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Student Loans & Income Taxes

Anonymous
Posted by Anonymous
  • 10 Replies

When are you to start paying back the loans? I stopped my classes in Novemeber and I have not heard when I need to pay back my loans? Will they take my taxes already. Did you receive a notice before or after filing your taxes?


My cousin failed a class and that was in July. When income tax time came around, IRS did not take anything out of her taxes. 


I filed mine on the 4th. It was approved and ready for my bank the 12th.  A

Posted by Anonymous on Mar. 8, 2013 at 11:07 AM
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Replies (1-10):
littlemonaghan
by on Mar. 8, 2013 at 11:08 AM
It is normally 6 months from the end of schooling then bills become due.
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littlemonaghan
by on Mar. 8, 2013 at 11:09 AM
And for them to take you taxes your loans must be in default, not just delinquent. Check with the provider of your loan to see what the grace period is. Normally it is 6 months
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fraujones
by on Mar. 8, 2013 at 11:09 AM

6 months. Don't worry, they'll let you know! 

Anonymous
by Anonymous 1 - Original Poster on Mar. 8, 2013 at 11:10 AM

Awesome! Your help is greatly appreciated. 

Quoting littlemonaghan:

It is normally 6 months from the end of schooling then bills become due.


Anonymous
by Anonymous 1 - Original Poster on Mar. 8, 2013 at 11:12 AM

All of you are great! I need to contact them since I have not  heard anyhting about repayments.

cwahtomy
by on Mar. 8, 2013 at 11:29 AM
If you haven't heard from them just yet they'll usually send you a letter at least a month or two before. A good thing to ask them too is what kind of payment plan they put you on. And don't forget to keep track of how much you pay in interest over the year! It is after all a little bit of a tax break for you :-)
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OxbAbIebxO
by Gold Member on Mar. 8, 2013 at 11:31 AM
6 months after graduation usually. You should get something in mail telling you when and how much your payments will be.
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lindilouwho82
by on Mar. 8, 2013 at 11:34 AM

 Usually the Federal Loan department will send you a letter informing you that a payment is expected and when they expect said payment.

It depends on the type of loan:

-Stafford: 6 months after you graduate, withdraw, or drop below half-time. This loan type is eligible for subsequent deferment if you later return to school at least half-time, but there is only 1 six-month grace period.

-Perkins: Same as above, but grace period is 9 months.

-PLUS loan (for graduate students): This loan is eligible for deferment as long as you are in school at-least-half-time. This loan type goes into repayment immediately after you stop attending- THERE IS NO 6 OR 9 MONTH GRACE PERIOD.

-Federal Consolidation Loan: This loan is eligible for deferment as long as you are in school at-least-half-time. This loan type goes into repayment immediately after you stop attending- THERE IS NO 6 OR 9 MONTH GRACE PERIOD.

-PLUS loan (for parents): This loan goes into repayment as soon as it is fully disbursed. The student's enrollment does not matter. This loan type is eligible for a school deferment for as long as the PARENT is in school at-least-half-time.

-Private/Alternative loans: The terms vary. Read the loan agreement or ask the lender.

Superlaura328
by Platinum Member on Mar. 8, 2013 at 11:35 AM

Yeah, they'll only take your tax return if you default on your loan... if they've tried to collect and you haven't either paid or set up a deferrment, then they'll garnish your return. You're good, though, no worries!! :)

thetrollcat
by on Mar. 8, 2013 at 11:36 AM

all I can say is you are accumulating interest rates and your loans end up doubling the amount by the time you pay it back. I would pay it back immediately if I were you. Not sure how long it takes to get the first bill.

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