Student Loans

I have parent loans for my children that have been consolidated and are now owned by Deutche Bank. Can I deduct the interest on my federal income tax?

Dear Ricardo:There are two answers to this quioetsn, depending on your age and assuming that your interest rate is fixed. If you have a variable rate of interest, then research what the rate would be if you converted to a thirty-year fixed rate mortgage, which, at least in California is about the same, and make the switch so that you will not be subject to interest rate fluctuations. The closer your fixed rate mortgage rate is to your variable rate of interest, the more sense it makes to invest the money, again assuming time is on your side. As a general benchmark, if you are more than 10 years or more away from retirement, with such a low interest on your home loan, investing makes more sense. The reason for this choice is that the effective interest rate on your home loan is about 4.5% since the interest you pay on it is deductible from your federal income tax return. If you also pay state income tax, your effective interest rate on your loan is even less. Long term, the S P 500 has returned about 10%, which after tax, is about twice the rate you would earn by paying off your home loan. Other important caveats in this choice are how much in total investable assets do you have available to you, your risk tolerance, and your level of investment expertise. Finally, before investing any money, you should be sure that you have set aside in a non-risk investment about three months of living expenses. If you employment is tenuous, then the amount of money set aside should be greater. Finally, if you do invest, and have earned income (meaning from employment), take advantage of any retirement plans available to you, such as a Roth IRA and your company’s 401(k). The reason for making this choice is that there are tax and other possible benefits available in these plans that will enhance your rate of return. As just one example, if your employer offers a 401(k) where they match your investment on a one-for-three basis (meaning they put one dollar in your retirement plan for every three dollars you set aside), you have a 33% on those monies, so you could just put your money in a zero risk investment and have a great return on your money. The amount you can put aside in a retirement plan is limited, so you will have to have other alternatives available to you for the balance of your investable assets.The closer you are to retirement, the more sense it makes to reduce your mortgage. The reason is that the return expectation in the short run is much more problematic than it is in the long run. However, I would still keep aside some percentage of your assets in a savings account or Certificate of Deposit for emergencies. Matt(About 23 years as an investment professional.)

how do you consolidate all loans into one

Tell us if our senior college student daughter is tapped out on lower interst fixed rate loans for this year. tell us the subsidized limits and where we can go for a loan other than a private lender are there special nursing loans available?

how do you find the amount and all the places that have your student loans. The lenders have changed many times.

How do you report student loan fraud

I may be going on SSI, if the load is consolidated and income contingent can thay take any of my SSI payments

How do i apply for a student loan without a trn?

I have loans with sallie mae and the Fed's.I would like to get rid of the sallie mae and get a lower interest rateSallie mae is at 9%.Can I consolidate the two of them for one payment at a lower rate???

when do you recieve your student loan when you start going to school or after the first semester is over and completed

I recieved a loan 15 years ago. paid it back by signing over my income tax 4 years ago. now my income tax is being interupted again by a collection company that Nela sold my loan to before I paid it. how do I take this lean off my income tax and settle this once and for all. I got sick right after school and have never even used my education. now it is hurting my family. the collection company wants 4 times what my loan was and double what I paid to Nela. how do I get this collection company to drop this lean? This is increadable to me that they have all the power and the burden of proof is on me and Nela wont help. they wont even talk to me. IRS doesn't keep records to help out either. UGH!

I am 53 years old. I went back to school when my husband left me and three children. I went back thinking I would be able to find a good job. I borrowed extra money so we would have something to live on during school. I owe $35,000 and have never found a job or have had enough income to pay my loans. I have run out of deferrments,hardship, and unemployment and now am in default. What will happen to me if I cant pay? I dont know what to do.

Credit cards and even the IRS will reduce interest and penalties on older debts, why won't student loans do this. My loan has gone from $8,000 to $27,000. I am 60 and it looks like this will never be paid off. All they say they can do is consolidagte and give me income sensitive payments.

This is very beneficial info.

i want to get a student loan for the class that i am taken and i dont know how to go about and do that

my question is my son still has a loan hanging 15 years after graduation..it seems to be receding VERY slowly.He withdrew from iUniversity several times due to a chronic illness and I his mother was unaware of the loan continuing to accrue... $25,000.00 which I assume is almost entirely interest as his college fees 15 year were minimal. He has been employed steadily the past three years and loves his job but the stress of payments still looms. What can be done about this?Would MD letters help?

It is nice to get student's loan and pay it back quickly

I am in debt with student loans there was a period during 1996 1994 I was unable to go to school because I was diagnosed with fibromyalgia . The school I attended encourage me to stay in school because it would be hard for me to re-enter because of this I owe an astronomical amount of over $200,000 I do not make enough money to pay 4,5,or even 6,000 month to pay off loan what can I do I work in a low income environment with population of welfare clients in the healthcare field I am distraught

Is there any help from President Obama concerning loans in default? I am one semester short of my Bachelors Degree and ran out of money. I am an artist and private teacher and can barely live on this income, I am also an older student due to raising two children and going to college in later years. There is no way that I can even begin paying loans back when I am just trying to survive.

@Anonymous on 7/18/2009 - It's a comment section, not a question and answer section.

i have a student loan through sallie mae. when i got the loan for my son they told me to apply for him and i would be dinied and then he could apply himself.wellto my supprise they accepted my loan even though i am on disability. this was in 1996.i have been unable to pay it back due to my financial situation and have repeatedly had to put it in forbance.the intrest is just piling up.it is up to8294.00and soon to be over 10,000.00. what if anything can i do toget rid of this debt.ther isnt any way i really can afford this.

I am interested in finding out if I can forgive a portion of my student loan or consolidate my loans with a lower interest rate. I look forward to your response. Valerie Mick

where do i beging to find out about loan foregiveness programs

Are you sure that the government will nor refinance student loans originating from another source as of July 2009?

I need a Loan Forgiveness for the fact I am disabled, the fact that the Boss of the JOBS Program sanctioned me during School which forced me to seek money to live on (and I won the case) and the equipment at the School was so seriously out dated could never be an instruction guide to a real job in that present time and I was opened and honest about my health being that I was already disabled since age 19 but had called and told SSI I would try to work on my own and my SSI was cancelled without approvel from Social Security. there is more, but... moore.terryjane@yahoo.com

it would be helpful if colleges listed loan percentage rates on their financial aid letters sent to prospective freshmen. It would also be helpful if the letter explained what the loan means to the student... like "You'll be paying $126 per month (for the $11,000 in unsubsidized loans you've qualified for over the four years of college) starting six months after graduation. You'll need to be earning at least 15K per year to afford this loan.

Do have to pay student loans if I go back to school?

i have a very specialized case with a student loan that was stolen from me when my school closed down before i completed. im left holding the bag (debt). HELP PLEASE

i understand

I understand that I have to pay these loans back after I graduate from college.