Definition Of Student Loans
Top Questions and Answers
Do you think the current definition of a financially dependent college student is fair? Currently I believe you are considered dependent if you are not married, under 24, and not in graduate school. There are some other factors like if you are an emancipated minor, etc... But my question is, is this a fair way of calculating whether a student is financially dependent, or not? I mean lets look at two situations. Jennifers parents have a very low income. They've never been to college. Jennifer is a twin, so both her and her sister are in college. Because of this she is receiving grants and funding from the government. But in the end, she will be paying her education, not her parents. They don't have the funds to pay for it and never intended to. It will be jennifers responsibility. Now lets take the other girl, Mary. Her parents make over 100k a year. However they made some poor choices and are in a lot of credit card debt because they've always lived outside of their means their whole life. Now because they make so much money, Mary cannot receive any financial aid except for some small scholarships (not nearly enough) and a ton of high interest private loans. In the end, just like Jennifer, Mary will have to pay for her schooling because her parents in all reality, cannot afford to pay the student loans just like Jennifers parents. Do you think that Mary should be punished for her parents mistakes? Do you believe that either student should be considered dependent based on their parents ability to pay for their education? If we forget about the amount of funding that is actually available from the government and from the school, and we pretend that they for sure had the means to support every student who considered themselves financially independent, would this definition of a dependent student still be fair? What about Jane who is married but her parents are paying her way through school? Should she be receiving funds because she is independent.. just because of her marital status? Now I know that part of the problem is that there isn't a wealth of funding for higher education in the US, but still, putting that aside, is it fair how we evaluate students in such a black and white manner?
smarie replied: "Sorry but i didnt read this all.
its bs that my parents make too much money for me to get any assistance from the government. they have lots of dept and arent able to pay for my college so im doing it all by myself with no help. it sucks and makes me angry. but what can we do?"
Should bankruptcy (consumer) protections be redefined for student loans? Currently in the USA, one cannot eliminate the debt of student loans unless you are A) a vegatable, B) totaly disabled, C) participating in an approved loan forgiveness occupation, D) bankruptcey under hardship conditions. The current bankruptcy definition of hardship condition, Is extreamly limited. It does not include people whose level of resources are enough to allow them to live a standard of living just slightly above that of bare survival, let alone the added burden of Student loans that are growing at a rate faster than the persons resources are. Should these people be included in the Bankruptcy courts defintion of hardship discharge?
So a fellow is making 14 an hour, after taxes takes home 300 a week. thats 1200 a month. Rent is 600 for modest apartment, figure 400 a month for food, that leaves 200 for everything else. No car payment. hes been living this way for 8 years now or has been worse off in years before.. Is this proof that this person will never be able to pay off the loans and should be able to file bankruptcy?
And what about loans that were obtained for schools that are knowingly selling useless educations, like Everest (formerly known as Olympia, and National Education Centers)? Should students be able to find some kind of bankruptcy relief from the debts incurred becasue the school lied to them about the level of education and the worth of the education they were selling?
Is this any different from a car salesmen selling you a lemon, and then sticking you with financing that eats you alive? I don't think there is any differance. that is, except one differance. You can banruptcy the car loan. You cannot the education loan.
Is it better to pay off an unsubsidized student loan first and then the subsidized loan? I know the subsidized loan is when the government covers the interest while I am in school. Here are the definitions from Calstate Sacramento. (the first website that came up on google) But it doesnt say anything about repayment and neither does any other site. The reason I am asking is because I have the option to put all of my payment to one loan or spread it across both. I usually spread it across both.
Subsidized loans are awarded on the basis of financial need. You won't be charged any interest before you begin repaying the loan because the federal government subsidizes the interest during this time.
Unsubsidized loans charge interest from the time the money is first disbursed until it is paid in full. The interest is capitalized, meaning that you pay interest on any interest that has already accrued. One way to minimize how much interest accrues is to pay the interest as it accumulates
What is Definition of Dependent in MEEN'S TEST for bankruptcy? I am filling Bankruptcy papers and I have a question on Mean's Test. I have 4 Kids in college and they come home very frequently and me and my wife take care of some of their expenses but tuition and books they get through student loans. Should I include them as my dependents in Mean's Test? Because roughly 5000 is allowed for each dependent. Their ages are 18, 20. 22.I have no money to pay to attorney and I have to do myself
Tim replied: "In order to be a dependent, if someone is 18+ you have to pay for half or more of their expenses. Since they pay for their own tuition and books through student loans and don't live with you, it doesn't sound like you can count them. But you may be able to get something for their expenses that you do pay, even if its not a full $5000 each."
