« How many student loan places should I apply to? | Main | student loan? »
student loan?
By admin | January 13, 2012
stace asked:
I had a medical emergancy and used some of my student loan that is subsidized to pay for it… Could I get in trouble for doing this? Also, do you have to report your loan for taxes? I’m way stressed about all of this. Please serious answerrs only.
Eagle Claw Fishing Rods
I had a medical emergancy and used some of my student loan that is subsidized to pay for it… Could I get in trouble for doing this? Also, do you have to report your loan for taxes? I’m way stressed about all of this. Please serious answerrs only.
Eagle Claw Fishing Rods
Topics: student loans |
January 16th, 2012 at 8:52 pm
Leftover student loans are to be used for education expenses including living expenses. A medical emergency would be considered a living expense since if you did not do it, you might not be living. You do not have to worry at all about it.
You need to talk to an accountant about tax situations.
January 17th, 2012 at 10:14 am
If you have satisfied all of your financial obligations with your school, then you may use your financial aid in any way the helps you continue with your schooling - keeping yourself healthy qualifies.
You do not have to report your loan on your taxes because it is not actual income or compensation for labor. You may be able use any interest paid on student loans to take a credit on your taxes if you like.
January 18th, 2012 at 12:54 am
The loan money is for you to be the best student you can be. If the tuition/books/etc were paid in full and you had funds left over, the funds are yours for whatever you need to invest in to continue going to school. Taxes? No need to claim financial aid benefits unless you are already in a tax bracket that is high enough to actually pay taxes rather than get a refund. Most students do not fall into the higher tax bracket and therefore do not claim financial aid loans. That’s what I’ve heard around campus, in any case. But I’m not a bona fide accountant, so check into it for sure!
January 20th, 2012 at 8:36 pm
Hello how are you? Well the first thing you should do is apply for scholarships and grants. This is because they are both sources of free college money that does not need to be paid back. Student loans should be last on the list if she can’t get a scholarship or grant. You can refer to my sources for more information about scholarships, grants and student loans. Good Luck.