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Is your Government student loan forgiven after 25 years if its been taken out of your federal income tax every year since then?
Wiki User
∙ 14y ago
They will take money til They are satisfied. If you did not negotiate a payment schedule and stick to it when you were first contacted, you wil have no idea how much interest and penalties were assessed against you.You may need some professional debt resolution.
Wiki User
∙ 14y ago
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Largest source of revenue for the federal government?
The largest source of revenue for the federal government has been individual income taxes and payroll taxes. These taxes account for 82% of all federal government 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.
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.
Housing subsidized by the federal government for people earning small incomes?
Authorized the federal government to clear slums and to build 810,000 units of low-income housing, or housing subsidized by the federal government for people earning small incomes
What Are Your Options Regarding Student Loan Debt Forgiveness?
Millions of Americans are dealing with student loan debt. For most, that debt will linger with them for several years or decades. Although the average student loan debt is somewhere around $25,000, many students face debts of up to $100,000 or more. Is there any way to have your student loans forgiven?Don't Look To Bankruptcy CourtBankruptcy court is not going to be an option for you if you want to have your student loans forgiven or discharged. This is because recent changes to bankruptcy laws have made it almost impossible to get rid of student loan debt. Therefore, you need to talk to your lender about possible loan forgiveness.Will Lenders Forgive Your Loans?As a general rule, many private lenders will not discuss forgiving your student loan debt. However, they may be willing to create a custom payment plan that allows you to make payments each month without ruining your budget. The good news is that you may be able to have portions of your federal loans forgiven in some instances.How To Get Federal Loans ForgivenFederal student loans are often times forgiven for those in the education field as well as in the health care field. Military service may also result in having your student loan debt partially forgiven. Another way to get your student loans forgiven is to enroll in an income based repayment plan. If you make payments for 20 years, the remaining debt is forgiven. While you are repaying the loan, you are only asked to pay roughly 10 percent of your discretionary income.Student loan debt can be a crippling burden if you don't take steps to control your monthly payments. The best idea is to create a repayment plan before you accept your first loan. However, if your student loan debt gets away from you, there are options designed to help you deal with that debt.
Student Loan Forgiveness?
Graduates who are interested in having a part or all of their student loans repaid should take the time to learn as much as they can about the student loan forgiveness program offered by the federal government. Students with either federal student or private student loans can have some or all of their student loan debt forgiven by the federal government simply by taking advantage of certain employment and volunteer positions in disadvantaged neighborhoods or by joining the military.The Student Loan Forgiveness ProgramCertain professionals such as doctors, lawyers, nurses, teachers and military professionals that take advantage of certain programs can have their student loan forgiven by participating in eligible programs. Although the Student Loan Forgiveness program is offered by the federal government, the program is available to students with both federal and private student loans.The Student Loan Forgiveness Program is a Good Alternative to RepaymentFor graduates who are having trouble meeting their repayment obligations, the Student Loan Forgiveness Program may be their best option. By taking advantage of this program many students can have some or all of their student loans, including private loans repaid by the government.There Are Many Programs That Offer the Student Loan Forgiveness ProgramGraduates who are interested in taking advantage of the Federal Student Loan Forgiveness program will find that there are quite a few number of work and volunteer opportunities to choose from, including but not limited to the military. To take advantage of the program, teachers, doctors and lawyers may find themselves offering their services in low income areas.Students May be Liable For Taxes if Their Student Loans Are ForgivenDepending on the provisions of a graduates student loans, graduates who have their student loans forgiven partially or in full may have to pay taxes on the amount forgiven on their student loans. However, that is not always the case so it is important that graduates check the provisions of their loan to determine if in fact they will be required to pay taxes on any portion or all of the student loan debt that is forgiven by the federal government.
What is the federal government's source of income?
Individual income taxes is the federal government's largest source of funds.
What is income of the government?
Individual income taxes is the federal government's largest source of funds.
What is the government source of income?
Individual income taxes is the federal government's largest source of funds.
What two levels of government do you pay income tax to?
The Federal government is the level of government we pay income taxes to.
Largest source of revenue for the federal government?
The largest source of revenue for the federal government has been individual income taxes and payroll taxes. These taxes account for 82% of all federal government 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.
What did the federal government create in 1861?
In 1861, the federal government created Income Tax.Income taxes.
What is mean by income tax?
It is what the federal or state government charges you on your income. (the money you earn) It is a percentage of your income. It mean the tax youse has to pay on youse income.
Do you have to pay taxes on your non-federal student loan?
No, it is a debt not income.
Can you get federal money back if you have no income but are a full-time student?
Yes.
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.
