find student loan account number for irs

To find out how, visit www.irs.gov and type “account transcript” in the search If you try to discharge your student loans in one of the federal courts. How to get a Tax Return Transcript online · The telephone number for a mobile phone registered to taxpayer · The taxpayer's credit card number or loan account. Primary borrowers who made qualifying payments in 2021 may receive an Internal Revenue Service (IRS) Form 1098-E from both Wells Fargo and Firstmark Services.

: Find student loan account number for irs

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find student loan account number for irs

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Your Account Number

In response to today's need for heightened protection of personal data, we take as many measures as possible to safeguard your account information. For example, we will assign you a unique 10-digit account number to use in place of your Social Security number on most forms and correspondence.

You will need your 10-digit account number when you:

  • Fill out most AES forms and applications.
  • Make a payment by phone, check, or money order.
  • Speak with a customer service representative.
  • Send us a letter or any other written correspondence.

Please note: On occasion, we may still ask for your Social Security number for verification purposes. To protect your security, please do not put your Social Security number on correspondence unless we specifically request it.

Please pay close attention to which number each form requests.

Where to Find Your Account Number

  • On your billing statement
  • On correspondence about your account
  • In the top right corner of your online account once logged in

Need More Info?

If you have questions or concerns, please contact us.

Источник: https://www.aessuccess.org/manage/your_account/your_account_number.shtml

To help determine if you are eligible for education tax credits or deductions, please visit the IRS's Interactive Tax Assistant.

This is general overview of the education tax credits and deductions offered by the Internal Revenue Service (IRS) and not intended to be tax, financial or legal advice. We encourage you to consult a tax professional to determine if you qualify for any credits or deductions. Discover Student Loans is not associated with the IRS.

Tax Credits

There are two tax credits available to help pay for college: the American opportunity tax credit (formerly the Hope Credit) or lifetime learning credit. There are income limits that affect eligibility. You can use the credit for qualified education expenses as defined by the IRS.

Use this chart to compare some of the differences between the credits side by side. Visit irs.gov for full details.

American Opportunity Tax Credit (AOTC)
Lifetime Learning Credit (LLC)
The credit can be applied to the first four years of college, up to $2,500 annually per eligible student. It can also be used for books, supplies and equipment. 
The credit can be applied to all years of college and/or courses for job skills, up to $2,000 annually.
May not claim the AOTC or former Hope Credit for more than four tax years.
No limit on the number of years you can claim the credit.
Student must be pursuing a degree or other recognized education credential at an eligible institution.
Student must be taking a course/courses to get a degree or other recognized education credential or to get/improve job skills.
Student must be enrolled at least half-time for one academic period that begins during the tax year.
Student does not have to be enrolled at least half-time. The credit is available for one or more courses.

Tax Deduction

The Student Loan Interest Deduction lets you deduct the interest you paid on qualifying student loans for yourself, your spouse or your dependent when you took out the loan. You can deduct up to $2,500 of interest paid annually, which is gradually reduced and phased out based on income limits.

Please also see IRS Publication 970 for more information or call the IRS at 1-800-829-1040 (TTY 1-800-829-4059).

Источник: https://www.discover.com/student-loans/college-planning/for-parents/financing-college/tax-benefits

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How do bridge loans work?

A bridge loan is an interim or auxiliary loan issued by a bank for a period of up to 1 year at a fairly high interest rate to cover the borrower's current obligations. Usually such a loan is a temporary measure until funds are available from the main source of financing. Such a loan can be taken out by both individuals and legal entities. It is especially widespread in the field of venture capital financing, which is an investment in a business in order to receive a percentage of the total profits in the future.

How to calculate a loan payment?

First of all, you need to know under what scheme you have to pay the loan: annuity or differential. Each of the schemes has its own formula, which can be found in a couple of seconds on the Internet. The repayment scheme is spelled out in the contract. You also need to know the basic terms of the loan, including the interest rate, and any additional payments.

How to check loan status?

You can check the status of the loan using specific tools offered by the financial institution you choose. As a rule, the most common tools to check the loan status are a call to the hotline, SMS request, request via messengers (Viber, Whatsapp, Telegram) or logging into a personal account on the website.

In lending industry, subprime loan means lending to individuals who have difficulties with meeting repayment schedules or other key terms of the loan agreement. Borrowers with a FICO score below 600 are usually considered subprime, although this threshold changes over time and other criteria are added to it.

What are the best online payday loans?

It is very difficult to keep track of all the offers in such a popular segment as payday loans. Because of the huge number of options, often differing only in nuances, it is possible to choose goof offers only with the help of so-called aggregator sites. Here you can see all the offers by different credit organizations, compare them and choose the most suitable for you with the help of convenient filters and a credit calculator.

