Government Debt Consolidation Loans – Update

nickloks asked:


Okay here is the situation, i have a 4 month old daughter and a girlfriend whom i both claimed on my income tax return, however my girlfriend whom i am claiming as a dependant owes 5,000 to the government due to a student loan. Is the government going to take my taxes to apply it to the student loan?? We are not married and we live in california mind you.

government student loans

agactual asked:


I am trying to get student loans through the government, for grad school, and I am not sure what is going on with my income status. My parents wanted me to fill out all of my future student loans on my own. They didn’t want to get involved anymore.

In the FAFSA it asked me to state how much money I made in 2008, which was $0. I didn’t have a job while I was finishing my last year as an undergrad. I paid most of my bills with student loans and money that I had saved up from a previous job. So it says that I am a low income student.

The problem is that while I made $0 last year and will probably only make $4000 this year, my parents, whom I still live with and may still claim me as a dependent, make a combined $100,000 a year. Even though I do pay most of my bills and make very little money, would I be lose the aid i was awarded or have to start the whole process over again, because of how much my parents make?

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Thoughts asked:


I have a student loan (from the government) which I’m trying to pay off as soon as possible. If my minimum payments are $100/month and If I pay double each month, am I prepaying each month or do the excess funds go towards the principal and I liquidate the loan twice as quick?

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