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Should parents sign the student loan so they can take the IRS tuition tax deduction or should the student defer payment until after graduation when they can use the deduction?
Wiki User
∙ 16y ago
For most parents
Tax benefits for college education can be deducted only in the amount of the tuition and fees paid, not for loan money used for room and board and most cases not for books. If the student has government grants and scholarships that pay part or all of the tuition, these funds have to be used for tuition. Then the amount available for tax rebate is only what is left from the tuition bill and the other 2/3 of the loan goes for room, board and living expenses which have no tax rebate.
Wiki User
∙ 16y ago
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Reasons to Use a Student Loan Payment Calculator?
Using a student loan payment calculator is a great idea if one wants to truly get an idea of what will be owed after graduation. Unfortunately, many students end up taking out student loans in college and have no idea how much they will have to pay after graduation. They may think that only a couple hundred dollars are owed in a month after graduation, when the truth is they could owe a thousand or two in a month after graduation. For any student, using a student loan payment calculator is the best way to build a great budget early on.
When should parents give a PhD graduate their gift?
Anytime after the student receives written validation of graduation.
What is better a student loan or a parent plus loan?
Only a parent can apply for a parent loan. the payment plan for a student loan can be deferred until after graduation. It all depends on who is paying the loan off, the student or the parent
Anticipating Expenses Using a Student Loan Payment Calculator?
For students, one of the best ways they can anticipate expenses upon graduation is by using a student loan payment calculator. A student loan payment calculator is one of the best ways a person can anticipate how much he or she will be required to pay right after graduation. Many times, students underestimate the incredible expenses they will have after graduation. These students can be easily disappointed with the incredible financial burdens they incur upon graduation, so it is wise to use a calculator to figure out those burdens as soon as possible If a student knows how much will be owed upon graduation as soon as possible, then he or she will likely do things differently throughout an educational experience. Perhaps that student will spend less time partying and more time focusing on studies, in order to do his or her best. A student may also try to get the best grades he or she can, in efforts to qualify for better scholarships throughout the course of four or five years in a competitive or graduate sort of program.
Pay Your Student Loan?
All too often, when students take out large loans for schooling, they fail to realize how much money they are actually spending. These students only realize they are in debt after graduation, when the student loan bills start coming in the mail. To avoid this sort of shock, every student should calculate a student loan payment as soon as possible. By calculating a student loan payment early on in one's educational career, a student will be much more likely to not take out other loans over the course of a semester. In addition, a student will be very frugal with the money he or she already has. One will not go shopping all the time, if one knows that student loans need to be repaid soon after graduation. Instead, a student may be able to start saving up money after realizing that he or she will have to pay interest fees on student loans after graduation. After one calculates a student loan payment, a good idea is to figure in the figure into an already existing budget. This will give a very accurate portrayal of what one has to pay back.
Would a student who is a dependent of his parents pay more income tax?
Because he earns more than the standard deduction and doesn't get to claim his own exemption (a deduction for being self supporting, something you'll get once you're on your own).
Can a student get a student loan even if they are unemployed?
Yes you can, regardless of your employment status. But you will be required to start making payment back six months after your graduation or in many cases, six months immediately you stop going to school.
Pay Less with Subsidized Student Loans?
When taking out subsidized student loans, a student should not automatically assume he or she is getting free money. A student should research the interest rate on the loans and figure out what the payment schedule will be upon graduation. Knowing this information will help a student determine the type of career he or she may need.
What are the qualification for an MCA student?
graduation only
How long does a student typically have after graduation to begin repaying a Stafford loan?
The student usually has six months after graduation to start repaying a Stafford Loan.
How long does a student typically after graduation to begin repaying a Stafford loan?
The student usually has six months after graduation to start repaying a Stafford Loan.
Is there a student loan payment calculator for all student loans?
Yes, there is usually a student loan payment calculator for most students loans. Some student loan payment calculators can be accessed through the internet.
