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If you cosigned your son's student loan is there a way to get your name off the loan now that he is practicing medicine and making a good income?
Wiki User
∙ 8y ago
The only option is for the primary borrower to refinance the loan in their name only, or with a different approved co-signer. If their income level has significantly increased as compared to their debt level, a co-signer will probably not be needed.
Wiki User
∙ 8y ago
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Can co signing a car loan affect your chance to get a student loan?
Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
Can co-signing a car loan affect your chance to get a student loan?
Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
Is student loan reportable as income?
No, a student loan is NOT reportable income. Besides, it wouldn't make sense that immediate debt be considered income.
Do federal student loans count as income for tax purposes?
No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.
How much income do you have to earn before you file income tax return as a student?
$10,000
If you are making you monthly payments on your student loan can you still get your income tax at the end of the year?
If you are not delinquent with your student loan, your federal income tax refund will not be garnished.
Can a student with 3 children file an income tax return if student loans are the only source of income?
No. Student loans, while you're receiving them, aren't taxable.For more information, go to www.irs.gov/individuals/students for the article, 'Taxable Income for Students'.Also go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).
If you cosigned for a vehicle will this hurt your chances of purchasing another one?
It depends on your debt to income ratio and the total amount finance of the other vehicle. If you can afford two cars, it should not be a problem.
Can someone with a bankruptcy but above-average income and a low debt-to-income ratio co-sign a student loan?
No. If someone has a bankruptcy in their last 10 years with an above average income and a low debt-to-income ratio can't co-sign a student loan.
Do student grants have to be reported on income taxes?
ususally that would be no as financial aid is not considered taxable income
How do you deal with delinquent student loans?
You can consolidate delinquent student loans and get an income sensitive repayment plan.
Can student loans garnish unemployment income in Nevada?
yes