Should I bother with tax deductions? What are they? First, I need to explain that I've already heard the definition of a tax deduction- "A reduction of total income before the amount of income tax payable is calculated." (So please don't reply with just a simple definition) What I need to know is how that affects my return. I've asked a lot of people and no one can give me a clear answer. I have student loans out and I need to know how (and how much) it would benefit me to claim a deduction based on the interest I paid on them last year. Will the deductions increase the amount of my return or are deductions only necessary if I think I will owe the IRS money? I'm really confused to please answer in simple layman's terms. Pleaaaaaaaaaase, for my sanity- only answer if you really know what you're talking about! Thanks :)
sapugh replied: "The main driver behind whether you take the itemized decduction or the standard deduction is if you own a home or not. House interest is the #1 itemized tax deduction.
Truthfully if you are asking this question you should be looking for a professional to do your taxes."
Rob replied: "Deductions reduce the amount of your taxable income. which lowers your tax liability, which then can increase the amount of your refund
If you meet the qualifications to claim the Tuition and Fees deduction, make sure to claim it as it also reduces your taxable income
Publication 970"
Amanda H replied: "Okay, let's see if I can answer this concisely.
Yes, a deduction "reduces total income." Let's say you made $30,000 but you paid $5,000 in deductible interest.
That means that of your pay, only 25,000 should have been taxable, and teh amount you paid for the income above that is returned to you.
However, its not super straight forward. There is something called the "standard deduction" which is sort of an "automatic" deduction that everyone gets. The more dependants you have, the higher the deduction. You only want to "itemize" your deudctions (IE, claim the interest) if your interest is HIGHER than the standard deduction.
Try going on. It takes maybe a half hour and you can input everything one at a time. The cool thing is that if you input anything that increases your refund, you see this little ticker up on the top left hand side that shows you the change. So you'll know instantly if itemizing the deducitons are worth your while.
If you WOULD have owed the IRS, the deduction can reduce the amount. If you're supposed to get a return, the deduction can INCREASE the return."
Tweet replied: "Deductions lessen any tax you owe. The "standard" deduction for a single person this year is $5150. If your deductions for interest paid is greater than $5150, you should itemize. Also, if you own a home, it is almost ALWAYS wise to itemize because the interest you pay on a mortgage will usually be far greater than the standard deduction."
Dave replied: "Take the deductions always if they will reduce the amount of taxes you owe, or increase the amount of your refund. Everyone gets a standard deduction, but some people have other expenses and things that can be used as additional deductions such as real estate taxes, Student tuition credits, or business expenses. Those people will have more in itemized (listed) deductions than the standard deduction allowed by the IRS. If you are unsure, you need to do your taxes both ways, one using the standard deduction, and one using the itemized deductions, and see which method affords you the best refund or lowest tax debt. Everyones situation is different so do not seek specific examples no one can honestly give them."
RAG replied: "I suspect that you would be much better off filing a return if you were a college student and qualify for any education credits.
The IRS operates Volunteer Income Tax Assistance (VITA) offices across the US. These are free tax preparation offices staffed by volunteers who are trained and supervised by the IRS. I would suggest you take your tax information to one of these s. You can find their s and hours of operation by calling your local IRS office."
Sunshine replied: "I just spent LOTS of time on the telephone to the billing office of a surgeon/phys therapy office....it was WELL worth the call. I spent a large amount of $ with them.....all of which I can deduct...(out of pocket,only,of course.) I can also deduct the parking fees and mileage I incurred.
I also found out,coincidentally, that they owed ME some $. Would never have known if I hadn't inquired about my payments to them. Scarey,huh?! And this was only after I had spoken to three different people on the tax matters!!
All of my deductions can help offset my income. It is a VERY good thing for me to do. I had a boyfriend,a few yrs ago, amend some past taxes because my acct. failed to record my exps.!!!! ( He never even asked!) Anyway, I received a nice check in the mail!!"
Scott H replied: "check out this site!"
Jason C replied: "There are two ways to deduct from your taxes. You either A) take the cookie-cutter standard deduction amount, or B) Itemize your deductions. You should always begin by itemizing your deductions every year, and then compare that deduction amount to the standard deduction amount. If your itemized deductions are greater than the standard deduction, then your submit an itemized return. This allows you to keep yourself educated upon what are valid deductions, which helps you keep your eyes open for tax saving opportunities throughout the year!
However, you can also save a little extra money from your taxes this year like I did. I found a site that paid for all of my filing fees this year through H&R Block. I went through their steps, took me about 30 minutes, and found out at the end that they would have paid for up to $500 of my taxes this year if I had owed the IRS instead of getting a return! Check them out and find out how much they can save you this year.
Jason"
carpentershammerer replied: "Well, its a mess thats for sure. You have to have so much in deductions in order to even claim them. Take your paper work to a good tax consultant and see what they say. I never seem to have quit enough to get the deductions. And they change the laws every year."
