Do you pay taxes on private student loans like Sallie Mae?
Do you pay taxes on private student loans like Sallie Mae?No. The proceeds of a private student loan is considered debt, not income.The interest paid on a federal or private student loan is eligible for the student loan interest deduction. This is an above-the-line exclusion from income for up to $2,500 a year in interest paid on federal and private student loans.The cancellation of debt may be considered income in some circumstances. When a debt is cancelled, forgiven or discharged, it is as though you received money to pay off the debt. If the cancelled debt is treated as income, you will receive an IRS Form 1099-C corresponding to the amount of debt paid off.However, there are several circumstances in which cancelled student loan debt is not considered income.If a student loan is forgiven because of service in a specific occupation for a specified period of time as part of the terms and conditions of the loan. Examples include public service loan forgiveness and teacher loan forgiveness, both of which are available for federal student loans.If a student loan is discharged because of the death or disability of the student borrower. This was a change enacted as part of the Tax Cuts and Jobs Act of 2017.The cancellation of the remaining debt after 20 or 25 years in repayment in an income-driven repayment plan will represent taxable income to the borrower under current law.
I'm being sued for a Sallie Mae student loan and I can't pay, what's going to happen?
Sallie Mae Financial is sueing me for the full amount + interest, etc., of my student loan. It was a private student loan. The amount is almost $7300, and I am unemployed, have no assets except a broken down old chevy malibu, I have nothing. I can't pay. I don't know anything about being sued. What's going to happen to me? Will I have to go to jail? Do I have to file for bankruptcy? What happens then? On top of that, I had a cosigner and she is being sued as well. So what is going to happen?
Sallie mae taking forever to process my student loan?
Have you discussed with your FAO regarding the missing information? Sometimes the schools send information for many students at one time and only report one a week, two week, etc. So your FAO might be sitting on the information. Believe me, with a government -backed loan, the quicker they get the money out, the faster they can collect interest. Once your information is received and processed the loan distribution is quick. There are a few loans every semester that are distributed late and schools understand this and usually let you stay at your dorm and deduct the fees once your loan is sent to the school. I would visit, not call your FAO, and nicely ask if they received all the information from you so that the application can be processed. FYI, Sallie Mae is a great company and are very helpful, especially when you start paying the loan back. As long as you keep in contact with them, letting them know of your address changes and so forth, you will discover that they bend over backwards to help.
Can sallie mae take my house for unpaid federal student loans?
I recently inherited my parents house through a beneficiary deed. I owe $75,000 to sallie Mae and been unable to pay the ridiculous amount they asking each month. Last year they started garnishing my federal tax returns and now I'm wondering if they can take my property as well.
Can my co-signer deduct the interest on my student loan payments from his/her tax payments?
I made these payments, but she is the cosigner. Your sentence above says all I need to know. Generally speaking, you can only take an adjustment or a deduction for taxes/interest paid if 1. you actually paid the taxes/interest and 2. in the year the taxes/interest were actually paid.If you actually paid the interest, you are the one eligible to claim any adjustments or deductions from if. If your filing situation is such that you are not eligible, then that's the end of the conversation.If a co-signer actually paid the interest, that that person is eligible to claim any adjustments or deductions from it. If that person's filing situation is such he/she is not eligible, then that's the end of the conversation. Student loan interest adjustment is limited to $2500, so your actually tax benefit would be capped at $2500 X your marginal tax rate. In the grand scheme of things, this wasn't ideal - but at least you didn't leave thousands of dollars on the table (I have had many, many clients do exactly that because they "just didn't know").Going forward, I strongly reccommend having a conversation with a tax professional about questions you have like this well before tax season. Waiting until you buy and open TurbiTax is months and possibly years too late from a tax planning perspective.
Form W9-S, Sallie Mae sent to IRS?
I have a private student loan with Sallie Mae, and sent in my W9-S form near the end of December 2012. I called Sallie Mae 3 weeks ago to check on the status, and was informed my 1098-E form would arrive within 4-6 weeks. I called Sallie Mae to check in today, and was advised my form had to be sent to the IRS for consideration and that my 1098-E form would not be mailed to me until the IRS responded. Sallie Mae gave me my total interest paid... but I am not sure if I can file my taxes without a response from the IRS? I've been told a 1098-E is not needed to file a tax return, just the total interst paid. What worries me, is that I have a private student loan, and I've never claimed the interest before. ALL of the money went to tuition, and I can prove that to the IRS. Should I just go ahead and file my taxes and claim my total interest? Any advice? I was told it would take anywhere from 30-60+ days to hear back from the IRS and then I have to wait for Sallie Mae's processing time... I'll be meeting the deadline soon if I keep waiting for them.
About how much does sallie mae make you pay per month?
Loan payment information is on line. The payment depends on the amount you borrowed. •remember student loans cannot be discharged in bankruptcy. If you have not taken out a private Student loan do not do it. If you have throw every bit of extra money at it and pay it off FIRST! • Take "Financial Peace University" at a local church. •17-24 yr olds can work Americorps and get $5,550 to pay off student loans. •There are Loan Forgiveness Programs • some employers pay off student loans as a part of compensation. •keep your loan paperwork work forever. •get IRS Publication 970 the interest may be tax deductible.
Sallie Mae taking your income tax return?
NOONE takes your tax return. Your tax return is what you submit to the IRS and/or your state DOR. If your witholdings were more than your liabilities, you are eligible for a REFUND, which the IRS and/or state can garnish if you are delinquent on debts. If you have a current arrangement with the company and have not received a notice otherwise, then it is likely that a garnishment is not yet planned. It would likely happen next year, though, so try to resolve the issue before then!