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Pay Student Loans

Randall Said:

Do you have to pay student loans back if you work for the government?

We Answered:

Yes, you do unless you have an agreement with your new employer that will pay your "LOANS" back for you. It usually results in a contract of employment as well.

Patrick Said:

Can the first time home buyers tax credit be offset to pay student loans?

We Answered:

if you still owe then yes it will. Know this if in default it will be hard to get a mortgage from any lender so get it current

Tamara Said:

What are some jobs that offer to pay student loans back besides teaching?

We Answered:

Social workers, nurses, medical doctors, peace corp volunteers, and sometimes even translators(arabic, chinese, or russian etc). I am getting my masters in social work so I looked it up and after you make so many payments the government will forgive the rest. You have to work in your community for x amount of years though.

Maureen Said:

Does everybody have to pay student loans?

We Answered:

If you are teacher, there are programs for you.

Cancellation/Deferment Options for Teachers
If you're a teacher serving in a low-income or subject-matter shortage area, it might be possible for you to cancel or defer your student loans.

Canceling a Perkins Loan
If you have a loan from the Federal Perkins Loan Program, you might be eligible for loan cancellation for full-time teaching at a low-income school or teaching in certain subject areas. Find out more here. You can also qualify for deferment for these qualifying teaching services. Check with the school that made your Perkins Loan for more information.

Stafford Loan Forgiveness for Teachers
If you received a Stafford Loan on or after October 1, 1998, and you teach full time for five consecutive years in a low-income school, you might be eligible to have a portion of the loan cancelled. This applies to FFEL Stafford Loans, Direct Subsidized and Unsubsidized Loans, and in some cases, Consolidation Loans.

Stafford Loan Deferment/Forbearance Provisions
If you have a FFEL or Direct Stafford Loan and you're teaching full time in a teacher shortage area, you might be eligible for deferment (postponement of repayment) if you borrowed before July 1, 1993. For more information, click here. If you borrowed on or after July 1, 1993, you might be eligible for forbearance (a temporary postponement or reduction). For more information, click here.

Douglas Scholarship Reduced Service
If you have a Paul Douglas Teacher Scholarship, you might be eligible for reduced service obligations. (Note: These scholarships were last awarded in 1995-96.) Recipients of the Paul Douglas Teacher Scholarship may reduce the years of service they must perform by teaching in a shortage area.


Income Based Repayment (IBR) – Effective July 1, 2009

Income Based Repayment is a new repayment plan for the major types of federal loans made to students. Under IBR, the required monthly payment is capped at an amount that is intended to be affordable based on income and family size. You are eligible for IBR if the monthly repayment amount under IBR will be less than the monthly amount calculated under a 10-year standard repayment plan. If you repay under the IBR plan for 25 years and meet other requirements you may have any remaining balance of your loan(s) cancelled. Additionally, if you work in public service and have reduced loan payments through IBR, the remaining balance after ten years in a public service job could be cancelled. For more important information about IBR go to IBR Plan Information. Or, to download an IBR Fact Sheet in PDF format, click here.

Terrance Said:

someone told me there is a program to pay student loans?

We Answered:

Yes, it's called an Americorps award and you'd be better off getting a regular paying job. I calculated it up one time and with as many hours as you are required to do compared to what they pay out, it's like 2.00 an hour you are earning to pay off your loans.…

Lena Said:

How to pay student loans you can not afford?

We Answered:

Believe it or not you have many options.

But what you ultimately do is dependent upon what you value the most, and the least. These are just some suggestions. You can do one or I would recommend a combination of several. But the most important thing to remember is that you must pay your student loans first, before ANY AND ALL other bills are paid. This is the one that is the most important and the one that will ruin your and your kids quality of life the most if you don't repay it. Student loans never go away. Ever. So... here goes.

1. Work more hours per week than what you are already.
2. Get a second job (or a third) if you must.. in order to accomplish this.
3. Get a higher paying job, min wage is horrible for someone with 54K in debt.
4. Simplify. Get rid of anything that takes away from the approx 600 a month in student loan payments you will be making. This means sell the car, get rid of the house... move in with relatives and turn off the internet. You certainly don't need a cell phone. Food, clothing and shelter... this is what you need to survive.
5. Manage your money very wisely. Account for every penny and again... simplify. Example: Many people think this means cutting out excess like not buying those things like dryer sheets to get your clothes soft... but I'm talking about a totally different approach here. Don't use your dryer.!
6. Remember that if you don't make your loan payments they will garnish your wages. If you think you are not making money now... just wait til that happens. Don't let it. If you do it willingly at least its willing. Once you go into default that loan of 54K could easily skyrocket to a debt of 75K or more depending on how long you don't pay on it, because the lender can (and will) charge you all kinds of penalties and fees for defaulting and hike your interest rates to double what you are paying now. They will start seizing your income tax returns (say goodbye to the EIC) and any other money you might get from the IRS.

Seek assistance (even non-monetary) from relatives, esp those who may have cosigned on those loans for you. A relative may be unable to give you cash, but more than willing to babysit for you to help out.. or better yet, let you crash in the basement for the next.... well... until the loans are paid off or you get a higher paying job to where you CAN afford the payments.

Alexander Said:

How much do I have to pay in student loans to get a tax deduction?

We Answered:

You have this backwards.

You pay the student loan. Some of this is interest.

The interest can be an adjustment on your taxes if your income is less than 145000 on a joint return.

The most you can deduct is $2500, but this is phased out if you income is above $115,000.

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