Since America is already socialist, when will cons be moving to the banana republic countries? Using con's very broad definition of socialism, America is in fact already socialist. So many of the things libs / progressives worked for is already law.
We have public education for the masses, state subsidized and controlled universities, student grants, subsidized student loans, job training, GI Bills, 40 hour work weeks, overtime pay, minimum wage, workplace safety laws, workman's compensation, unemployment insurance, social security, medicare, medicaid, extra health care programs for kids that don't qualify for medicaid, progressive taxes, laws against pollution, laws against corporate fraud, public transportation, public streets and highways, public utilities, a public space exploration organization, public housing, government armed forces, etc, etc.
We force banks to insure with the federal government (in order to avoid another Great Depression) and force corporations to obey consumer protection laws.
Meanwhile, corporations abuse workers and consumers in third world countries. Banana republic countries do not have the high standards America and other first world countries have.
Child labor is outlawed in America but accepted in laisez-faire capitalist countries.
igglydooble replied: "Not soon enough for me."
The Thing replied: "I am just hoping for a couple of states to secede and form a new nation...I will be happy to move."
Wes's Granny replied: "Let us know your new address."
alexandriaferrari1 replied: "As long as there is an opportunity they will come...and they are going!"
Jim W replied: "They will stay here and use those things and complain.
Most "conservatives" are further to the "left" than they ever realize."
nosillenhoj replied: "As soon as Hillary is elected President."
andy g replied: "We won't Somebody has to stay and defend America The libs refuse to do so"
wingshooter08 replied: "Complacency to Apathy
"A democracy is always temporary in nature; it simply cannot exist as a permanent form of government." "A democracy will continue to exist up until the time that voters discover they can vote themselves generous gifts from the public treasury."
"From that moment on, the majority always vote for the candidates who promise the most benefits from the public treasury, with the result
that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship."
"The average age of the world's greatest civilizations from the beginning of history, has been about 200 years"
"During those 200 years, those nations always progressed through the following sequence:
1. from bondage to spiritual faith;
2. from spiritual faith to great courage;
3. from courage to liberty;
4. from liberty to abundance;
5. from abundance to complacency;
6. from complacency to apathy;
7. from apathy to dependence;
8. From dependence back into bondage"
Professor Joseph Olson of Hemline University School of Law, St.Paul, Minnesota, points out some interesting facts concerning the 2000 Presidential election:
Number of States won by:
Gore: 19
Bush: 29
Square miles of land won by:
Gore: 580,000
B ush: 2,427,000
Population of counties won by:
Gore: 127 million
Bush: 143 million
Murder rate per 100,000 residents in counties won by:
Gore: 13.2
Bush: 2.1
Professor Olson adds: "In aggregate, the map of the territory Bush won was mostly the land owned by the taxpaying citizens of this great country. Gore's territory mostly encompassed those citizens living in government-owned tenements and living off various forms of government welfare..." Olson believes the United States is now somewhere between the "complacency and apathy" phase of Professor Tyler's definition of democracy, with some forty percent of the nation's population already having reached the "governmental dependency" phase.
It's heading that way and I am getting ready to bailout!"
Mark J replied: "Wow, you are actually bragging about America being a Socialist country?"
enviroman replied: "I don't think we're totally Commie yet; but we're certainly moving in that direction. A little communal contribution is and always has been good for the Republic, we just can't let it get out of hand. The New Deal and other sweeping Socialistic packages of programs will, I'm afraid, one day be the undoing of our great nation. When the have-nots figure out that they can vote in people who will steal from the haves and give to them for nothing, then we are truly done as a nation!"
45 cal replied: "We wont allow the Libs to sellout the USA so they can go first>"
right on replied: "You sound like the typical red neck who doesn't know socialism from a hole in the ground.
Socialism in its best form takes care of people by spending money on programs that benefit it's citizens from their tax dollars.
Your country only spends tax dollars on covert and overt operations to interfere in other countries well being...and all this at the expense of debt to the tune of 9 trillion and counting and people dying for lack of health care..
Have a nice war...."
Insensitively Honest replied: "Education system , is nothing to brag about ,
Federal interference and grants for college tuition is why it is so high now ,
Minimum wage is a joke
Workplace safty laws , limit company liabilty , and does not protect many workers.
Workers Comp is a dirty joke ,
Unemployment is so hard to get it is not worth the time to try ,
Social Security takes forever to get and they keep raising the age of retirement in hopes of most people dying before collections
Social Security Disabilty, I know plenty who get it , but it took them two years of waiting to collect , and they get the small check only after they lose everything they had while waiting to collect..
Medicare ,and Medicaid = lower quality health care , the only time you get treated worse is if you are on workers comp.
