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If you cosign a student loan can you deduct the interest if the first party does not?


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Answered 2015-07-15 19:21:17

http://www.ird.gov.hk/eng/faq/ctr.htm#item5 I doubt it.

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First and foremost, only the person who actually paid the mortgage interest (from his/her own funds) may deduct any of it. Then, it depends on how the house is deeded. If you own it in joint tenancy with rights of survivorship with your fiance, the person who paid it may deduct it. If you split the payments, you may split the deduction in the same proportion as you paid it. If you own the house as tenants in common, each of you may deduct as much as you actually paid, but only to the extent of your ownership interest in the property -- probably 50%. That is, even if you paid 100% of the mortgage payments, you may deduct no more than half of the interest.


No, but if you deduct you should be able to write off the interest on a mortgage loan. Contact a tax professional for details.


The eligibility for student loans is mostly based on financial need. Student loans generally have low interest rates. To get a student loan you must first complete the FAFSA form.


YES IT DOES....IF THAT STUDENT LOAN DOESNT GET PAID OFF BY THAT PERSON IT WILL COME BACK ON YOU AND CAN MESS UP YOUR CREDIT.MY FATHER COSIGNED FOR MY SISTERS STUDENT LOAN.BAD MOVE!!! BUT YOU LIVE AND LEARN......SO THINK ABOUT IT FIRST. Yes, it does. The reason is because you have to assume responsibility is left unpaid. This is considered debt to you.


No ... you will need to pay the entire 'financed amount' that includes the interest charged. One needs to call the student loan people and get a 'payoff amount' from them first.


College can be an expensive venture, but the rewards for earning a college degree can be limitless. The first hurdle you must cross is paying for college so you can earn your degree. Many students take out student loans to fund their college education and the amounts borrowed on these loans can climb up to the tens of thousands of dollars.Many private lenders will compete to lend you money for college by offering low interest fixed rates on their student loans. Government loans, like the Stafford Loan, also have low interest rates, but these rates can vary depending on the year the money is lent. The question is often raised as to whether or not a no interest student loan exists. The answer is yes, and there are some ways to go about getting a no interest student loan.No Interest Student LoansA quick google search of no interest student loans will provide a wealth of information about churches, charities and other organizations that will give you a no interest student loan. However, some of these organizations do have their own criteria. Some may require a co-signer with excellent credit to back up the student loan repayment. Some may require you to volunteer some of your time performing public services in return for the no interest loan. In any case, a no interest loan can save students hundreds or thousands of dollars in interest over the lifetime of the loan, and the requirements for these loans may be worth it.Subsidized Stafford LoansA Stafford Loan is divided up into two parts; subsidized loans and unsubsidized loans. Subsidized student loans don't accrue interest upon disbursement of the loan while the student is enrolled in a college or university and working towards a degree. In effect, this is a no interest student loan, but interest does begin to accrue on the balance of the loan when repayment begins. Some people prefer to take out subsidized Stafford Loans over a no interest loan because these government funded loans offer many options for repayment, deferment, forbearance or forgiveness that private lenders may not be willing to offer.


That depends on what student loan you get. First off, there is usually a small service charge at the very beginning of withdrawing your loans (perhaps around $25). Then, the rest of the "costs" is the interest it that accrues. If you have a subsidized loan, interest is dependent upon when your loan is disbursed, and interest does not begin to accrue until 6 months after the last day of enrollment. If you have an unsubsidized loan, interest begins to accrue immediately, and currently is at around 6%.


If you're a student or between the ages of 18 - 29 many banks offer a 'Student Plan' that waves fees and deducts other mandatory rates. I'm 18 years old and happy with my Student Card!


First Student Canada was created in 2006.


First Student UK was created in 2000.


First I'd say the first thing teachers want to see in a student is the motivation and hardworking in their class. If you show interest in learning their material, they will already start to like you as a student. Next, most importantly is to respect them. Respect what they do and who they are. If you can find any opportunity to go beyond the work you are doing in class and discuss it with the teacher, it might really impress him/her! With a little time and effort, you will be his/her favorite student.


Always pay off the higher interest loan first, then take whatever payments that you WERE making on that loan and add it to the NEXT higher interest loan and continue the process.


