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Denise Said:Is there any way to get the payoff balance on my department of Education loan reduced?
We Answered:Ummm I'm not sure what the problem is. If you have the ability to make a one-time payoff, why don't you have the money to keep up with your payments? If you are purposely falling behind in order to negotiate a settlement, you have made a big mistake. Not only have you defaulted on a loan therefore hurting your credit, but you've defaulted on a loan that is not negotiable. Both federal student loans and tax balances are almost impossible to negotiate. Not only that, but they are not bankruptable. Not a good strategy. Pay the $2080 and be done with this.
Erik Said:Why does Sallie Mae sell loans to the department of education?
As part of a concerted effort to insure that student loans continue to be readily available, the government announced last year that they would begin purchasing loans from the originating lenders. Remember, when a lender like Sallie Mae has committed funds to loans, that money won't be available for more lending until the money has been repaid. By purchasing loans from the Sallie Maes of the world, the Department of Education gives the lender a quick turn-around on its funds, allowing the lender to make new loans available to other students.
It's just another way of keeping lending capital in the student loan market.
Here's one of many articles that explain what's going on, and how, if it all, you can expect the sale of your loan to affect you: http://www.bankrate.com/finance/college-…
I hope this helps - good luck!
Joseph Said:Are Signature loans for Education tax deductible?
We Answered:The school should be able to tell you if it's an "eligible educational institution".
If the school doesn't qualify for US Department of Education Federal Student Aid (FSA) programs, then the loan is not a qualified student loan. You could not claim the Hope, or Lifetime Learning credit if the school doesn't qualify. You could not deduct the interest on your income taxes, once you begin paymentss.
If you are working, and the education is required by your employer, or helps improve your present work skills, you might be able to deduct the costs as a Work Related Business Expense.
See IRS Publication 970, Section 12, page 64-72, for more information:
The travel costs back and forth, and maybe some other expenses, might be deductible if you worked (with the intention of making a profit) last year in your own business. It does not need to be a full time business and it's possible you went to school at the same time. It's also possible that at the end of the year, your self employment showed a loss, due to little or no income. Your business would need to have operated in both the US and the other country. As a self employed individual, you might be able to use Schedule C to write off some of your travel expenses and other costs. Consult a tax professional in your area for more information and specific advice. If you didn't have such a business last year, maybe starting one for this year would make good financial sense.
Maurice Said:Are the Department of Education loans different from Stafford loans?
We Answered:No, Joe - the Department of Education is just another source for the same loans. In fact, a proposal that is currently working its way through Congress will eliminate the outside lenders from the Stafford program, and make the Department of Education the only source of Stafford and PLUS loans.
As an enticement to get private lenders to participate in the Stafford program (making billions of dollars of aid available to college students), the government pays administrative fees and other servicing fees. The Obama administration believes that eliminating the private lenders will result in savings that can be plowed back into more lending to students, rather than paying fees to banks.
Of course the banks, who stand to lose a ton of income that they're enjoying from handling these government-guaranteed loans, claim that government bureaucracy will wind up wasting more money than will be saved. That's probably not true, but the banks are a powerful lobby in Washington.
Anyway - no, the loans are exactly the same, and it's highly likely that the Department of Education will be the ONLY source of these loans in the next year or two.
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I hope that the Department Of Education Loans gives me a reasonable loan with a reasonable interest rate as well. That's something of a shot in the sky but I hope it touches the aim.
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