Up to $2,500 in interest paid on federal and private student loans can be excluded from income and you can claim the student loan interest deduction even if you don’t itemize,” says Kantrowitz. Do what you can to avoid missing payments. S...
Student loans go into default after 270 days of past-due payments. The consequences may include withheld tax refunds and garnished wages, garnishment of a portion of Social Security benefits and ineligibility for any additional federal student aid. As for private student loans, the lender determines...
If student loans don't cover everything you need as a college student, you may want to look at personal loans for students.
In October 2022, the Federal Housing Finance Agency (FHFA) approved the use of VantageScore 4.0 and FICO 10T for mortgage underwriting by Fannie Mae and Freddie Mac. This is the first time a credit score model that completely excludes medical debt has been used for underwriting these loans. ...
While information is generally considered secure when applying for federal student aid, seeking and applying for private scholarships and loans can be riskier. There are fewer legal protections in place for these applicants, and it can be challenging to separate legitimate scholarship organizatio...
The spending bill established a lifetime limit of $10,000 per beneficiary and for each sibling that can be withdrawn from a 529 plan to repay student loans, including federal and most private loans. The money can be used without penalties or tax consequences. Read...
Finally, the Chens also contribute $64,000 combined to their children's 529 College Savings Plan. The maximum gift tax limit is $17,000 per adult per child. They are fortunate to have paid off their student loans years ago. Below was the private school tuition rates for the 2024 school ...
Do I have to report the home sale on my return? You generally need to report the sale of your home on your tax return if you received a Form 1099-S or if you do not meet the requirements for excluding the gain on the sale of your home. See: "Do I have to pay taxes o...
It’s important to note that the length of the grace period can vary depending on the type of loan. For federal Stafford loans, the grace period typically lasts six months, while for federal Perkins loans, it is nine months. Private student loans may have different grace period terms, so ...
Students should also start to think about their options for paying for college. To qualify for federal, state and institutional aid, a student needs to first file the Free Application for Federal Student Aid, orFAFSA, which opens Oct. 1 every year. ...