It's time to start thinking about your student debt, now.
"More than 41 million Americans collectively owe more than $1.2 trillion in student loan debt..."
Analysis of public input and recommendations for reform
There is a chance that you are a part of that rather large number, that owes that rather large amount of debt.
One avenue for saving more money, as a full time student, for paying your debts is being tax exempt:
Question:
As a full-time student, am I exempt from federal taxes?
Answer:
Status as a full-time student does not exempt you from federal taxes. If you are a U.S. citizen or U.S. resident, the factors that determine whether you owe federal income taxes or must file a federal income tax return include:
- The amount of your earned and unearned income
- Whether you can be claimed as a dependent on another person’s tax return
- Your filing status, and
- Your age
W-4 - Allowances, Excess FICA, Students, Withholding
RE:
Full time schedules can be very time consuming, and it simply seems untrue that the U.S. federal government can't further alleviate the limited choice of going in debt or not being a full-time student. If the premise is that those who need more money should have tax exempt status,
then most full-time students, presumably being in debt and need more money to pay it, should have tax exempt status.
Updates
December 1, 2015
The IRS keeps taking money from students who are barely scraping by while we drown in this predatory debt. We are currently scouting for legal experts to challenge these federal tax requirements head on.
13 Comments
I like the idea of this but I don't think it is feasible. Many people would just attend a school and become a "full time student" and take advantage of this tax loophole. A better idea would be to lower interest on federal student loans or perhaps give federal grants for full time students (already implemented).
Make college free. Use the money wasted on climate change research-which is total BS to pay college tuition for all American citizens.
This would help so much. Working two jobs just to cover tuition and books is killing me.
ABOUT TIME. Its ridiculous how much taxes take out of my paycheck when I have thousands in loans already.
Agree with this 100%. Debt is way too high.
I sign this petition, I agree with the students.
I sign this petition, I agree with the students.
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It's time to start thinking about your student debt, now.
"More than 41 million Americans collectively owe more than $1.2 trillion in student loan debt..."
Analysis of public input and recommendations for reform
There is a chance that you are a part of that rather large number, that owes that rather large amount of debt.
One avenue for saving more money, as a full time student, for paying your debts is being tax exempt:
Question:
As a full-time student, am I exempt from federal taxes?
Answer:
Status as a full-time student does not exempt you from federal taxes. If you are a U.S. citizen or U.S. resident, the factors that determine whether you owe federal income taxes or must file a federal income tax return include:
- The amount of your earned and unearned income
- Whether you can be claimed as a dependent on another person’s tax return
- Your filing status, and
- Your age
W-4 - Allowances, Excess FICA, Students, Withholding
RE:
Full time schedules can be very time consuming, and it simply seems untrue that the U.S. federal government can't further alleviate the limited choice of going in debt or not being a full-time student. If the premise is that those who need more money should have tax exempt status,
then most full-time students, presumably being in debt and need more money to pay it, should have tax exempt status.
Updates
December 1, 2015
The IRS keeps taking money from students who are barely scraping by while we drown in this predatory debt. We are currently scouting for legal experts to challenge these federal tax requirements head on.
13 Comments
Full Time students need tax exempt status so they can help pay for expensive college.
I like the idea of this but I don't think it is feasible. Many people would just attend a school and become a "full time student" and take advantage of this tax loophole. A better idea would be to lower interest on federal student loans or perhaps give federal grants for full time students (already implemented).
Make college free. Use the money wasted on climate change research-which is total BS to pay college tuition for all American citizens.
This would help so much. Working two jobs just to cover tuition and books is killing me.
ABOUT TIME. Its ridiculous how much taxes take out of my paycheck when I have thousands in loans already.
Agree with this 100%. Debt is way too high.
I sign this petition, I agree with the students.
I sign this petition, I agree with the students.
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Full Time students need tax exempt status so they can help pay for expensive college.