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LOANS » Best Lenders

Posted in Debt, IRS Tax Debt, Loans, Personal Loans, Tax

loans to pay off the IRS

Having tax debt is a major problem for a lot of taxpaying Americans, especially those who are self-employed or own their own business. The IRS does offer settlement options and extensions to pay off the debt, but not all taxpayers qualify. So what do you do if you need to pay off your tax debt and don't have the money? You could try taking out a loan. However, there are potential downfalls to taking this route.

What Loans Are Available?

If you're thinking of taking out a loan to pay off your tax debt, there are some options available to you:

  1. Personal loan: If you owe more than you can handle in tax debt, you might try a personal loan to pay back the debt then simply owe the bank. However, there are two potential problems with personal loans. One is that interest rates could rise if you secure it at a variable rate, making repayment more difficult. Also, if you don't have the best credit, you may not qualify for the loan, forcing you to try other options.
  2. Home equity loan: Another option that you may consider is a home equity loan. If you have equity available in your home, this is a good option because you will receive on lump sum that could help you not only pay off your debt, but also leave you with the possibility of receiving tax deductions. (Find other tax deductions you might have forgotten)

Is Taking Out a Loan a Good Idea?

Some wonder if taking out a loan is a good idea, considering that they already owe money. One way to determine whether it's worth it is to look at the amount of interest and penalties the IRS will tax you if you're late making payments - or even if you consider an installment agreement or settlement option - versus taking out a loan.

Since interest from the IRS is high and is compounded daily, and you could have a lien placed on your property or your wages garnish for tax debts, some determine that taking out a loan is a better option.

So do you think a loan is right for you? Again, it's a matter of looking at how much you owe, as well as the penalties and fees you might face versus the interest rates of a loan. Whichever one results in the lowest debt for you is the best route to take (if you're not sure how to make the calculations, consult a tax professional for assistance).

Make Sure You Owe the IRS as Little As Possible

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Posted in Loans, Student Loans

President Barack Obama has a plan to cut the federal student loan payments of millions of Americans. His plan, which was originally announced on Monday, would lower the top payment that a borrower could make above a specified amount.

The Basics of Obama's New Proposal

Under Obama's proposed plan, he would cap payments on federal student loans at 10 percent of a borrower's income above 150 percent of the poverty level for the borrower's family.

To better understand this idea, if you are head of a family of four, your federal poverty level would be $22,050. If you make less than 150 percent of this poverty level, which would be $33,075 (the set minimum), you would pay nothing on your students loans on a monthly basis.

However, if you make more than the set minimum then you will pay a monthly student loan amount that equals 10 percent of your income $33,075.

Originally, the same family would have had to pay what equals 15 percent of their income above $33,075.

Will the Reduction Make a Difference?

If you're wondering whether this adjustment will make a difference, here is an example proposed by Forbes Magazine:

  • Under the old plan: If a borrower has an adjusted gross income of $30,000 and owes $40,000 in student loans, he would pay off the debt for $170 (based on 15 percent of his income).
  • Under the new plan: If the borrower pays back his loans under the new plan, he would pay back $115 a month (based on 10 percent of his income).

Either plan is more affordable than what the borrower would have to pay without caps, which would be $460 a month over 10 years.

Another adjustment in proposal is that the debt, if not paid off in 20 years - assuming that the borrower has made qualified payments over this time - will be forgiven. This was adjusted from a 25-year period.

How do you feel about the student loan repayment adjustment the president is proposing?


Posted in Loans, Personal Finance, Student Loans

If you are looking to get your hands on much-needed financial aid for the 2010 fall semester, it's time to speed up your FAFSA application process. Many students turned in their applications on January 1.- good for them, bad for you.

The best aid is first-come, first-serve, and many private...



Read Full Article: Have You Submitted Your FAFSA Application Yet?

Posted in Loans, Student Loan Repayment, Student Loans

Education savings

A bad economy takes its toll on just about everyone, sparing neither rich nor poor, young nor old. People who have recently graduated from college are affected just like everyone else. They've entered a dismal and discouraging job market, and what's more, many now have to start paying back...



Read Full Article: Student Loan Deferments: Are There Other Options?

Posted in Loans, Personal Loans

After the financial crisis hit, banks were more than reluctant to extend personal loans - but now that consumers seem to be getting their credit hacked by issuers, consumers are increasing their demand for personal loans. And according to a new SmartMoney.com report, a number of banks are...



Read Full Article: Personal Loans Making a Return

Posted in Loans, Student Loans

college tuition
Saving money is a big deal nowadays. The financial crisis that hit the nation in 2008 had a detrimental effect on income and savings - which adversely affected the ability for many students to afford college tuition.

Unfortunately, college tuition costs have not adapted to these difficult...



Read Full Article: 8 Great Colleges with Even Greater Prices

Posted in Loans, Personal Loans

One of the biggest victims of the current recession has been the liquidity market. Credit has almost disappeared, forcing practically everyone in need of a loan to find new ways to obtain one.

"Necessity is the mother of invention," as the saying goes, and the need for low-cost personal loans...



Read Full Article: The Top 3 Peer-to-Peer Lending Sites Compared

Posted in Loans, Student Loans

liberal arts

If you're a liberal arts major, or have been thinking about becoming one, you have probably heard from more than one person that there will be very few job prospects waiting for you when you graduate. In fact, some don't even consider liberal arts to be a form of higher learning.

However,...



Read Full Article: Is a B.A. in Liberal Arts Worth the Student Loan?

Posted in Lenders, Loans, Payday Loans, Personal Loans

personal loans

When it comes to finding the right personal loan, the bottom line for most people is going to be a favorable low interest rate. However, individual circumstances vary, and sometimes a person will need a loan sooner than a traditional lender can give it, or they need the loan for a brief period...



Read Full Article: Need Extra Cash? Be Careful Where You Get Your Personal Loan

Posted in Federal Student Loans, Loans, Student Loans

New reports show that students are relying on federal student loans to finance their college tuition as private student loans become more difficult to obtain. The reports, issued by the College Board, show that private loans fell a whopping 52 percent in the 2008-2009 school year as a result of...



Read Full Article: Private Student Loans Drying Up, Students Rely on Federal Loans

Loans

Whether you are applying for a student loan, a mortgage, or an auto loan, it pays to shop around for the best interest rates available to you. Before you sign on the dotted line with your bank, check with the local credit union, your auto dealership, or even the federal government. If you are a first-time home buyer or meet certain income qualifications for student loans, you may be surprised to find that there is a federal loan program offering low interest rates to borrowers exactly like you.

You should also check your credit report, which is one of the main tools lenders use to compare you to other borrowers. In 2005, the federal Fair Credit Reporting Act (FCRA) mandated that consumers were entitled to one free credit report a year from the three credit bureaus. If you want to qualify for the best interest rates on a loan, it pays to get your free credit report and make sure you have the highest credit score possible.

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