2013년 11월 30일 토요일

About 'student loan indebtedness'|College graduates struggle to repay student loans







About 'student loan indebtedness'|College graduates struggle to repay student loans








You               must               report               the               cancellation               of               personal               debt               on               your               income               tax               return.

When               an               owed               debt               by               either               a               person               or               business               entity               is               cancelled               or               forgiven,               some               amount               of               taxable               debt               income               may               be               generated               since               the               benefit               of               the               amount               borrowed               in               the               past               is               no               longer               associated               with               the               burden               of               repayment               now               or               in               the               future.

Cancellation               of               debt               (COD)               is               reported               to               both               taxpayer               and               the               tax               authority               on               IRS               Form               1099-C.

This               information               is               transferred,               for               personal               debt,               to               Line               21               on               IRS               Form               1040.

Business               debt,               depending               on               the               nature               of               the               business,               is               transferred               to               IRS               Form               1040               Schedules               C,               E               or               F.

Two               general               types               of               indebtedness               
               The               two               general               types               of               indebtedness;               recourse               and               non-recourse               debt               are               distinguished               by               personal               liability.

A               borrower               is               personally               liable               for               recourse               debt;               they               do               not               alternatively               have               the               same               personal               obligation               in               the               case               of               non-recourse               debt.

Taxable               income               arising               from               the               cancellation               of               recourse               debt               can               occur               whether               or               not               property               is               returned               or               surrendered.

Surrendering               property               in               full               or               partial               payment               of               a               recourse               debt               is               actually               treated               as               a               "sale"               of               that               property               at               "fair               market               value".

Debt               income               is               usually               "generated"               when               the               cancelled               or               forgiven               amount               of               money               owed               exceeds               the               value               of               the               property               surrendered               in               payment               of               the               outstanding               debt.

Thus,               repossession               and               foreclosure               are               both               treated               as               a               sale               or               exchange               of               property               and               the               rules               of               gain               or               loss               consequently               apply.

Similarly,               in               the               case               of               recourse               debt               secured               by               abandoned               property,               ordinary               taxable               income               can               also               be               realized               if               the               debt               is               cancelled.

Alternatively,               any               money               realized               from               the               sale               of               property               to               satisfy               non-recourse               debt               is               considered               the               amount               of               debt               cancelled;               there               is               no               excess               amount               over               fair               market               value               recorded.
               There               are               exceptions!


               There               are               several               exceptions               where               the               reporting               of               taxable               income               from               cancellation               of               debt               does               not               apply.

There               is               no               taxable               income               derived               from               situations               where               the               cancellation               of               an               outstanding               debt               is               intended               as               a               gift               or               represents               deductible               debt.

In               the               latter               case,               there               is               no               perceived               debt               income               if               the               paid               debt               would               have               been               a               deductible               tax               item,               such               as               a               business               expense,               if               it               had               been               a               non-recourse               loan               (discussed               above),               or               some               student               loans               with               special               contract               provisions               regarding               the               performance               of               services               in               lieu               of               full               payment.

Similarly,               cancellation               of               debt               in               a               bankruptcy               proceeding,               qualified               farm               or               real               property               business               indebtedness,               or               specific               situations               where               an               individual               proves               their               insolvency               immediately               before               discharge               of               the               cancellation               of               debt               do               not               generate               taxable               debt               income.
               Two               information               documents               are               used               when               reporting               cancellation               of               debt;               the               IRS               Form               1099-A,               Acquisition               or               Abandonment               of               Secured               Property               and               the               IRS               Form               1099-C,               Cancellation               of               Debt.

The               proper               reporting               of               either               of               these               documents               on               an               income               tax               return               is               best               left               to               an               experienced               tax               preparer.

Do               NOT               overlook               COD               events               when               filing               your               return.