How do i qualify for a fha loan?

To be able to apply for an FHA (Federal Housing Administration) loan, you must meet some strict requirements. Specifically, your FICO (Fair Isaac Corporation) score must come within 500 to 579 with 10 percent down or 580 and higher with 3,5 percent down. Also you should demonstrate verifiable history of employment for previous 2 years.

What is a consolidated loan?

A consolidated loan is a form of debt refinancing that involves taking one loan to pay off many others. It usually refers to individuals facing consumer debt problems. The consolidation process can provide a lower overall interest rate for the entire debt load and provide the convenience of servicing only one loan or debt.

A non-QM (Non-Qualified Mortgage) loan is a mortgage loan designed for borrowers who cannot qualify for a standard mortgage. Non-Qualified Mortgage loans are assessed using non-standard evaluation methods, usually without regard to credit score and similar criteria applied to Qualified Mortgage loans.

A VA loan is a mortgage loan secured by Veterans Benefits Administration that is designed for U.S. military veterans and certain members of their families. It is important to understand that the Veterans Benefits Administration is not a lender, it only supervises terms and conditions of VA loans issued by private lending institutions, including banks.

How can i get a bad credit loan?

By saying 'bad credit loans' we mean loans for people with bad credit history or no history at all. As a rule, they involve higher interest rates and more restrictions when compared to regular loans. The reason is that bad credit history means more risks creditor. Yeah, that simple. By the way, 'bad credit loan' is an unofficial name for such type of loans, so don't expect to find them among credit companies' services.

How many times can i use a va loan?

A VA loan represents a mortgage loan guaranteed by the Department of Veterans Affairs (VA) of the United States. The program is for veterans, various military personnel currently doing military service in the army, reservists and spouses (provided they do not remarry). It can be used to buy single family houses, condominiums and apartment buildings, as well as for building new houses. You can apply for a VA loan multiple times, as long as you meet the above requirements.

How to calculate a loan payment?

The basic way is to break down your balance by month and apply the interest rate you consider. However, this leaves amortization and additional options, such as insurance, behind the scenes. Moreover, there are two methods of calculating a loan payment: annuity and differential, each with its own formula. To make things easier, you can use a free loan calculator.

Broadly speaking, a security loan is a credit granted by a financial institution against the security of the borrower's property or assets. A security loan, in turn, has several varieties and classifications, in particular, regulating the extent to which the borrower is liable to the lender in the event of default.

How much is down payment for conventional loan?

The minimum amount of down payment for a conventional loan is 3% of the loan amount. However, as a rule, this figure is higher, because credit history and other factors are taken into account, which increase the risks for the lender and require appropriate compensation.


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The impact of filing status on student loan repayment plans

The tax liability of a couple filing MFJ with $100,000 of taxable income is $13,717. The tax liability of a married individual filing separately with $50,000 of taxable income each is $6,858.50, exactly one-half of the tax liability of the MFJ couple.

However, the tax liability of a married couple filing separately with $80,000 and $20,000 of taxable income is $13,458 and $2,206, respectively. The total tax liability of $15,664 is $1,947 greater than if the couple file MFJ. The additional tax liability results from the lower-income spouse's not fully utilizing the 12% marginal rate and the higher-income spouse's paying tax on a larger amount at the 22% marginal rate.

In addition to changing the way a married couple calculate their tax liability, choosing MFS affects the availability of certain credits, deductions, and exclusions. The MFS status prevents the taxpayer from taking the following credits:

  • Credit for child and dependent care expenses;5
  • Earned income tax credit;
  • Adoption credit;6
  • American opportunity credit and lifetime learning credit (education credits); and
  • Credit for the elderly or disabled (if the taxpayers lived together at any time during the year).

Other limitations involving education-related provisions that affect taxpayers choosing MFS include:

  • Neither can take the deduction for student loan interest or the tuition and fees deduction; and
  • Neither can exclude interest income from qualified U.S. savings bonds used for higher education expenses.

Other deductions, exclusions, and credits affected by reduced income levels that apply to MFS taxpayers include:

  • The income exclusion amount under an employer's dependent care assistance program is limited to $2,500 ($5,000 on a joint return);
  • The phaseout levels for the child tax credit, credit for other dependents, and retirement savings contributions credit are one-half of those for a joint return;
  • The capital loss deduction limit is $1,500 ($3,000 on a joint return); and
  • Both spouses must either take the standard deduction (one-half of the joint amount), or both spouses must itemize.

The prohibition on deducting student loan interest expense when choosing to file separately affects taxpayers with student loans and modified adjusted gross income under $170,000.7Higher-taxable-income taxpayers approaching the student loan phaseout range are in the 22% marginal rate. For these taxpayers, losing the $2,500 student loan interest deduction increases their tax liability by $550.

