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Student Grants And Loans

Dolores Said:

What happens with my student grants/loans if I fail all of my classes?

We Answered:

You'll likely get put on academic probation, which gives you one last chance to get grades up. You should really speak to an adviser to see what your options are. You might need to withdraw for the semester (W's on the transcript are better than E's or F's!) or file an appeal to drop retroactively.

It's still pretty early in the semester. Also try talking to your professors and let them know about your situation (whatever it is). Most are willing to work with students who don't wait until just before finals to let them know there's a problem.

Lisa Said:

Is online schooling eligible for student loans and grants?

We Answered:

YES jayDeezMom online schooling is education too. I love Virgina College online http://www.vconline.edu/
I found interesting information about your answer, college loans, scholarships, college grants & partime works here. Goodhttp://all-student-loan-consolidation.bl… luck!

Ronald Said:

I have no income only grants and student loans, do I have to file taxes?

We Answered:

Based on the information that you provided you would not have a requirement to file a Federal Tax return, Scholarships and Grants are not considered Taxable income. Nor are they considered Earned Income for the EIC


Qualified scholarships and fellowships are treated as tax-free amounts if all of the following conditions are met:

You are a candidate for a degree at an educational institution,
Amounts you receive as a scholarship or fellowship are used for tuition and fees required for enrollment or attendance at the educational institution, or for books, supplies, and equipment required for courses of instruction, and
The amounts received are not a payment for your services
.
Publication 970

Anne Said:

What is the first step to getting student grants/loans?

We Answered:

Fill out the fafsa at http://fafsa.ed.gov

Read this book cover to cover, it will help answer all your questions.
http://studentaid.ed.gov/students/attach…

Cindy Said:

Do I have to pay taxes on my student loans and grants?

We Answered:

I just answered a similar question a few minutes ago. So here it is & hope it helps.

Student Financial Aid refers to funding intended to help students pay educational expenses including tuition and fees, room and board..., right? So being taxable depends on what kind of FinAid. Two main ones are:

1. Qualified scholarships and fellowships are treated as tax-free amounts if all of the following conditions are met:

-You are a candidate for a degree at an educational institution,
-Amounts you receive as a scholarship or fellowship are used for tuition and fees required for enrollment or attendance at the educational institution, or for books, supplies, and equipment required for courses of instruction, and
-The amounts received are not a payment for your services.

2. Qualified Student Loans are not taxable at the time you get the money and should not be included as income in your return. A loan is not income, because you are expected to repay the amount borrowed (plus interest). Interest is deductible.

Qualified Student Loan
- This is a loan you took out solely to pay qualified education expenses that were:
- For you, your spouse, or a person who was your dependent when you took out the loan,
- Paid or incurred within a reasonable period of time before or after you took out the loan, and
-For education provided during an academic period for an eligible student.

! Loans from the following sources are not qualified student loans. So should include as income & taxable.
- A related person
- A qualified employer plan.

Any student earned income to finance education is taxable.

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