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#1
12-12-2005, 01:41 AM
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Re: College Loans and Taxes
You do get to deduct some college loan payments off your taxable income, but the deductions phase out as your income increases, so it all depends on how much you made this year. A tax program like TurboTax or a CPA will be able to walk you through this.
As for reporting your income to your university, you have a simple choice. Either you report it honestly and see your financial aid cut (as it should be), or you lie and risk getting discovered. Depending on the university, you may risk all kinds of disciplinary action up and including expulsion. Your choice. 
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#2
12-12-2005, 01:47 AM
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Re: College Loans and Taxes
i wouldnt advise you to pay off your loans. youre probably getting them at a ridiculously low interest rate. you could invest your money that you would have used to pay off the loans and your ROI will excede your interest rate. not only that but your loan interest is probably tax deductible.
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#3
12-12-2005, 02:31 AM
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Re: College Loans and Taxes
[ QUOTE ]
i wouldnt advise you to pay off your loans. youre probably getting them at a ridiculously low interest rate. you could invest your money that you would have used to pay off the loans and your ROI will excede your interest rate. not only that but your loan interest is probably tax deductible. [/ QUOTE ] yeah this is basically what a lot of my professors have said
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#4
12-12-2005, 03:35 AM
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Re: College Loans and Taxes
[ QUOTE ]
[ QUOTE ] i wouldnt advise you to pay off your loans. youre probably getting them at a ridiculously low interest rate. you could invest your money that you would have used to pay off the loans and your ROI will excede your interest rate. not only that but your loan interest is probably tax deductible. [/ QUOTE ] yeah this is basically what a lot of my professors have said [/ QUOTE ] Take this route, works for me, also use turbotax to do taxes, it makes them SOOOOOOO easy
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