After a couple have a child, the loss of the child care credit will increase the tax cost of MFS. The child care credit is $600 for one child ($3,000 of expenses at a 20% rate) and $1,200 for two or more children ($6,000 of expenses at a 20% rate) for couples MFJ with income in excess of $43,000.

Income-driven repayment plans

Developed as an option to make student loan repayment more manageable, income-driven plans reduce monthly payments for borrowers with low incomes or large balances. Of the four income-driven plans available, three consider filing status (PAYE, IBR, and ICR plans). The plans differ regarding student loan type, the timing of the borrowing, the required payment calculation, and when the remaining loan balance is forgiven. The fourth income-driven plan, REPAYE, uses total family income regardless of tax filing status. This exhibit includes detailed information regarding the types of federal student loans eligible for each income-driven repayment plan.

PAYE Plan

The PAYE Plan is available for Direct Loans8 only (including most direct consolidation loans), and borrowers must have received a disbursement of a Direct Loan on or after Oct. 1, 2011. Payments under the plan are limited to 10% of the borrowers' discretionary income. The plan caps the payment amount so it cannot be more than under a 10-year standard repayment plan. Remaining loan balances are forgiven after 20 years of repayment.

Discretionary income is defined as household income above 150% of the federal poverty level based on the borrower's family size and state of residence. Household income is generally defined as the borrower's adjusted gross income (AGI) on his or her most recent tax return. If a married borrower files a joint tax return, then household income is the couple's joint AGI.

IBR Plan

The IBR Plan is available for Direct Loans and most Federal Family Education Loans (FFEL loans). The FFEL loans that are not eligible for the plan are parent PLUS Loans and Consolidation loans that include at least one parent PLUS Loan.

The original IBR Plan became available in July 2009. The Health Care and Education Reconciliation Act of 20109 revised the plan for new borrowers on or after July 1, 2014. The original IBR Plan limits payments to 15% of the borrower's discretionary income, capped at the payment amount determined under a 10-year standard repayment plan with remaining loan balances forgiven after 25 years of repayment. The revised IBR Plan limits payments to 10% of the borrower's discretionary income with the same cap, with remaining loan balances forgiven after 20 years of repayment.

Discretionary income is defined as household income above 150% of the federal poverty level based on the borrower's family size, the same calculation as for the PAYE Plan. Household income for a married borrower is the borrower's AGI, if MFS, and the joint AGI of the borrower and his or her spouse, if filing MFJ.

ICR Plan

The ICR Plan is available for Direct Loans, including Direct Consolidation Loans. The ICR Plan allows the Direct Consolidation Loans to include parent PLUS loans and FFEL loans. This is the only income-driven plan available to parent PLUS Loan borrowers (after loan consolidation). The plan forgives remaining loan balances after 25 years.

Payments under the plan are equal to 20% of the borrower's discretionary income, subject to a cap. The cap equals the amount the borrower would pay under a standard repayment plan with a 12-year repayment period, adjusted using a formula that takes the borrower's income into account. Discretionary income is defined as household income above the federal poverty level based on the borrower's family size and state of residence. Household income for a married borrower is the borrower's AGI, if MFS, and the joint AGI of the borrower and his or her spouse, if MFJ.

REPAYE Plan

The REPAYE Plan is available for Direct Loans including most Direct Consolidation Loans. Payments are limited to 10% of the borrower's discretionary income. Unlike the other income-driven plans, the payment is not capped. Remaining loan balances are forgiven after 20 years for undergraduate borrowers and 25 years for graduate borrowers.

Discretionary income is defined as household income above 150% of the federal poverty level based on the borrower's family size and state of residence. For this plan, household income for a married borrower includes the joint AGI of the borrower and his or her spouse, regardless of their tax filing status.

Tax cost compared to loan repayment savings

To gain a better understanding of the impact of MFS on the income-driven plan repayment amount compared with the tax cost of MFJ, this article calculated the tax cost of MFS and the difference in loan payments for MFJ and MFS for various fact patterns. The tax difference is based on 2019 tax rate schedules. The loan repayment difference uses repayment calculations from the Loan Simulator provided on the Federal Student Aid website.10 The calculation used a 5% interest rate for the loans and a 2% increase in yearly earnings (the website's default percentage increase).

A recent CBO study reports that undergraduate borrowers in income-driven and fixed payment plans had received, on average, $25,100 and $18,500, respectively, of loan disbursements.11 For a dependent undergraduate student, the current aggregate limit for federal loans is $31,000.12 Graduate students currently enrolled in income-driven plans received an average of $92,000 in loans.13 Based on these statistics, the loan payments and tax cost for the following married couples with no children are evaluated:

  • Both spouses with student loans, $25,000 each, total student loans $50,000, student loan interest $2,500.
  • One spouse with student loans, $90,000 total, student loan interest $4,500 (tax deduction limited to $2,500 for MFJ).