For               more               information,               visit               the               IRS               website,               IRS.gov.
               References               
               Internal               Revenue               Service,               www.irs.gov/formspubs/index.html,               Forms               and               Publications






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    1. graduallygettingwealthy.wordpress.com/   10/05/2012
      ... by student loan debt is... on the indebtedness list for a long...a very frugal student). Oh, and apply for...tackle those loan payments...
    2. shine.yahoo.com/blogs/author/ycn-1208713/   11/20/2012
      ... very, very different. There s been a lot of attention paid to student loan indebtedness, says Catherine Hill, Ph.D., AAUW s director of research and co-author of the recent...
    3. sdmisra.wordpress.com/   05/07/2010
      ...the possibly diminished advantage in lifetime earnings, the increase in student loan indebtedness may present greater financial dilemmas for college graduates...
    4. lawprofessors.typepad.com/legal_skills/   04/05/2012
      ...students have returned to school, further driving up their indebtedness. Average student loan debt recently topped $25,000, up 25 percent in 10 years. And the...
    5. improvinghighereducation.wordpress.com/   09/19/2011
      ... , debtors , debts , discharge , education , financing , higher , indebtedness , lenders , loans , students , undue hardship , university
    6. mediamatters.org/blog/   04/23/2012
      ...students have returned to school, further driving up their indebtedness. Average student loan debt recently topped $25,000, up 25 per cent in 10 years. And the...
    7. cnvproductions.blogspot.com/   05/15/2009
      ...It's difficult for me to understand why we can't treat student loans the way we treat some other indebtedness." Since the law stopped allowing private student loans...
    8. thenewfacultymajority.blogspot.com/   11/12/2011
      ...the same burden of student indebtedness. It's time to join ... also International Students Day , established...a quick history on student loan law. Mike Konzcal graphed...
    9. aspanational.wordpress.com/   05/29/2013
      ...and a comfortable lifestyle, but the constant indebtedness of student borrowers has become... cost in tuition and student loan interest rate expected to double...
    10. themoneycoach1.wordpress.com/   12/01/2009
      ..., and get their student loan payments greatly reduced...loans – and they can cancel out your loan indebtedness. To start the process of claiming...



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    About 'loan students'|David Dayen: Student Loan Servicers, Like Mortgage Servicers, Failing to Inform Borrowers of Cheaper Payment Modifications







    About 'loan students'|David Dayen: Student Loan Servicers, Like Mortgage Servicers, Failing to Inform Borrowers of Cheaper Payment Modifications








    Unemployment               paid               off               my               student               loan               No               one               feels               the               pinch               of               the               economic               meltdown               more               than               new               grads.

    While               the               responsibilities               are               myriad,               both               real               and               imagined,               the               enormity               of               the               burden               is               too               big               to               comprehend.

    I               read               Ben               Carson's               Gifted               Hands               while               in               junior               grad               and               I               believed               I               would               make               it.

    Stories               of               the               super               rich               who               quit               school,               the               young               millionaires               in               the               leagues               of               Mark               Zuckerberg               all               but               made               the               picture               even               more               promising.
                   All               the               hope               however               faded               when               I               graduated               with               a               degree               in               Aeronautical               Engineering               with               stellar               grades               and               $18,500               in               student               loans.

    Writing               in               The               Economist               (2009),               Austin               writes,               "Students               can               borrow               tuition               fees...but               will               end               up               like               older               siblings,               saddled               with               debt."               My               parents               had               separated               while               in               my               second               year               in               college               and               the               protracted               divorce               proceedings               only               but               drained               the               whole               family.

    Here               I               was               therefore,               with               a               degree,               estranged               parents               that               I               could               not               go               to,               at               the               height               of               the               Patriot               Act               implementation               (my               religious               orientation               never               helped)               and               a               ballooning               loan!
                   The               import               of               this               article               is               not               to               narrate               my               aerial               castles,               but               to               share               the               joy               and               realization               that               two               years               down               the               line,               I               am               free               to               invest               and               start               my               life!

    I               managed               this               without               my               aeronautical               engineering               degree               since               the               only               resources               required               of               me               were               internet               availability,               a               computer               and               some               80hrs               per               week.

