General guidelines for responsible borrowing are: Keep track of how much you’re borrowing. Think about how the amount of your loans will affect your future finances, and how much you can afford to repay. Your student loan payments should be only a small percentage of your salary after you graduate, so it’s important not to…
The first step in getting student aid is completing the Free Application for Federal Student Aid (FAFSA) at www.FAFSA.gov.[1] The website features a number of tutorial videos on obtaining a student loan and responsible borrowing. [1] https://studentloans.gov/myDirectLoan/index.action
Before you take out a loan, it’s important to understand that a loan is a legal obligation that makes you responsible for repaying the amount you borrow with interest. If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Even…
If you apply for financial aid for undergraduate college or graduate school, you may be offered loans as part of your school’s financial aid offer. A loan is money you borrow and must pay back with interest.[1] Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations.…
There is no extension of time to pay taxes you owe, so interest and penalties will accrue from the day the tax is due – April 15 of the filing year. The IRS is a formidable creditor, and may garnish your wages or levy your bank account if you do not make an arrangement to…
The IRS allows individual taxpayers an automatic extension of time (until October 15) to file their tax return, so long as Form 4868 is filed on or before April 15. There are penalties for late filing that will accrue if you do not file the extension form by April 15, or if you ultimately file…
IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals. Lower income individuals and families are eligible for free tax preparation assistance, and there are more than 12,000 free tax preparation sites nationwide. You can find a location near you at: https://www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers.
If you are self-employed or work as an “independent contractor” (who receives a Form 1099 instead of a Form W-2), neither estimated federal income tax nor the FICA taxes are withheld from your income and you could have a tax liability when you file your return. You may be required to make periodic estimated tax…