The examples used joint annual income levels ranging from $60,000 to $140,000 with varying combinations of income levels between spouses. These income ranges were chosen for a number of reasons. First, the student loan interest deduction of up to $2,500 for a married couple filing jointly begins to phase out at AGI levels over $140,000. For married couples filing jointly with children, the child and dependent care credit percentage becomes constant at 20% for married couples with AGI of $43,000 or higher. Also, for married couples filing jointly, the earned income tax credit for a couple with two children completely phases out at $52,500.

Married, no children, both spouses have student loans

Table 1 summarizes the results for taxpayers with no children when each spouse has individual loan amounts of $25,000. The results show that, as a broad generalization, as total income increases, the net benefit of the income-driven plans decreases, and eventually the tax cost of MFS exceeds the loan repayment savings.

The tax difference between MFJ and MFS with no children is attributable to the deduction for student loan interest on the MFJ return, which is not allowed when MFS, and the difference in marginal tax rates when the income levels of the two spouses differ. The difference in the loan repayment amount is attributable to the loan balances, the difference in individual income levels, and the loan program.

When both spouses have loans, the tax cost is lowest when the spouses' incomes are relatively equal. With relatively equal incomes, the only tax cost of MFS is the tax savings associated with the student loan interest deduction that is allowed when MFJ. As the difference between the spouses' incomes grows, the tax cost of MFS increases due to the increased marginal tax rate of the spouse with the higher income.

As the income of one spouse increases, the MFS loan payment for that spouse increases while the MFS loan payment for the spouse with the lower income decreases. The respective payment increase and decrease are not the same. Depending on the loan amount, at some income levels the PAYE and IBR payments are capped at the Standard Payment amount. At $20,000 of income, the MFS payment amount under the PAYE and IBR plans is $0.

In general, for couples with less than $100,000 of total income, the payment savings from using individual incomes instead of joint income in the PAYE, IBR, and ICR income-driven plans exceeds the tax cost of MFS.

Married, with children, both spouses have student loans

Tables 2 and 3 show the impact of adding one child or two children, respectively, to the family. The tax calculations assume a $2,000 child tax credit (per child) and a child care credit of $600 (one child) or $1,200 (two children). When calculating the MFS tax liability, the child tax credit reduces the tax liability of the taxpayer with the larger income. The MFJ tax computations assume the taxpayers incur child care costs that result in a $600 or $1,200 child care credit for one child or two children, respectively. The child care credit is not allowed if the couple file separately. Losing the child care credit increases the tax cost of MFS by $600 and $1,200 for taxpayers with one child or two children, respectively.

The increase in family size reduces the loan repayment amount in most cases. The median reduction under the PAYE or IBR plans is $56 per month for one child (range from $0 to $112 per month). Family size has less impact on the ICR payment amount with a median reduction of $0 (range from $0 to $46 per month). Increasing the family size to four (from three) reduces the PAYE or IBR payment by a median of $56 per month (an additional $56 above the reduction, if any, for one child). The range is from $0 to $112 per month. The ICR payment is only reduced in four instances out of 14 (three reductions of $75 and one reduction of $150 per month).

Although the monthly savings from reduced loan payments when filing MFS increased in the majority of cases, the net savings after the tax cost decreased in the majority of cases. This result is due to the increase in the tax cost from the loss of the child care credit. With one child, the benefit of MFS remains constant through the $80,000 income level, but it is not certain at the $100,000 level and above. With two children, the loss of the $1,200 child care credit results in the net benefit from MFS remaining at the $60,000 income level but is not certain at the $80,000 income level and above.

Married, no children, one spouse with student loans

Table 4 shows the net savings or cost when one spouse has $90,000 of student debt, the average debt level for a graduate student. The total income level begins at $80,000 because at income levels below $80,000, there is a net benefit of MFS regardless of the percentage of income earned by the spouse with the student loan (assuming that the spouse without the loan earns at least $10,000). As the income of the spouse with the loans represents a larger percentage of the joint income, the net benefit of MFS decreases and ultimately results in a net cost.

The net benefit decreases as the income of the spouse with the loan increases because (1) the loan payment savings decline and (2) the tax cost of MFS increases. The tax cost increases as the spouses' income levels become more disparate. As the difference in the two incomes increases, the couple lose the benefit of the 12% tax bracket on a portion of their taxable income. This adds to the tax cost of losing the student loan interest deduction.

