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No Interest Student Loans

Julie Said:

When do student loans begin accumulating interest?

We Answered:

Many student loans, especially private student loans, start accumulating interest as soon as you take them out.

If you want to get a student loan that you don't have to pay interest for then you should apply for a Federal Perkins Loan or a Subsidized Stafford Loan, which are both federal government student loans.

Here are the steps you need to take to get them:

1) Fill out the FAFSA. This will determine if you are eligible for financial aid. Go here:
http://www.fafsa.ed.gov/

2) The best loan to get is a Federal Perkins Loan. These have low interest rates and the government will help you pay it back as long as you stay enrolled in school. You also don't need a cosigner or good credit for it. For more info go here:
http://www.studentfinancedomain.com/stud…

3) The next best loan to get is a Subsidized Stafford Loan. This has many of the same benefits as a Perkins Loan. Learn more here:
http://www.studentfinancedomain.com/stud…

Also, have you thought of grants or scholarships? These are free money that you don't have to pay back. Here are some good sites to check out:
http://www.fedmoney.org/
http://apps.collegeboard.com/cbsearch_ss…
http://www.freegovmoney.net/
http://www.educationplanner.com/educatio…
http://www.studentawards.com/
http://www.college-scholarships.com/

Good luck!

Bob Said:

Is student loan interest tax deductable if you take the standard deduction?

We Answered:

You betcha.

Student loan interest is not an itemized deduction. It's an adjustment to your gross income so it reduces your income. You show it on:

Form 1040, page 1, Line 33
or if you file the 1040A
Form 1040A, page 1, Line 18

But the student loan interest completely phases out if your gross income is more than $65,000

Marlene Said:

Can you claim your 2006 taxes that the govt took for student loans on your 2007 return as a deduction?

We Answered:

sorry, but you can't deduct the refund that the govt took at all. Federal refunds can't be deducted anyways, and state refunds are taxable on the federal returns if you itemized the previous year. And if they took the refund to pay the loan that you defaulted on, loans themself are not deductible, just the interest on the loans.

Dan Said:

I have high interest student loans...Need advice!?

We Answered:

Sigh, you may be *screwed* on the Sallie Mae loans, unless Sallie May will renegotiate them with you for a better interest rate, since they apparently are alternative loans. You cannot consolidate alternative and federal loans together. That said, most lenders would rather work with you so that you don't default on the loans. You may be able to roll these over into a new loan with a lower interest rate (rates are higher now than they were a few years ago, but even the alternatives have fairly attractive rates right now, certainly less than what you are paying now), so call Sallie Mae and ask to talk to a customer representative or their default prevention unit.

Then ask your federal lender about income contingent repayments so you can structure that debt appropriately, too.

Next I would hustle myself to a reputable credit counseling service and start looking at a program where getting out of this debt is paramount without incurring new debt, i.e. credit cards, new cars, etc. It sounds like you've woken up and smelled the coffee in time to prevent a major fiscal tragedy, though. Just take appropriate actions.

Regina Said:

interest rate student loans?

We Answered:

Yes, it is .065 (assuming 6.5% is your APR) times the remaining balance (original amount of the loan - principal already paid + interest accrued) per term (month, quarter, or year). That's how it works with every kind of loan, including auto loans, home mortgages, personal loans, and credit cards, and works in reverse with interest-bearing accounts like savings accounts.

Not to berate you, but this is pretty basic financial information, knowledge that you shouldn't have made it out of college, or for that matter high school, without knowing. Perhaps you should visit your local library or some financial advice websites and brush up on your personal finance knowledge. If you don't know basics like loan interest calculations, you're leaving yourself open to being taken advantage of in the future, be it by auto salesmen, home mortgage lenders, or the U.S. tax code.

Lauren Said:

Can my student loan interest rate go down?

We Answered:

careers.scienceontheweb.net - it provides some tips about applying to US federal and state grants for college students.

Brett Said:

Is there interest on student loans?

We Answered:

colleges.mywebcommunity.org - it provides some tips about applying to US federal and state grants for college students.

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