No, it is a debt not income.
Yes, of course.
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.
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.
Federal Student Loan Consolidation Program means combine all loan into a single pay. :Loan consolidation is the best for the student who not able to pay your fees. If any student want to continue their study and they want to take admission in top college for higher education but good college take high fee. But some time all student unable to pay your college fee then they take student loan. But after completion of education they are facing problem with pay your student loan then they require loan forgiveness or consolidation. Federal student loan consolidation is the best option to pay your all loan into single pay
no because you have to be 18 and up to get a student loan and you only get a student loan when your in collage so when you get in collage ask about the student loan you also have to pay for the collage and they pay you as you go in and through out the year so i hope this help you
Why do you need a loan to pay a loan? Ask any financial institution
You pay it.
Failing to pay back a loan is called defaulting on the loan.
pay for collage
No, they are not taxed.
If a student reaches their aggregate loan limit, they must pay down their loan first in order to be eligible for additional financial aid. Otherwise, the student will need to pay the remaining cost of school with cash out of pocket or take out a private loan.
If it's a loan, then you have to pay it back. The kind you don't pay back would more accurately be called a 'student grant'.
One can have a student loan forgiven if one has no money at all to pay or if one joins a program called student loan which basically pays every penny of ones loan.
Students must pay the loan. As for how, the best way to start off is to get a job or any form of service that will help you pay it off. It's best to know what you can and can't pay so that you will be ready to pay off the student loan.
No, fed student loans are not income. Unless I'm forgetting something, you get to deduct the interest paid on the loan as you're paying it off. They should send out a 1098 to report that when applicable. That's the only tax implication...
It is not possible to apply for a student loan refinance as for federal loans, which is usually what a student applies for, there are only two methods to pay off the loan, one pays as they earn the amount, or you pay through your income.
An exemption basically is something you use to lower your taxes, or something you do not have to pay taxes on, such as a child or student loan interest. A withholding allowance is how much the employer withholds from your check in taxes after exemptions are calculated.
Loan Calculators You can use this student loan payoff calculator to estimate how long it will take to pay off your student loans. Use this tool to determine how quickly you'll pay off your student loans. By making a higher monthly payment, you can shorten the length of your loan.
Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.
dude...I'M not paying back YOUR student loan...cheapskate.
http://www.finaid.org/calculators/loanpayments.phtml and https://bigfuture.collegeboard.org/pay-for-college/loans/student-loan-calculator have been sited as being the best student loan calculators.