Tax planning for income-driven repayment plans

As the number of college graduates with large amounts of student loan debt increases, clients will expect their tax advisers to determine whether the reduction in loan repayment amounts under income-driven repayment plans is worth the tax cost of MFS. The following approach outlines the steps an adviser should consider in advising clients.

Estimate the student loan payment

Using a student loan repayment calculator, determine the required payments when filing jointly versus separately. The Federal Student Aid Loan Simulator is located at studentaid.gov/loan-simulator. This is the loan simulator used for the examples in this article, and it easily allows a change in the facts from MFJ to MFS.

Compare the tax liability

Most tax preparation packages provide an option comparing the tax liability for a married couple filing jointly versus filing separately.

Consider long-term consequences

This article focuses on a couple who chose an income-driven repayment plan and want to keep their student loan payments as low as possible. In addition to determining whether there is a net benefit from MFS, the tax adviser should remind the couple of the long-term consequences of choosing an income-driven repayment plan. Compared to the 10-year standard repayment plan, individuals will pay more interest under the 20- or 25-yearincome-driven repayment plans. The yearly earnings and loan balances of borrowers determine whether they will repay their loans in full. If the borrower has a remaining balance at the 20- or 25-year forgiveness point, the loan forgiveness is taxable under current law.

Tax planning to lower AGI

The income-driven plans determine the loan payment based on AGI. Lowering the AGI of the spouse with student loans or lowering the income of the higher-earning spouse if both spouses have loans can reduce the required student loan payment. Tax planning options for reducing AGI include contributing to a 401(k) plan, a traditional IRA, or a health savings account. Couples should also take advantage of pretax fringe benefits, including pretax health insurance benefits and transportation benefits.

Couples with children should consider using their employer's dependent care flexible spending program (limited to $2,500 for those couples filing separately). The amount contributed to the dependent care flexible spending program reduces taxable wages and lowers AGI. When a couple file jointly, the dependent care flexible spending contribution reduces the child care expenses eligible for the child care credit. If the couple's marginal tax rate is less than 20% (the child care credit percentage), then the couple are better off taking the credit. However, when an individual files MFS, the child care credit is not allowed, so the dependent care flexible spending contribution reduces AGI and provides a tax benefit at the individual's marginal tax rate.

While identifying options to reduce AGI is a good idea for most taxpayers, it provides a double benefit to those with income-driven student loan repayment plans. Taking advantage of tax planning opportunities to reduce AGI lowers the couple's tax liability whether they file MFJ or MFS. The lower AGI may also reduce their student loan payment under an income-driven repayment plan based on either joint or individual incomes.

Given the significant increase in student loans, tax advisers should have a basic understanding of the student loan repayment options available and the impact of tax filing status on loan payment amounts. For a young couple with debt levels used in our examples (starting at $30,000 in total debt), the loan payment savings under an income-driven repayment plan can exceed the MFS tax cost for combined salaries of up to approximately $100,000. Tax planning that reduces the AGI of the individual with the higher debt level increases the overall savings when the individual is using an income-driven repayment plan.

As the average student loan balance continues to rise, borrowers face larger monthly payments as they begin careers after graduation. In search of smaller monthly payments, many borrowers turn to income-driven repayment plans. Tax advisers can serve an important role in educating taxpayers about the impact of their tax filing status on their loan repayment calculation. By identifying tax planning strategies, tax advisers can help clients develop plans for paying off their student loans, taking into account their tax liability.  

Footnotes

1Congressional Budget Office,Income-Driven Repayment Plans for Student Loans: Budgetary Costs and Policy Options (February 2020), available at www.cbo.gov. For more on student loan debt, see Kelley and Eiler, "Student Loan Debt: Tax and Other Considerations," 51 The Tax Adviser 800 (December 2020).

2Center for Microeconomic Data, "Quarterly Report on Household Debt and Credit," available at www.newyorkfed.org.

3Congressional Budget Office,Income-Driven Repayment Plans for Student Loans: Budgetary Costs and Policy Options (February 2020).

4The Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, suspended student loan payments, stopped collections on defaulted loans, and set interest rates to 0% through Sept. 30, 2020. On Aug. 8, 2020, President Donald Trump directed the Department of Education to continue these measures through Dec. 31, 2020.

5Taxpayers who are legally separated or living apart from their spouse may still be able to take the credit when filing separately.

6Taxpayers who are legally separated or living apart from their spouse may still be able to take the credit when filing separately.

7The student loan interest deduction phases out for married couples filing jointly with modified adjusted gross income between $140,000 and $170,000 in 2019 (Rev. Proc. 2019-44).

8Direct Loans are made under the U.S. Department of Education's William D. Ford Federal Direct Loan Program. See U.S. Department of Education, "William D. Ford Federal Direct Loan Program," available at studentaid.gov.

