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Paying Student Loans

John Said:

What is the tax form I request that refers to paying student loans?

We Answered:

What you are looking for from your loan servicer (Sallie Mae) is a Form 1098-E which is known as a "Student Loan Interest Statement." Call Sallie Mae and ask them for one. Sometimes, if the amount of student loan interest paid is not high enough, the servicer does not send out the form. You can still claim the deduction even without the form, however. The deduction is claimed on line 33 of Form 1040.

Curtis Said:

anybody out there paying student loans as of now?

We Answered:

I have paid off student loans in the past, I'm currently finishing my BS degree, so once I graduate I will begin repayment on my student loans again. Yes, student loans are worth it; however, you need to keep your debt load manageable. Try to only take out federal loans because they have fixed interest rates, annual maximums (to prevent you from borrowing too much), and flexible repayment options (especially with the new bill passed). Apply for as many scholarships as you can because obviously, it would be great if you wouldn't have to borrow any money, but the average undergrad. graduates with $23,000 in student loan debt. You may regret it if you graduate with $100,000 in debt, but if you graduate with $20,000-$30,000 you should be fine. I will pay for my student loans out of money from my job.

Ricky Said:

Hi my friend is leaving the country to avoid paying student loans. Would he be able to come back?

We Answered:

wow thats great and responible. ppl like that should be arrested. thats pathetic and really ticks me off. let me guess, he leaving the US so he doesnt have to pay student loans? right? well if its the US he needs to pay the loans and they need to deport his little butt. thats not helping our economy. he's one of the reasons we're in this reccession. i hope he does get caught, gets put in jail, and can never come here again. and if anyone disagrees with me, too bad.

Dana Said:

Are there any options for paying student loans after a chapter 13?

We Answered:

Bill:

Contact the servicing agent for the lender - there are a number of alternative payment programs that are available to you. You didn't mention whether your lender has declared your loans to be in default - that status would eliminate some of the options.

Another very important determinant will be the type of loans that you have - the government-backed loans (Stafford, Perkins, PLUS) have far more options than private loans.

Many borrowers consider lenders about the lowest form of animal life on the planet, but the reality is that the lender is only interested in one thing - getting repaid. They WILL work with cooperative borrowers who can demonstrate that current financial circumstances make the scheduled payment impossible - there's only so much you can do.

Again, if these are government loans, current financial aid regulations limit your monthly obligation to 15% of your total income. One less heralded part of the Health Care Reform Act that was signed by the President yesterday will cut this maximum to 10% of monthly income.

Contact your lender, and explain your situation. They will forward forms for you to complete - forms that will enable them to assess your current ability to pay. Once they've evaluated your circumstances, they will offer you a more affordable payment plan - if you qualify.

I will say that their expectations of your ability to pay may be a little different than yours.

Good luck to you, and congratulations on completing your Chapter 13 plan.

Reginald Said:

when do i have to start paying my student loans back?

We Answered:

It all depends on the kind of loans you have. Usually for most federal based student loans as long as you are a student half time or more you can still be on an in-school deferrment, which means that you don't have to pay them back. This information is based on Stafford loans (the loans that you get through federal financial aid)

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