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You have no verifiable income and a large student loan debt in default what are your options?
Wiki User
∙ 15y ago
Student loans live on forever until paid. They cannot be discharged in bankrupcy. You might try for a deferment due to income issues.
Wiki User
∙ 15y ago
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How can i get secured Loan without verifiable income?
To get a secured loan without verifiable income, someone can provide a peace of land or a car as a security for the loan. When someone defaults, the bank can simply net off the balance from the security.
Your student loans are in default your attorney says if you file bankruptcy you will still receive your federal income taxes is this true?
While in general you should always follow your attorney's advice, you may wish a second opinion from another attorney this time. A bankruptcy does not get you out of student loans. If you were going to lose your income tax refund to the student loan people, then even after bankruptcy you still will.
How long before outstanding student loans are forgiven?
It doesn't matter how long you had the loan, you have to pay it back unless you are disabled, a teacher in low-income schools, part of the peace corps, or the school forged your signature.If you have a federal direct student loan you can go on an income-contingent plan that will forgive loans after 25 years in repayment.25 years is the max---Never default on the loan.Many payment plans out there.Once you default you can never arrange and special payment plansThanks Casey Mahoney
Can private student loans garnish your income taxes?
Yes, they can and if you don't call them to take care of it, they will. I have seen it happen to more than one person. They will give you a chance to get your loans out of default, but if you move wrong, you will lose that privilege.
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.
Default on a student loan?
In the US, if you don't pay your student loans for 270 days, they become default. When they become default, the collection agency will start to garnish your wages and the government will keep all future tax return refunds. You should consolidate your student loans and prevent the wage garnishment. You can get an income-based repayment plan and pay as little as $0 a month, defending on your income and dependants. If you want help with the consolidation of your student loans, click on the link below.
What happened when a default judgment for student loan is placed?
In the US, if you don't pay your student loans for 270 days, they become default. When they become default, the collection agency will start to garnish your wages and the government will keep all future tax return refunds. You should consolidate your student loans and prevent the wage garnishment. You can get an income-based repayment plan and pay as little as $0 a month, defending on your income and dependants. If you want help with the consolidation of your student loans, click on the link below.
How can i get secured Loan without verifiable income?
To get a secured loan without verifiable income, someone can provide a peace of land or a car as a security for the loan. When someone defaults, the bank can simply net off the balance from the security.
What does it mean to have an outstanding loan and be in default?
To have an outstanding loan and be in default means that you have forfeited to make the required repayment instalments on the principal loan. You still owe the loan amount and the relevant interest levels.
Your student loans are in default your attorney says if you file bankruptcy you will still receive your federal income taxes is this true?
While in general you should always follow your attorney's advice, you may wish a second opinion from another attorney this time. A bankruptcy does not get you out of student loans. If you were going to lose your income tax refund to the student loan people, then even after bankruptcy you still will.
Get a student loan without a co-signer or steady income?
Yes, there are a number of student loan options for those who can't get anyone to cosign and those who have bad credit. One option is a federal loan.
Can the IRS take your income tax if your student loan is on deferment because you are a student?
If they have is listed as in default, they will take it and apply it to catch up your loan payments. I had a couple of people this year who said theirs was on deferment but they still took the refund, then others they didn't.
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.
Is there a limit in the state of Iowa depending on your income on how much can be garnished for student loans?
Actually, garnishment for Federally guaranteed student loans are done by Federally approved collection companies. The limits are set between 15% and 25% of principal balance, depending on the length of collection.You can get help to get out of default and have your garnishment lifted. Google a company called Default Management Services and call them. Ask for Doug
How old do you have to be to get a personal loan in the Southern Pines location?
You must be 18 years of age or older and have a steady verifiable income.
Is earned income nomal balance a debit?
All incomes has credit balance as a default normal balance so earned income also has credit balance as default normal balance.
How long before outstanding student loans are forgiven?
It doesn't matter how long you had the loan, you have to pay it back unless you are disabled, a teacher in low-income schools, part of the peace corps, or the school forged your signature.If you have a federal direct student loan you can go on an income-contingent plan that will forgive loans after 25 years in repayment.25 years is the max---Never default on the loan.Many payment plans out there.Once you default you can never arrange and special payment plansThanks Casey Mahoney