9Health Care and Education Reconciliation Act of 2010, P.L. 111-152.

10U.S. Department of Education, Loan Simulator, available at studentaid.gov/loan-simulator.

11Congressional Budget Office,Income-Driven Repayment Plans for Student Loans: Budgetary Costs and Policy Options (February 2020).

12U.S. Department of Education, "The U.S. Department of Education Offers Low-Interest Loans to Eligible Students to Help Cover the Cost of College or Career School," available at studentaid.gov.

13Congressional Budget Office,Income-Driven Repayment Plans for Student Loans: Budgetary Costs and Policy Options (February 2020).

 

Contributors

Nancy B. Nichols, Ph.D., M.S. (Taxation), is the Journal of Accounting Education professor, and Irana J. Scott, Ph.D., is an associate professor, both at James Madison University in Harrisonburg, Va. For more information about this article, contact [email protected]

 

Источник: https://www.thetaxadviser.com/issues/2021/jan/student-loan-repayment-plans-impact-of-filing-status.html

Student Registration & Financial Services

Excess Financial Aid

When your financial aid exceeds the amount of the charges on your student account, you have excess financial aid. Sometimes this is referred to as an “overage.” The preferred method of getting this overage to you is by direct deposit. NOTE: If the overage is generated by a student loan, you may have borrowed more than is necessary and may want to cancel or return some or all of the loan funds.   

Direct Deposit

It’s faster—funds are available in your bank before any checks are issued.

It’s easier—you don’t have to make a trip to the bank to cash the check.

It’s safer—direct deposits rarely get lost in processing.

Sign up is easy using student e-Services. Register once and receive the benefits every time an amount is distributed to you from SCSU. With direct deposit all student payroll checks, refunds, and financial aid overage amounts are automatically deposited to your specified bank account using electronic funds transfer. Students who have signed up for direct deposit will no longer be issued paper checks.

The information you provide will not be disclosed to anyone outside the SCSU Business Office and the Bank.

Use the instructions below to sign up for direct deposit. You will need your bank routing number and account number to get started. You can find this information on the bottom of your check or your savings deposit slip.

  1. Login by entering your StarID and password
  2. Select either "Financial Aid" or "Student Payroll" from the left hand menu
  3. Select "Direct Deposit Setup"
  4. Select "ADD Direct Deposit Account"
  5. Enter your bank account type, routing number and account number
  6. Re-enter your password and select "Save"

Begin your Direct Deposit signup here.

Please note: If you have previously submitted a direct deposit signup form you will not need to follow the above process unless or until you want to update your bank account information.

If you have questions about your Electronic Funds Transfer information please stop by the SCSU Business Office, AS123 or call 320-308-4012.

Tax Information

Education Tax Benefits

The federal government offers several tax benefits for pursuing a college education including tax benefits, tax deductions, and exclusions from gross income. Visit the Minnesota Office of Higher Education’s website for more information on education tax benefits.

IRS Form 1098-T

IRS Form 1098-T will be issued to all qualified students with tuition and fee expenses paid each calendar year. The form is available online by signing on to your e-services account dashboard and consenting to download the form electronically, or the form will be mailed to the student's permanent address on file following each calendar year end. 

In order to withdraw your electronic tax form consent, you must send a written request to Minnesota State Colleges and University’s Tax Services that includes all the information requested in the Electronic 1098-T Tuition Statement Disclosure form. Please be aware that if you withdraw consent, you will not have access to your current or prior year 1098-T forms electronically. You will receive your 1098-T Tuition Statement via U.S. mail. It is your responsibility to make sure that your permanent address is up to date in your e-Services under the "Account Management" link.

Источник: https://www.stcloudstate.edu/srfs/finances/direct-deposit-tax-info.aspx

How to Avoid a Student Loan Tax Offset

If your federal student loans are in default, you might face a tax offset when tax season comes. The IRS could take some or all of your tax refund and use it to pay off your defaulted federal loans.

Below, we’ll fill you in on why tax offsets happen, and how. You’ll learn how to know if you’re facing a tax offset, as well as how to avoid one.

How to Find Out if You’re Facing a Tax Offset

You should receive a notice by mail if your tax refund is undergoing an offset. The IRS must issue a proposal for tax offset and allow you some time to respond.

If you never receive a notice from the IRS, they may not have the correct address on file. Unfortunately, you can’t challenge a tax offset on the grounds that you never received the proposal. Make sure the IRS has the correct address on file.

You can also contact the resources below to find out whether you’re facing a tax offset:

  • TOP 1-877-777-4778 – Contact the Internal Revenue Service if you feel your refund was offset in error. You can also use the IRS’s Tax Advocate Service at www.irs.gov/taxpayer-advocate.