    In               the               intervening               period,               I               learnt               the               following:
                   a)               Understand               the               level               of               your               indebtedness.

    This               is               easier               said               than               done,               but               an               analysis               of               debt               and               one's               situation               will               always               come               in               handy.
                   b)               Stop               digging.

    Don't               incur               more               debt.

    Forego               the               car,               parties,               big               house               and               its               trappings.

    It               will               be               paramount               for               one               to               continue               living               as               a               student,               even               sharing               an               apartment               to               ward               off               unwanted               fat               on               personal               indebtedness.

    I               learnt               how               to               shave,               having               practiced               this               on               my               roommate               after               college.

    Of               course               he               did               the               same               too!!!

    After               repayment,               one               can               then               afford               a               few               extras.
                   c)               Saving               is               the               best               way               to               ward               of               debt.

    I               was               able               to               accumulate               $21,000               in               six               months.

    This               obviously               was               a               feat               for               an               unemployed               like               me,               and               the               first               thing               I               did               was               to               repay               my               student               loan.
                   d)               The               loan               was               worth               it               since               it               helped               me               get               my               degree,               which               I               am               happy               to               report               has               earned               me               a               job               in               the               aviation               industry.

    After               two               years               in               the               cold!

    "Tips               for               negotiating               (my)               first               salary,"               (Weiss,               2007)               came               in               handy               here.
                   References
                   Austin.

    Students               and               Universities               are               strapped               for               funds,               with               little               relief               in               sight.

    The               Economist,               (April               23,               2009).

    Retrieved               February               18,               2011               http://www.economist.com/node/13527458
                   Tara               Weiss.

    Tips               for               negotiating               your               first               salary.

    Forbes,(6/1/2007).

    Retrieved               February               18,               2011               http://www.msnbc.msn.com/id/18743312/ns/business-forbescom/






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    1. rightcoast.typepad.com/rightcoast/   11/19/2013
      The Atlantic, All of a Sudden Students Have Stopped Paying Their Loans, Again—Why? : via taxprof.typepad.com Not so good.
    2. education-legislation.blogspot.com/   10/30/2013
      ...set the interest rates charged to borrowers of federal student loans made through the William D. Ford Federal Direct Loan (DL) program. 1 You asked...
    3. shine.yahoo.com/blogs/author/ycn-1528238/   08/06/2013
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    4. nursingnotesofdiscord.blogspot.com/   10/04/2013
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    5. uwecinthenews.blogspot.com/   10/15/2013
      Alumnus Sara Graves is quoted in the Oct. 17 Capital Times story " Wisconisn Democrats pitch 'Higher Ed, Lower Debt' student loan relief bill. "
    6. studentdebtanonymous.blogspot.com/   10/11/2013
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    7. venturebeat.com/   10/02/2013
      ... capital coming from alumni and community investors. Student loan guarantor ECMC Group made the most recent investment of $30 million, pushing the company...
    8. alleducationmatters.blogspot.com/   10/03/2013
      ...have now popped up. Here's the latest one - forgiving your student loans! Sounds awesome, right? Yeah, if it sounds awesome, then it's too good...
    9. mediamatters.org/   07/01/2013
      ...automatic doubling of federal student loan interest rates, broadcast and cable... passed a party line student loan plan of its own, primetime and weekend television...
    10. www.nakedcapitalism.com   09/04/2013
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    11. Loan Students - Blog Homepage Results

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    2013년 11월 29일 금요일

    About 'where can you get a student loan'|... to a point where they are lazy...we do if one of us gets arrested What...still in college w/ student loans to pay. But sometimes...







    About 'where can you get a student loan'|... to a point where they are lazy...we do if one of us gets arrested What...still in college w/ student loans to pay. But sometimes...








    Millions               of               Americans               find               themselves               carrying               student               loans.

    Some               students               graduated               and               carry               the               financial               debt               as               an               investment               in               their               education,               while               others               carry               student               loans               for               semesters               they               completed,               but               did               not               earn               the               degree.

