Why aren’t student loans 100% deductible. Student Loans |
- Why aren’t student loans 100% deductible.
- Which loan takes priority?
- No fed loan interest capitalization for recent grads?
- Will I be taxed on student loan discharge ;
- Advice On Sallie Mae?
- Good student loans for international students?
- Navient Refund?
- How to deal with $150k+ private student loan debt
- Help: Looking to use the Covid forbearance with AES.
- What do you do when your co-signer dies?
| Why aren’t student loans 100% deductible. Posted: 20 Jan 2022 04:44 AM PST Some context: I have Student loans (surprise). But I've been in the process of creating a business and I'm learning from my conversations that business expenses are 100% tax deductible. And had me thinking. Why is the gov only letting us deduct $2500 of INTEREST. There was a time I was paying almost 20k a year on student loans and that was for the minimum payment. (And was making 42k). How I survived I have no idea. But thinking about it, it would give me incentive to get out of debt quicker If the $20k that I paid for my loans was tax deductible Not just student loans either. I'm not trying to single them out. I believe all loan payments should be tax deductible. Mortgage payments. Car payments. But the biggest talk of debt I mainly here is student loans and figure it be a great place to start Edit: fixed spelling Edit2: I did some digging. S2962 HELPER ACT of 2019 would of done just this. All education loans are 100% deductible. Also allows you to take up to 5k out of your 401k tax and penalty free each year to pay your loans if you choose. Introduced by Rand Paul, but it died in December of 2019. [link] [comments] |
| Posted: 20 Jan 2022 10:13 AM PST 28M, freelance full time, $70-$75K income annually. I have one private loan left, paid down three already, and my fed loan starting to come due in May like many others here. Private loan sits at $33,400 and my fed loan is $22,500. I don't really think there will be any loan forgiveness and I'm tempted to pay off the fed loan completely. The monthly payment is higher then the private loan and getting out of any debt is always a plus. My question though: would you pay off the Fed loan or the private loan first? I'm in a position to pick one or the other to pay off with my savings and I'm not sure which one is the right choice. [link] [comments] |
| No fed loan interest capitalization for recent grads? Posted: 20 Jan 2022 02:12 AM PST Hi all, I'm looking at federal loan repayment strategies since my six-month grace period starts very soon. I found this on the studentaid.gov website and have had trouble interpreting it: "Normally, your unpaid interest would capitalize (be added to your principal balance) at the end of your grace period. However, your interest will not be added to your balance if your grace period ends between March 13, 2020, and Nov. 2, 2022." — Federal Student Aid site I haven't been able to find any commentary on this at all, and thought I might find help here. The plain reading seems to say that any federal loan interest (including pre-COVID interest), will not capitalize for graduates exiting the grace period in this time frame, which would be incredible news for me since I have hefty federal loan interest from grad school. But my questions are these:
Thanks in advance. [link] [comments] |
| Will I be taxed on student loan discharge ; Posted: 20 Jan 2022 05:54 AM PST helpful morning! Earlier this year Navient discharged my student loans because I was rated at 90% disabled through the VA. Will I be on the hook to pay the taxes associated with that discharge? [link] [comments] |
| Posted: 20 Jan 2022 10:41 AM PST A few years back my partner transferred schools and because their mother didn't want a parent plus loan on her credit she coerced them into signing a $16k Sallie Mae loan. My partner was emotionally, verbally, and psychologically abused by their parents and has PTSD and anxiety that is often debilitating for them, making finding employment extremely difficult for them. Anyone that has any advice at all would be a lifesaver. [link] [comments] |
| Good student loans for international students? Posted: 20 Jan 2022 09:40 AM PST |
| Posted: 20 Jan 2022 09:40 AM PST I finish school in 2013. I worked my ass off at work and side jobs to pay off my student loans as quick as possible. I risked everything doing a house flip but ended up paying my loans off with the profit. Now I find out I might have qualified under the Navient settlement. Does anyone know if there is any sort of refund program? [link] [comments] |