How to Stop a Student Loan Tax Offset Before it Happens

When you receive a proposal for tax offset due to your student loans, you’ll have time to make some adjustments. Those adjustments could help you avoid the tax offset entirely. Below are some of your options if you want to try and avoid a tax offset before it happens.

Option 1: Request a hearing to challenge the offset.

Your first option is to request a hearing or review. This options is only valid if you feel the offset was initiated in error.

When you receive a proposal for tax offset due to student loans, you should check the information included against your own records and loan account statements. Make sure that everything aligns and makes sense. If there are errors, you can challenge the offset and request that the IRS takes another look.

Here are some reasons you could request a review hearing for your refund offset:

  • Incorrect loan balance or balances.
  • Unenforceable debt.
  • You’re eligible for TPD discharge.
  • Your loans aren’t in default.
  • You don’t owe the debt.
  • The debt was discharged.
  • You’re already in a debt rehabilitation program.
  • You’ve undergone a bankruptcy.

On your proposal for tax offset, you should find information about how to challenge the decision. You’ll typically need to fill out this form: Request for Review, which should have been sent to you along with your debt statement. File this form within 65 days of receiving the offset proposal notice.

You can also call the IRS using the contact resources listed above to make sure you understand how to proceed.

Option 2: Rehabilitate your loans.

You can also avoid a tax offset by agreeing to pay your debt, and creating a strategy for doing so. This is called rehabilitating your student loans.

If you and your loan servicer can agree on a reasonable and affordable payment plan, you can start making payments to get your loans back into good standing. A typical loan rehab with a loan servicer takes nine months. Any late payments will restart the recovery period.

After the rehabilitation is complete, you’ll likely go back to making larger payments on your student loans. However, you’ll no longer be in default or at risk of tax offset and wage garnishment. You can also alter your monthly payments by adjusting your income-driven repayment (IDR) plan.

If you’re not already enrolled in an income-driven repayment (IDR) plan, you should do so as soon as possible. You can qualify for more manageable monthly loan payments that will help you avoid tax offset in the future.

Additionally, you could have your loans forgiven after 25 years of on-time payments. You can complete an IDR plan request or adjust your current IDR plan at StudentAid.gov.

Option 3: Consider loan consolidation to get back in good standing

Most federal loans have the beneficial, built-in option of Direct Loan Consolidation. If you haven’t already consolidated your federal student loans, doing so could help you avoid a tax offset.

By consolidating your loan into the Direct Loan program, your loan is taken out of default and you are back in good standing.  This prevents a tax offset as you no longer have a defaulted loan, but the consolidation must happen well in advance of a pending tax offset.

Consolidation also allows you to make more manageable monthly payments with an adjusted IDR plan. Apply for Direct Consolidation Loan at StudentAid.gov.

Let Me See What My Income-Driven Payment Could Be

Option 4: Pay your loans off in full.

If you’re financially able to pay off your student loans in full, this is usually your best option. You can avoid the hassle of a tax offset and the added cost over time of debt rehabilitation or consolidation.

However, most people who are facing a tax offset for defaulted student loans aren’t able to pay off their loans in full.

It’s generally not in your best interest to take out a private loan to cover your federal loan costs and pay off your loans in full, just to avoid an offset; your private loan will likely come with higher interest rates, and it won’t have any federal repayment benefits.

Option 5: Seek professional help.

If you could lose a significant refund, or you’re depending on your tax refund to pay other essential costs, you might benefit from professional assistance.

You can hire a lawyer to help you challenge the tax offset process, but make sure it’s one who understands student loan and federal debt law.

You can also call 1-844-669-4407 to seek assistance from one of our vetted private companies.

Option 6: Wait and see.

Your final option is to do nothing. You can allow your tax refund to be offset in exchange for paying off some of your outstanding debts. If you choose to later on, you can file a claim that could allow you to recoup your tax refund (see below).

When and Why Do Student Loan Tax Offsets Happen?

Student loan tax offsets can occur when your federal student loans are in default, and you’re scheduled to receive a tax refund.

Tax offsets happen in other situations, too, including:

  • Past-due child support;
  • Unpaid tax obligations; and
  • Certain unemployment compensation debts.

Tax Offsets and Garnishments Are Legal

Student loan tax offsets are completely legal, and they’re a common way for the Department of Education to recoup its costs.

The U.S. Department of Treasury and Congress authorize the Bureau of the Fiscal Service to conduct a program called TOP (Treasury Offset Program).

Under TOP, the government can legally take your tax refund and use it to repay federal and state debts.

When You’re in Default

If your federal student loans are in default, it’s very likely you’ll receive a proposal for tax offset. Federal student loans generally go into default after 270 days of no-payment.

As mentioned above, the IRS must provide you with a written tax offset proposal, which allows you some time to respond. It also gives you time to adjust your loans in ways that might help avoid a tax offset, as we’ll discuss below.

When Your Spouse is in Default

Another time that you might face a tax offset is when your spouse has student loans in default. If you file your taxes jointly, your tax refund is payable to your spouse, too. That means that the IRS can use your refund to repay your spouse’s debts, and vice-versa.

Luckily, there’s a straightforward way to challenge this type of offset. If your refund was garnished because of your spouse’s debts, you can file an Injured Spouse Claim with the IRS. We’ll go into challenges more below.

How to Get Your Refund After a Student Loan Tax Offset

Even after a tax offset occurs, you might be able to get your refund. There are two primary ways of doing so: filing a financial hardship claim, and filing an injured spouse claim.

Prove financial hardship.

If you’re facing serious financial hardship, you might qualify for a tax offset refund. Note that just being unable to pay your bills doesn’t qualify as financial hardship.

According to ECMC (a major federal loan-holder), these are some of the reasons you might be able to claim financial hardship:

  • Exhausted unemployment benefits.
  • Eviction or foreclosure.
  • Utility disconnection or shutoff.
  • Homelessness.

If any of the above apply to you, you’ll need to provide documentation as proof.

If you know that ECMC is your student loan-holder, you’ll need to download, fill out, and submit their Tax Offset Hardship Request.

If your loan-holder is someone else, you’ll need to contact them to acquire the correct forms. If you’re not sure who your loan-holder is for your federal student loans, use the National Student Loan Data System (NSLDS) to find out.

File an Injured Spouse claim.

If you’re experiencing a tax offset because of your spouse’s debt, you may be considered an “injured spouse.” In this case, you can file an Injured SpouseClaim. Potentially, this could allow you to receive your portion of a joint tax refund.

To be considered an injured spouse, you must:

  • Have paid federal income taxes, or claimed a refundable tax credit.
  • Have filed a joint return, and you’re not responsible for the debt that created the offset

You’ll need to use form 8379 to file your injured spouse claim. For more guidance on Injured Spouse Claims, visit the IRS webpage.

What Happens After a Student Loan Tax Offset?

After TOP offsets your tax refund to repay your federal student loans, you should receive an additional notice. This final notice will let you know how the tax offset affected your loan balance or balances, and how to proceed going forward.

If you successfully disputed your tax offset, or if your debt was fully paid via the tax offset, it can take the IRS about eight weeks to clear your account.

As mentioned above, you should also take steps to avoid tax offsets happening in the future if you still owe a balance on your federal loans. Some solutions include enrolling in or updating your IDR plan, working with your loan servicer to rehab your debt, and consolidating your debt.

Tax Offset FAQs

Does a student loan tax offset affect my credit?

Having a student loan tax offset doesn’t directly impact your credit; in fact, it can help your credit if it helps you get out of default.

Can the IRS offset my taxes for private student loans?

No. The IRS and the Treasury Department cannot use your tax refund to repay private loan debt. A tax offset can only be used to recoup federal debts.

How do I know if my tax return will be offset?

You’ll know your tax return is going to be offset when you receive a notice (or “proposal”) from the IRS and Treasury Department. If you’ve recently moved, the IRS might have the incorrect address on file. Make sure you update your address with IRS. You can also call the IRS at

How can I challenge a student loan tax offset?

You can challenge a student loan tax offset before it happens by sending a Request for Review to the IRS.  Fill out this form and send it to the address included in your tax offset notice.

You can only do this if one of the following applies to you or your debt accounts:

  • Incorrect loan balance or balances.
  • Unenforceable debt.
  • You’re eligible for TPD discharge.
  • Your loans aren’t in default.
  • You don’t owe the debt.
  • The debt was discharged.
  • You’re already in a debt rehabilitation program.
  • You’ve undergone a bankruptcy.

How can I make sure my taxes aren’t offset if I’m in default?

If you’re in default on your federal student loans, there’s a very good chance your tax refund will be offset. To avoid a tax offset, you can try consolidating your loans with a Direct Consolidation Loan. You can also contact your loan servicer to set up loan rehabilitation, and enroll in an income-driven repayment plan.

What other types of tax offsets are there?

The IRS lists these debts for which your tax refund could be offset:

  • Past-due child support;
  • Federal agency non-tax debts;
  • State income tax obligations; or
  • Certain unemployment compensation debts owed to a state (generally, these are debts for (1) compensation paid due to fraud, or (2) contributions owing to a state fund that weren’t paid).

 

Источник: https://www.studentdebtrelief.us/student-loans/avoid-tax-offset-student-loans/

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