Vacation homes offer owners many tax breaks similar to those for primary residences. Vacation homes also offer owners the opportunity to earn tax-advantaged and even tax-free income from a certain level of rental income. The value of vacation homes are also on the rise again, offering an investment side to ownership that can ultimately be realized at a beneficial long-term capital gains rate. Homeowners can deduct mortgage interest they pay on up to $1 million of "acquisition indebtedness" incurred to buy their primary residence and one additional residence. If their total mortgage indebtedness exceeds $1 million, they can still deduct the interest they pay on their first $1 million. If one mortgage carries a substantially higher rate than the second, it makes sense to deduct the higher interest first to maximize deductions. Vacation homeowners don't need to buy an actual house (or even a condominium) to take advantage of second-home mortgage interest deductions. They can deduct interest they pay on a loan secured by a timeshare, yacht, or motor home so long as it includes sleeping, cooking, and toilet facilities.


If you are like many recent graduates, you are probably trying to figure out how you will pay back your student loans. If you have multiple student loans, one option you have is consolidating student loans. Doing so can actually lower your interest rates and lower your monthly payments. This can be helpful as you are trying to get started living on your own for the first time. There are some tips that can help you figure out if consolidating student loans is right for you.Know Your DebtThe first step you need to take is to identify how many student loans you have, how much you owe on each loan, and who the lender is for each loan. Once you do this, you can check your current interest rates to see how much interest you are paying on each loan, and how much you are spending each month on your student loan payments. If these loan payments are too high or your interest rate is too high, you should consider consolidating student loans.Deciding to ConsolidateIf you decide to consolidate, call your lenders first. One of your lenders may be able to help you consolidate at a great interest rate. If that is not the case, you can contact a private company that specializes in consolidating student loans. No matter which way you choose to go, you must compare interest rates. You want to choose a company that offers the lowest possible interest rate to keep your monthly payment low. Just be careful that you read the loan terms carefully to make sure you understand the fine print. Do Your ResearchOne last tip is to do your research before you sign a loan agreement. Make sure that you are not eligible to have your student loans forgiven. If you meet your lender's requirements to have your loans forgiven, you should not consolidate. You will give up your right to have your loans forgiven if you consolidate student loans.Student loan consolidation can be the right choice if you need to lower your monthly payments.


Student credit cards may eventually have the same rates as regular cards, but they often start with a 0% interest rate to get students started. They are designed to get students using credit cards for the first time in their life, so they offer excellent beginner rates.


First deduct 32.then multiply by 5 and devide by 9.answer is 50celcius.


GUJRAT is the city of Pakistan ,If we deduct its first three words GUJ from it its remain RAT and the meaning of RAT in English is NIGHT


When calculating simple interest, you should first


If the loan was disbursed, it's too late to cancel unless the entire amount is returned to the lender. but you can just as easily turn that loan right around and prepay the disbursement.


The word 'was' is a verb, the first and third person singular past tense of the verb to be.I am a student.You are a student.He is a students.I was a student.You were a student.She was a student.


Vacation homes offer owners many tax breaks similar to those for primary residences. <a href="http://www.fhkcpa.com/faq-how-are-vacation-homes-taxed/">Vacation Homes</a> also offer owners the opportunity to earn tax-advantaged and even tax-free income from a certain level of rental income. The value of vacation homes are also on the rise again, offering an investment side to ownership that can ultimately be realized at a beneficial long-term capital gains rate. Homeowners can deduct mortgage interest they pay on up to $1 million of "acquisition indebtedness" incurred to buy their primary residence and one additional residence. If their total mortgage indebtedness exceeds $1 million, they can still deduct the interest they pay on their first $1 million. If one mortgage carries a substantially higher rate than the second, it makes sense to deduct the higher interest first to maximize deductions. Vacation homeowners don't need to buy an actual house (or even a condominium) to take advantage of second-home mortgage interest deductions. They can deduct interest they pay on a loan secured by a timeshare, yacht, or motor home so long as it includes sleeping, cooking, and toilet facilities.


Yes, but they will first deduct any amount you owe from what your refund would be.


Harvey Gantt was the first black student at Clemson University


The best rate for student loans come from the federal government. First an application called a FAFSA is filled out in order to apply for aid. The schools that you are planning to attend are added to this application. Then you would apply to each school. This site has all the information you need for federal low interest loans. http://www.finaid.org/loans/


If you cosigned, you are the borrower if 1st party doesn't pay. they can only put a lien if they get a judgement first. Remember nothing makes a student loan go away-not even a bk. It just accrues interest forever.



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