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Student Loans 2009

Carla Said:

Can collections take our tax return if my husband was only one working in 2009, but I owe the student loans?

We Answered:

Your tax RETURN is the form you filed with the IRS. Your tax REFUND is what you're worrying about them taking.

Increase your exemptions so you don't get a refund, then you won't have to worry about it being garnished.

You cannot get out of student loans. Therefore there is nothing to be gained by not paying them. They are the last people you should avoid paying (along with the IRS). Everyone else, pay them after you've paid these.

Ida Said:

I want to invest $2000 in various stock for fun but am living off student loans until 2009. Should I hold off?

We Answered:

pay off your loans first, then invest. The first rule of investing in stocks is to have no debt.

Eva Said:

When I can I apply for private student loans? I start fall 2009?

We Answered:

Private(alternative) educational loans actually have nothing to do with the FAFSA form....that form is for need-based aid...

You need an alternative loan application and should be able to secure one from your financial aid office. If not, get one from the bank and have your school certify it...............

Bradley Said:

How will the financial crisis affect student loans for 2009-2010 year?

We Answered:

The banking and lending crisis will have no effect on the government's Stafford Lending program for 2009-2010. The US Department of Education is continuing its practice of guaranteeing all Stafford loans, which has the effect of making Stafford loans risk-free for the lender. When there's no risk, there's no worries, and the lenders are more than happy to make Stafford loans - more so than just about any other form of loan.

In fact, hidden deep down within the current stimulus bill is a provision that would increase the amount of "service fees" that the lenders get to charge the government for making Stafford loans. Critics charge that this is yet another example of the government welfare enjoyed by mega-lenders, but the lenders claim they need this increase to make Stafford lending worthwhile.

It's possible that this could benefit borrowers - in the past, when the lenders used to receive higher fees, the lenders would compete on "borrower perks", in order to entice borrowers to borrow from them, rather than the competition. Most of those perks were eliminated when the government slashed lender fees, but if they go back up again, maybe the borrower perks will return. No guarantees there.

As for non-government loans - the private or alternative loans - as of right now, that lending market is still pretty much dead and buried. A handful of banks are making these loans, and they all apply ultra-conservative lending analyses. If you're lucky enough not to be rejected flat out, chances are pretty high that you'll be asked for a cosigner.

Congress and the Administration are well aware of the problem, and there seems to be bipartisan consensus for the need to revitalize the educational lending market. I think you'll see that a significant amount of the bank rescue funds will be destined for student lending. I can't tell you exactly how that's going to work, or how quickly it's going to happen. 2009-2010 may be a very difficult year for any form of student borrowing other than Stafford, Perkins and PLUS loans, but there is a light at the end of the tunnel. Time will tell how long it will take that train to reach the station.

Good luck, I hope that helped.

Felix Said:

Claiming Student Loans on 2009 Taxes?

We Answered:

Loans are never income. Grants received in excess of your tuition/expenses are taxable income.

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