topic Re: I need urgent Help /Student Loan in Student Loans

I need urgent Help /Student Loan

Anonymous — Sun, 11 Apr 2010 15:44:28 GMT

My school has informed me that my 2009-2010 FAFSA application is not accurate due to my tax return because I have filed as single instead of Married but filing separate. Now I must amend my tax return or pay back all the money paid to me. At this point I cannot register for summer until I take care of this overpayment. I do do want to amend the return and that means I have to pay back the money. What are my options here? Can I secure a private student loan and continue with my school, while I arrange a payment plan with the school? And if I am paying would that qualify me for student loan again through the school if I do a proper filing next time around? Any response will be greatly appreciated.

Thanks all!

Re: I need urgent Help /Student Loan

MarineVietVet — Sun, 11 Apr 2010 17:41:56 GMT

@Anonymous wrote:
My school has informed me that my 2009-2010 FAFSA application is not accurate due to my tax return because I have filed as single instead of Married but filing separate. Now I must amend my tax return or pay back all the money paid to me. At this point I cannot register for summer until I take care of this overpayment. I do do want to amend the return and that means I have to pay back the money. What are my options here? Can I secure a private student loan and continue with my school, while I arrange a payment plan with the school? And if I am paying would that qualify me for student loan again through the school if I do a proper filing next time around? Any response will be greatly appreciated.

Thanks all!

It seems to me that filing an amended return is the easiest option. Why would you not want to take the path of least resistance?

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Re: I need urgent Help /Student Loan

laz98 — Sun, 11 Apr 2010 19:41:23 GMT

i think you should ask the financial aid office at your school. it may not be the same everywhere. my school doesn't really do payment plans.

Re: I need urgent Help /Student Loan

Anonymous — Sun, 11 Apr 2010 22:40:15 GMT

My spouse is reluctant to amend her return and the agency the prepared my return has relocated.

Re: I need urgent Help /Student Loan

laz98 — Sun, 11 Apr 2010 23:30:31 GMT

@Anonymous wrote:
My spouse is reluctant to amend her return and the agency the prepared my return has relocated.

Well, explain to your spouse that it's either amend the return or pay back the cash. Any tax preparer can amend your return, it doesn't have to be the one that did the original filing. I would recommend a CPA to ensure there were no errors. Until you pay the school, I doubt you will be able to continue.

Re: I need urgent Help /Student Loan

hodap2001 — Mon, 12 Apr 2010 20:14:51 GMT

You are in quite a predicament. First off, You did this to yourself, I know your looking for support, but ultimately you lied on a Federal form. The FAFSA is a government form and is punishable with 10 years in federal prison and a fine up to $100,000.00. If I was your schools financial aid officer, you would be immediately reported to the Department of Education and Office of Inspector General. READ THE DISCLOSURES ON THE FAFSA!

Now to the icky part - The only way to obtain additional financial aid, is to repay the finnacial aid you received that you were ineligible for and amend your federal tax return to the correct status. There is a catch, you may be penalized by the Federal Government meaning you may owe money or you may receive another refund depending on how drastic your tax bracket is when you amend your taxes.

There is no easy way out of this picture. Nobody is to blame, except for you since you filled out your FAFSA.

Good Luck.

Re: I need urgent Help /Student Loan

Anonymous — Tue, 13 Apr 2010 02:29:09 GMT

It is amazing how fast you want to lock me up without knowing the facts! You have no clue as to how this happened and callously called me a liar. If you are so sanctimonious why are you on this forum? We are all here to seek advice from each other without accusatory tone. There were others who sent me their observations without being so harsh. If you know so much, I wonder why you are here?

Re: I need urgent Help /Student Loan

hodap2001 — Tue, 13 Apr 2010 14:03:59 GMT

Did you not read my second part of my response? I gave you the answer you needed. Again, read the entire response before responding. If you are looking for advice then that is what I gave you, in addition, to how the Federal Government eyes the "mistake" or "oversight" you committed on a Federal Form. If you were looking for research, I would've provided you exact websites for you, but you requested advice and my advice is sound and legit as I work in the Financial Aid Industry and you do not. I provide accurate responses that can be verified with your schools Financial Aid Office.

Again, Good Luck to you.

Re: I need urgent Help /Student Loan

MarineVietVet — Tue, 13 Apr 2010 16:33:14 GMT

Perhaps both of you need to step away from this for a few days. I've found that my answers are much more focused and less emotional when I have time to think about what I want to say. We can disagree about alot of things and still be respectful to each other.

Re: I need urgent Help /Student Loan

Anonymous — Tue, 13 Apr 2010 17:54:00 GMT

Thanks for your suggestion.