| How to deal with $150k+ private student loan debt Posted: 19 Jan 2022 08:50 PM PST I'm a 26 year old law school grad. I have a combination of private and federal student loans, with the majority of them being private. I accrued my private loans in undergrad and the rest of my undergrad and all of my law school loans were paid through federal loans. When I was 17, my parents tricked me into thinking they would pay for college and that money should never be a factor in choosing a school. With that in mind, I applied and got accepted early decision into one of the most expensive private colleges in America. Once I was locked into the school, my parents turned around and started singing a different tune. All of the sudden, I was "grounded" out of nowhere unless I got scholarships, which didn't just rain out of the sky unless I was low-income. My parents make a lot of money, but they perpetually make horrible financial decisions and have more bills than income, so I "make too much" for need-based aid, but not enough to afford school. As a result, I got a grant for college that paid for half of undergrad, but I couldn't attend the school I was contractually enrolled in. I was brainwashed into not transferring schools by my parents and it still left me with $156k in private debt alone. Because I was a student, I needed a co-signer for my loans. Again, I was young and didn't know better, I was on my own with picking student loans and my interest rate is about 11%. I didn't pass the bar exam due to all the stress, but now I have to study AND work full time. The bar exam is next month. I feel so trapped because most legal job naturally requires a law license and JD advantage jobs are far and few between around here. I've been trying for legal assistant and administrative work, but they seem to have hate boners for JD holders (based on job descriptions specifically telling JD holders not to apply and my interview feedback). I apply to at least 50 places a day on job boards. I ranked in the top third of my class, have good credit, and a clean driving and no criminal record, not so much as a speeding ticket. I feel unemployable. I currently work as a temp doing data entry for $17 an hour. I can refinance, but I need a co-signer. Unsurprisingly, my parents are in more financial problems than ever and can barely afford their home. They could afford to pay their bills if they refinanced their house, but since my dad co-signed on my loans, my loans show up as his loans and it makes his debt to income ratio way too high to refinance, so they can't really do much unless I refinance without him as a co-signer. My final extension for my private loans was made to March 9. For some reason, I got a letter saying my payments are due starting February 15, so I need to go take care of that with a rep tomorrow. My public student loans are in the process of being moved into an income-driven repayment plan, taking me from $900 to roughly $80 a month payments for the public loans. Still those won't be due until May. Regardless, I have roughly $1500 due for my first payment for my private loans in less than 2 months. My private loan provider will not budge and doesn't do income based repayment. My entire measly data entry job barely covers that and I can't work more because I have to study for the bar. I don't even know if I will have a job in a few months. Going into default will only make it harder to get a law license. While I resent my parents for what they did, what they did was more so out of ignorance than malice. I don't want them to lose their house because of this. Even if they could afford the house somehow, if I default on my loans, the first assets to get taken away and income to get garnished are my parents and their home. My mom is in poor health and works so much that she only gets about 4 hours of sleep a week. She is over 60 years old and has been like this for over 10 years. She can't keep working like this. I'm scared one day, I'll get a call with terrible news. She has to cut back her hours to at least 40 hours a week if she will see her 65th birthday. I have become extremely depressed and anxious and I can't think of a solution. Nobody I know has any solutions for me. I am not here to ask for sympathy, but any tips or ideas to survive would be extremely helpful and I would be very grateful. Thank you. [link] [comments] |
| Help: Looking to use the Covid forbearance with AES. Posted: 19 Jan 2022 09:43 PM PST My student loans are serviced by AES. I reached out to them a couple of times in the past couple weeks about taking advantage of the Covid forbearance that Biden extended for the next few months. I've never used it before. I figured I could catch up on some of my other bills for the next few months. AES initially told me that they don't offer this, which I found strange since these are federal student loans. They suggested I use the Income-Based Repayment, which isn't what I was looking for. I reached out to them again, specifically asking for the Covid forbearance. They acted like I was asking for "disaster forbearance," which they said was discontinued "due to Covid." I was just wondering if anyone could tell me if something sounds off about this. I got the feeling they're trying to be vague or misinform their customers to prevent them from taking advantage of this option. I could, however, be wrong about this. Thank you for the help. [link] [comments] |
| What do you do when your co-signer dies? Posted: 19 Jan 2022 09:01 PM PST My dad was my cosigner on my private student loan for $20,000. He passed away abruptly and payment is expected soon. I'm not sure how to proceed. I'm not done with school; there's no way I could pay that right now. Does anyone have any advice? Been in a similar situation? Anything I can apply to as far as forgiveness/relief? He's the one that I would ask about these kinds of things so I'm in the dark here. [link] [comments] |
| You are subscribed to email updates from /r/StudentLoans: Reddit's hub for advice, articles, and discussion about educational loans. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment