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Student Cash Loans

Norma Said:

Can I get a cash loan with income from student loans and grant money of $500.00?

We Answered:

Student loans ans grant money ARE NOT income.

Judith Said:

Can i get the 2009 student tax credit if i am paying for college with student loans and not cash out of pocket?

We Answered:

Loans, yes, but not with grants.

Lucy Said:

Is it better to take out student loans or pay in cash?

We Answered:

If you can't afford school, you shouldn't go.

Look around you and see the people who went to school, are currently unemployed, and can't pay their student debt.

At least pay a portion in cash, and only borrow what you can pay back.

Hint : $100,000 is not easy to manage. I wouldn't go to school if it meant owing that much.
Unless you have a good reason to believe you'll make $20K more a year, you'll have a problem paying back even $10K a year for your student loan, which means it'll take minimum 10 years if you're lucky. 15-20 years is realistic.

$40k a year, is $160k in 4 years. Good luck paying that much back.

Travis Said:

sister bought home/cash. she is cosigned on daughters defaulted student loans. Can they take her home?

We Answered:

Try filing for the homestead. As a co-signer they will come after your sister for the payment. I doubt if they'd take the house but I'm sure they'd syphon her paycheck.

Ramon Said:

if I cash in savings bonds can I pay my wife's student loans off and get a tax credit?

We Answered:

You will have $2000 of taxable interest income.
Only the interest on those student loans is deductible.

Too bad you didn't cash them in during 2004--assuming the bonds met the very strict education exclusion requirements.

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