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March 2017

Fee Increase for Struggling Student Loan Borrowers

The Education Department has reversed an Obama administration rule that limited fees that guaranty companies could charge distressed borrowers. The new rule allows guaranty companies to charge borrowers 16% of their loan balance, even if they agree within 60 days to make good on their debt. This article on Bloomberg details the rule change and its impacts. You can read the Education…

Tax Season Tip: Income

Since taxes seem to be top-of-mind for everyone, here’s a quick tip for bringing your income down on the FAFSA or CSS PROFILE: Don’t get a state tax refund. If you do, you have to report it as income. Check with your tax preparer to determine the right amount of state withholding that avoids both a refund and a penalty…

Tax Time Reporting: 1099 Q

Do you need to report 1099 q income on your tax return? As long as none of the distribution is taxable (i.e., you have qualifying expenses to offset it), NO, you do not have to report it. However, you should keep records of your qualified expenses.  That’s especially true if the