Archive for the ‘Student Loans’ Category

Dealing with Student Loans

People often ask about student loan debt. As usual there is no standard answer for everyone, but below are some links to resources that might help you weigh your options.

If you have federal student loans this site has information about Income Based Repayment Plans and Public Service Forgiveness loans http://www.ibrinfo.org. If you are considering loan consolidation for your federal loans https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp has information about the options.

If you have loans from private lenders this site has information about loan consolidation http://www.finaid.org/loans/privateconsolidation.phtml

Qualified student loan interest is an “above- the line” tax deduction. That means that even if you do not itemize deductions you can take the deduction and reduce your income thus helping to decrease the amount of federal taxes you pay. For more information check out the IRS web page http://www.irs.gov/publications/p970/ch05.html. The information pertains to the 2009 filing year. So as we get closer to the 2010 filing year it would be a good idea to check back for updates.

Advertisements