| Question |
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Are Student Loans considered income to the IRS?
If I get student loans in the amount of 34900.00, and put into a checking account (private student loan) is this income that I have to report?
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| By
noggle4 |
Posted on
08/29/06 Total Answers
9 |
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| Answers- |
| No it is a LOAN. You will have to report and gains from it, such as interest etc. |
| Answer by :
jphenor On Date
2006-08-29 08:51:54 |
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| I am Canadian, but I am 100% sure that student loans are not considered income here, and I seriously doubt they would be considered income down there! The government usually tries to give students a break! |
| Answer by :
Jolie On Date
2006-08-29 09:00:44 |
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| No, a loan is not income. |
| Answer by :
yahoohoo On Date
2006-08-29 09:04:17 |
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| nO |
| Answer by :
milliondollarssoon On Date
2006-08-29 10:19:28 |
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| No, but if you use the money for anything other than school (tuition, books, etc.) you have to report the money as income on Line 21 of your tax return. |
| Answer by :
Fool in the Rain On Date
2006-08-29 11:03:56 |
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| Yes and no, If you use the loan as for tution, it will not be concider income. But it does however help you use the intrest you pay as a deduction later on. And for now that your in school and u use it toward tution and books, it help you apply for a education credit on taxes. Yes it's income if you use it for boarding expenses and personal needs. |
| Answer by :
csabrinam On Date
2006-08-29 11:45:09 |
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| No the loan is not income. You should receive a form at the end of the year stating how much interest you paid to the financial institution you are paying the money back to and that is a credit on your tax return. Any interest you EARN on the money is taxable and you should receive a 1099-int from the financial institution you have the money in IF it is an interest bearing account. Check out the irs.gov website. There are many deductions and credits for college students. |
| Answer by :
in love with superman On Date
2006-08-29 12:45:30 |
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| A loan, student loan or not, is not income no matter what you use it for - a loan means you have to pay it back.
If you default on a loan and the lender writes it off, then you could become liable for tax on the amount written off since it could be considered as income. |
| Answer by :
Judy On Date
2006-08-30 19:08:10 |
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| I definately recommend http://www.consolidation-fixed-loan-rate.com They have a lot of good resources. |
| Answer by :
Shone On Date
2006-09-01 05:13:17 |
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