Progressive taxes , how can paying more for less be called progress
Laws against Coporate fraud , which protect investers like Hillary Clinton .
Public Transportation , which is OK if you live in a city , and mostly wine-o's ride the buses , they stink , and they are nasty
Public Streets , getting worse and we pay more to use recycled materieals that do not last as long , so again we pay more for less ..
Public utlities suck
Public Housing is for the most part worse than the projects ..
If all of this is what liberals give us , I want my GD money back ..
And as far as the National Debt , what is going to hurt the economy more , the 9 trillion National Debt or the large defaults in America's 2. 5 trillion dollar consumer debt....
With Hillary ,and her plans , your income tax will be 45% additional to what they take now , her simplified tax plan is doing away with refunds , deductions , and credits , you will file to see if you owe anymore taxes ...I for one can do better keeping half my income , than the Government can do by taking it ( I already have thanks to tax cuts by a non liberal ) , and as far as her tax the rich thing , that effects everyone who makes 100 grand plus ...it will not effect politicians because the majority of their wealth is tied up in these so called blind trusts"
what is the student loan act 1990 about? a clear and brief definition what the act is about
The definition of work is ? I'm hearing a lot of people complaining that "poor"people are lazy and don't want to work. That you should be able to keep the efforts of your hard work even if they are excessive, no matter what, no matter who is suffering. My question is: Working class Joe works his behind off as a
landscaper, he works 40+ a week at his own business that he started;his parents were too poor to put him through school and he wasn't able to get enough loans to graduate. He is struggling to make ends meet and has no health insurance, plus he has to pay for his student loans and his equipment for his business. He pays his bills but is finding that he doesn't have enough leftover to buy groceries and gas. Joe business man had a parent put him through a very nice school, he joined a business that was just starting out in the 80's, it took off & he invested his profits in wall street. He watched his money work for him, making more money off of itself; he made his first million at the age of 34 and retired at the age of 37. (I know both Joes) Who is the harder worker? As a free market, is it ok to watch Joe #1 starve while Joe 2 swims in his swimming pool?
Tanya W replied: "Work is something you do to earn money. Yeah, a little luck is involved (like Joe 2's case) but if you have the resources and time, you can be successful. However, it is NOT okay to watch Joe 1 starve. Being conservative is okay, to an extent. You need to help people in order to see others thrive. It's not all about having a fancier Hummer or having the biggest house.."
what is considered a low-income family in BC? i need to know for whether i'm eligible for student loans, and i keep getting sent in circles around the govt sites just looking for even a general definition. Can anyone help? If you happen to know how much student loans will pay for that'd be great too =)
BC is British Columbia -_-
Given cons broad definition of socialism, do they realize that America is already socialist? Cons are always calling libs and Democrats socialist, even communist. If liberals/Democrats are socialists, then America is socialist. So many of our policies have long since become laws. See, it's not black or white, either capitalist or socialist. Most nations instead have a mixed economy.
We have public schools for the masses, state owned and subsidized universities, student grants, subsidized loans, GI BIlls, job training, 40 hour work weeks, overtime pay, minimum wage, workman's compensation, unemployment insurance, work place safety laws, social security and medicare for the elderly, medicaid for the poor, food sanitation standards, laws against false advertisement and labeling, environmental protection laws, force banks to insure with the federal government, regulate the stock market, public housing and food stamps for the poor, government grants in research and development, state owned and controlled armed forces, public transportation, public health utilities, etc, etc.
In a purely capitalist country, the government would not intervene to help the little guy. In a purely capitalist country, the rich get richer and the poor get poorer. It's a law of the jungle, big fish eat small fish, kind of world.
Imagine the NFL without the draft or the salary cap. The winning teams would recieve more revenues and be able to keep all their best players and buy all the best new ones. That would lead to them winning more games. Eventually only a handful of teams would remain competitive. Laws and programs that help the little guy keep the whole field competitive.
Yes Billy,
Eliminating FDR's New Deal program, the GI BIl for soldiers, is going to give us more freedom.
Cons idea of freedom is giving the people more freedom to be economically abused and cheated by those more powerful then they are. Liberals believe in expanding freedom where it counts, social freedom, the right to make your own social decisions.
Trouble,
People do have the freedom to choose their own school. They can take their children to private schools or move to another school district.
On the women at home part, liberals believe women have the right to work or stay in the kitchen. Just because we do not believe in traditional roles for women, does not mean we want to ban those traditions.
Another thing. It is not the goal of liberals to make people dependent on the government. The goal on economics is to use the government to help people help themselves. There will always be a few people who can rise above poverty without any help (besides that from the government), but you increase the odds of success by offering public schools for the masses regardless of social class, state subsidized universities, student grants, subsidized loans, GI Bills, job training.
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