    Whatever               the               reason,               managing               student               loan               payments               can               be               difficult               for               former               students.

    In               recent               surveys,               many               people               paying               back               student               loans               report               that               their               payment               exceeds               rent               or               mortgage               costs.

    So               what               do               you               do               if               you               fall               on               hard               times?

    Deferrment               is               possible,               as               is               forbearance;               both               are               ways               to               stop               your               required               loan               payment,               but               these               are               temporary               measures.

    Student               loans,               unlike               other               forms               of               debt,               are               not               dischargable               during               bankruptcy.

    This               means               that               even               if               you               filed               bankruptcy,               you               are               still               responsible               for               the               loan               payments,               no               matter               what               your               circumstances.
                   Thare               are               ways               to               get               part               or               all               of               your               student               loans               discharged,               or               taken               off               your               record.

    These               are               legal               methods,               and               many               people               do               not               know               the               various               ways               that               the               government               legally               allows               you               to               get               rid               of               student               loan               debt.
                   1.

    If               you               are               declared               100%               disabled               or               die,               you               or               your               heirs               do               not               need               to               repay               student               loans.

    This               is               important--if               you               were               to               die               suddenly,               does               your               family               know               that               they               do               NOT               have               to               repay               your               loans?

    Make               sure               they               know               this.

    If               you               are               in               an               accident               or               become               ill               with               a               long-term               chronic               illness               that               makes               it               impossible               for               you               to               work,               you               can               apply               to               have               your               student               loans               discharged               as               well.

    You               credit               will               not               be               harmed               by               a               disability               discharge.
                   2.

    If               the               school               you               attend               closes               before               you               can               complete               your               program,               you               are               not               responsible               for               your               student               loans,               and               do               not               need               to               repay               them.

    The               loans               are               cancelled               in               full,               and               your               credit               report               is               not               harmed               by               this.
                   3.

    You               can               join               the               Peace               Corps,               VISTA,               or               teach               for               five               or               ore               years               in               a               designated               low-income               school,               and               get               up               to               $5,000               for               teaching.

    The               Peace               Corps               and               VISTA               give               you               15%               of               your               loans               EACH               YEAR               you               are               part               of               their               programs;               while               the               pay               is               low               for               these               programs,               the               15%               off               your               student               loans               goes               directly               to               the               loan               agency,               and               you               have               peace               of               mind               knowing               that               part               of               your               loans               are               repaid.
                   4.

    A               hardship               hearing.

    If               you               declare               bankruptcy,               student               loan               debt               is               not               discharged.

    However,               you               can               request               a               special               "hardship               hearing"               where               you               present               your               case               to               a               special               judge,               explaining               why               repaying               the               loans               would               be               an               undue               hardship.

    Only               a               very               small               percentage               of               people               successfully               discharge               their               loans;               talk               to               a               bankruptcy               lawyer               for               more               information               on               this               option.
                   5.

    "False               certification."               If               you               can               prove               that               a               school               misled               you               into               thinking               that               you               would               benefit               from               their               program,               and               the               loans               or               debt               you               took               out               was               a               result               of               such               promises,               under               certain               guidelines               your               loans               can               be               discharged.
                   One               important               note:               the               worst               thing               you               can               do               is               to               default               on               your               college               debt,               and               go               into               delinquency.

    If               you               do               not               make               payments               for               240               days,               your               entire               balance               is               due.

    If               you               go               270               days,               your               account               is               considered               to               be               in               default.

    This               means               you               lose               all               future               federal               financial               aid.

    The               government               can               act               legally               against               you,               and               you               can               lose               your               income               tax               refunds--the               money               is               put               toward               your               student               loans               owed.

    Default               and               delinquency               are               very               serious,               and               can               hurt               your               credit               record               for               ten               or               more               years.
                   To               learn               more               about               these               options,               go               to:               http://studentaid.ed.gov/students/publications/repaying_loans/2003_2004/english/loan-discharge-cancellation.htm






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