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boom shakalaka
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∙ 12y ago
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What is student loan forgiveness?
Student Loan Forgiveness is when a student can't pay a loan that he owes and so the government has money to pay for that loan if he/she is unable to make the payments on it.
How will loan forgiveness affect credit?
The amount of the loan forgiven becomes income on which you will have to pay income taxes. If the forgiveness is due to uncollectability, it will have a negative effect on your credit. Unpaid taxes will also negatively affect your credit.Filing bankruptcy or a special IRS form showing you were insolvent at the time will take care of the tax issue.
How can one get loan forgiveness for student loans?
One can get a loan forgiveness for a student loans by visiting an employment center where they will help one pay of their loans or pay the entire amount them selves.
How does student loan forgiveness work?
Student loan forgiveness is forgiven if one doesn't have any money at all to pay of the loans. This doesn't happen often but some companies forgive the loans when it is proven in court that one cant pay the loan.
Why aren't I getting a government loan forgiveness?
You likely do not meet the criteria for loan forgiveness. Usually there needs to be a clear reason for why you'll be unable to pay back the loan. Please contact your loan provider for these strict conditions.
Do you have to pay taxes on a 401k if you take the money and pay a student loan?
hi
What is government loan forgiveness and how to apply?
There are some companies that will pay off your student loans if you work for them for a certain period of time. As for loan forgiveness, please don't take this the wrong way, but I don't think that other people should pay for your college simply because you think you picked the wrong career. And, that is what loan forgiveness is. If your loan is forgiven, that means that the government will reimburse the bank for your loan. This means that the taxpayers (the rest of us) will be paying for your college.
What are some student loan forgiveness programs?
There are different student loan forgiveness programs out there to help pay off your loans. Some sites are: www.finaid.org/loans/forgiveness.phtml and also www.staffordloan.com/repayment/forgiveness.php.
What does student loan forgiveness mean?
The forgiveness occurs when a student falls behind by either reducing the capital to be paid, reducing the interest rates or allowing a longer period of time to pay back the loan.
How does loan forgiveness work?
Loan forgiveness information can be found on your local government website. They have all the tips you need and who qualifies for loan forgiveness programs.
Do you have to pay taxes on your non-federal student loan?
No, it is a debt not income.
Is there such thing as student loan forgiveness?
"Loan forgiveness" means that another entity is paying the loan. It does not mean that the loan is erased and it is not an option for an inability or unwillingness to pay the loan as agreed. Depending on the situation, the military offers some loan forgiveness programs. Some states offer partial loan forgiveness for teachers after a specific number of years in the classroom. All the programs require military service, volunteer work or employment in a profession like teaching or nursing. You can read more here: www.finaid.org/loans/forgiveness.phtml
