student loans, click on the link below this text box.
What should I do if I want to return to school to become a nurse but I have a defaulted student loan from 1995?
In the US, you can consolidate your defaulted loans and be eligible for new loans in the fall. Click on the link at the bottom of this text box for help with consolidation.
Wage garnished student loan paid off can you get another student loan?
Yes, if you paid off a Defaulted student loan and don't have any other defaulted student loans, then you are eligible to get new Federally Guaranteed student loans.
