So I follow the law, I myself am a good investment for student loans since I will be productive as opposed to most schmos at podunk u, I'm able to generate capital to bring returns to cover my debt, and I'm able to use my debt as a form of investment similar to a home but that is considered fraud? I hate to tell you but you're wrong...don't piss on my parade baby.
-Rudey
--I'm in the money...I'm in the money...doo doo da doo doo.
Quote:
Originally posted by Discotish
There is no set amount of loans that you have to have in order to be able to decuct the interest paid into a student loan. Regardless of whether you have 5K in loans or $50,000. HOWEVER, there are income limits for using this deduction. I beleive you can't make more than $65K a year and claim the deduction.
As for the person taking Student Loan money and using that for investment purposes, I hate to tell you, but that is Student Loan fraud. You are taking funds allocated to your school for truly needy students and using it for financial gain. Many students take the apporach of "Yes the loan is in my name and I have to pay it back", but investments are not what the money is intended for. I work for a university and I see the amount of money that students take out in Federal Stafford loans and we know it is for non-school related purposes and it makes us ill. Candy coat it in your mind as much as you like, but it's still fraud. Many people think that since the loans are in their name that the schools have nothing to do with the loans. What they don't realize is that a set amount of funds are allocated to the universities and the number of applicants helps to determine the availability of funds. By you taking loans out to make investments, you are potentially taking federally subsidized money from people who truly need to the money to pay tuition or housing.
Just my 2 cents...
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