If both spouses have asked for loans , does it make any difference to make a deduction if one or both are working after they graduate ?
The student loan interest deduction can be taken in a year you make loan payments which include interest. It can be a year in which you or your spouse are working. It does not have to be a year in which you or your spouse were a student.
The maximum student loan interest deduction per tax return is $2,500. If both you and your spouse have loans, and you can control when you pay, you would want to limit the interest paid to $2,500 per year if possible.
Your deduction is limited if your income is too high. If you file a joint return, you qualify for the full deduction if your adjusted gross income is below $105,000. The deduction phases out completely if your income is $130,000 or more.
There is a worksheet on page 30 of the following publication which will figure your deduction.
http://www.irs.gov/pub/irs-pdf/p970.pdf
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I consolidated my undergraduate federal student loans a while back fixed @ 3.25%. I now have two seperate graduate student loans (also federal) that I would like to consolidate at a fixed rate so I can pay them off more easily. My undergraduate loan is a higher amount than my graduate loans combined and at a very favorable interest rate. Can I consolidate only my two new loans without including my low interest loan? I would not go through a private company, but rather through "Direct Loans." Having a singe payment is not my priority, I am looking for a fixed interest rate (preferably the lowest possible).
Yes, you can consolidate the 2 new loans into one without adding in the other loans.
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I am graduating in a month and need to know when i have to start paying my student loans? I heard that i am supposed to consolidate my loans into one loan.. Is this true? Has anyone ever done this?
hello there,
Upon graduation, the government requires that you consolidate all of your student loans…
They will actually penalize you if you choose not to consolidate your loans..
In all reality though, it is in your benefit to take advantage of this program..
The reasons are as follows..
1st. this is a free program offered by the govenment
2nd. it takes all of your loans with variable interest rates and puts them into one single FIXED RATE LOAN
(This alone can save you thousands of dollars because your rates cant rise after consolidation)
3rd. By consolidating it simplifies your finances.. For instance, if you have 6 loans, you would have to send 6 payments each month… Thats 6 checks, 6 stamps, 6 envelopes, you see where im going with this… Once consolidated, you make one payment to one lender..thats it…
4th. Being you are consolidating, the new fixed rate is based off of the "weighted average" of your current laons interest rates… So the sooner you consolidate the better because the rate will be lower…
This effectively GIVES YOU A LOWER MONTHLY PAYMENT!!!
I dont kknow about you but when i graduated, the first thing i was worried about is how much will i have to apy each month on my loans.. This will ensure an affordable payemnt…
5th. last but not least, the entire process can be DONE IN JUST 10 MINUTES… I gather the information over the phone, and you electronically online if you have internet access.. Very hassly free process, you dont need any paperwork or documents, the NSLDS (National student loan database system) has all the information we need available online…
Also once consolidated, you have options of deferment and forebearance as well which can give you as much as 3 years after graduation wioth NO PAYEMNTS!!!
I know this is alot of information to throw at you, and the government doesnt do the best job of explaining to college kids why it would make sense to consolidate your loans…
It definitely is a wise decision…
Take a lok at my yahoo 360 profile.. You can find alot of information about consolidation and also direct links to my companies website…
http://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ–?cq=1
I work with Student Aid Lending, we are a nationwide lender administed by the department of Education (We have a title IV license)
Feel free to call or email me and i can process the entire consolidation for you in just 10 minutes over the phone..
I hope this helps, and again, do not hesitate to call or email me with any additional questions!
Jason Fry
Financial Advisor
Student Aid Lending
1-800-964-0642 ext. 114
jasonf@StudentAidLending.com
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Financial support for students : grants, loans or graduate tax
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According to Phoenix-based NextStudent, a premier education funding company, the proliferation of graduate and professional programs has led to new sources of education funding designed to benefit these goal-orientated students who are, in essence, beginning their career by continuing on in their education. As the job market in the United States continues to generate a need for applicants who are highly competitive in specified fields from technology to the ever-growing medical field, undergraduate students across the country are beginning to feel the squeeze as graduate and professional degrees become “must-haves” for even intermediate and entry-level positions.
The decision to continue education onto the graduate and professional level is one that oftentimes comes with considerable financial stress because of the continued financial obligation. However, NextStudent’s Graduate PLUS Loan Program may allow borrowers to fund up to the full cost of their education (less any financial aid received), including living expenses, books, supplies and even computers.
NextStudent now offers a PLUS Loan Program for graduate and professional students with rates starting as low as 8.5 percent. The Graduate PLUS Loan Program features the same benefits directly to graduate and professional students that parents of undergraduate students receive from traditional PLUS loans. Because NextStudent Graduate PLUS loans are federally sponsored, they offer many of the perks of traditional PLUS loans, including eligibility for federal student loan consolidation, tax-deductible interest and a variety of repayment options.
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NextStudent offers a simple online application process through E-Signature, and many prospects who apply online qualify within minutes. Also offered is a “second look” for borrowers who receive an initial denial because of unresolved credit issues. NextStudent has a PLUS Credit Resolution Team that has an 87 percent success rate at resolving borrowers’ credit issues, resulting in funded PLUS loans.
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I am a law student and I have to use loans to finance my law degree. I did not have loans for my undergraduate degree, so I don't know much about them. My financial aid office is not helpful. I qualify for the Stafford loans, but it is not enough to cover my expenses. I saw that the government is expanding the PLUS loan to graduate students, and I am curious about it.
For instance:
Who qualifies?
What are the borrowing limits?
Do you have to borrow a certain amount?
Would accepting a PLUS loan interfere with other types of aid?
What are the advantages of PLUS loans as compared to private loans?
I used to work for the company that administered the fed loans. Plus loans are loans that your parents take out for you and they have to pay them. They have to pass a credit check.
How much can my parents borrow?
The yearly limit on a PLUS Loan is equal to your cost of attendance* minus any other financial aid you receive. For example, if your cost of attendance* is $6,000 and you receive $4,000 in other financial aid, your parents could borrow up to—but no more than—$2,000.
There is no borrowing minimum limit.
No using a plus loan will not interfere with other loans
Plus loans done by the government have one advantage. The interest rate will not exceed 9 percent.
I don't like plus loans because they rely on your parents to pay.
