Interest on savings bonds prior to 1990 is tax free when used for higher ed.- what about student loans? related questions

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Interest on savings bonds prior to 1990 is tax free when used for higher ed.- what about student loans?0beebee2012-11-02 09:04:28
The new rule is you don't have to declare the interest from cashed bonds (purchased after 1990) as income if you apply it towards higher education. I just found some bonds that I was hoping to use to pay off my student loans. Are they tax free then if I use them to pay off the loans I took out for college tuition?
Can I pay off student loans with EE Savings Bonds and avoid paying tax on interest?0katarina2012-10-03 01:16:01
So here's my story : MedlinePlus MedlinePlus I, the child , now I have 21 and I have 5,300 in student loans. My lender said if I pay them in the next two months , would be only 4,200. So what is said : MedlinePlus MedlinePlus I have 3,400 in U.S. Savings Bonds ( the youngest bonds are at least 10 years of age ) and would like to redeem to pay a portion of these loans and the rest in cash . Will I have to pay taxes on these bonds if directed toward the past student loans to be paid off ? Or I can claim back the tax at the end of the year ? How does this work ? MedlinePlus MedlinePlus I have two children that I get a decent tax return for Earned Income Credit . Does having collected $ 3,400 in bonds ruin my taxes , since both interest earned ? MedlinePlus MedlinePlus I ask this because I want to save as much as possible to retain the savings as much as you can :) MedlinePlus MedlinePlus So what would be the smartest thing to do in my situation ? MedlinePlus MedlinePlus thanks
Can I use interest from US savings bonds to pay student loan interest?1saffron2012-11-03 22:07:02
I cashed some EE U.S. savings bonds last year. I also paid interest on my student loans from college, but I do not pay enough / have enough deductions to file separately as a deduction . I have read on the program of education savings bonds , and had curiosity, I can avoid the presentation of the interests of my savings bonds if used to pay interest on my student loans?
Can my Series EE Savings Bonds pay for Student Loans without getting taxed?0sharee2012-11-03 04:29:36
I just graduated college and my family surprised me with some Series EE Student Loans (Tax free if going towards education if I understand correctly), I was browsing through the 8815 form for declaring interest on these bonds, and I don't see student loan payments listed under eligible expenses, only Tuition. Well, seeing as how I am not in school anymore, I don't have tuition payments to make, only loan payments. Am I out of luck as far as dodging uncle sam, or can I save the reciepts I make towards student loan payments to turn in with my taxes? Thanks in advance to anyone that can help me out, I really appreciate it! =D
Is it worth cashing out my (still maturing) savings bonds, or should I get a student loan?1Stine2012-11-04 07:26:02
When I was a high school student , all my bonds had matured since childhood , so I cashed out and reinvested in Series I bonds . They have been earning interest for 2 1/2 years, so we still have a while to go if I leave them alone . I've gained a lot more than my main investment , but even having the initial investment would help me a lot MedlinePlus . MedlinePlus However, my school is offering low-interest (about 7-8% , I think) of the loan , and only need about $ 1,800 . The loan begins accruing interest immediately , and I'd be able to make payments fairly regularly , though not for the first 6 months or so . I'm not obligated to make any payments until after graduation , but that will only cause more interest to accumulate , so plan to make payments when possible. MedlinePlus MedlinePlus The problem is I'm not sure it would be a smart move right now. At first my bonds were worth $ 4,275 , and now are about $ 5000. Of course , if I leave them there for another 20 years , will end up being worth much more than that . MedlinePlus MedlinePlus So the way I see it, is that I now withdraw my bonds to eliminate my need for a student loan (and even then , probably only for this school year . Following this , I have one more to the left. ) Or let my bonds alone and take the loan and use my bonds in several years to pay off the remaining debt . MedlinePlus MedlinePlus I'm not sure what makes the most economic sense . Can anybody help ? Thanks so much!
Is it worth cashing out my (still maturing) savings bonds, or should I get a student loan?1Ja2012-10-05 17:58:02
When I was a high school student , all my bonds had matured since childhood , so I cashed out and reinvested in Series I bonds . They have been earning interest for 2 1/2 years, so we still have a while to go if I leave them alone . I've gained a lot more than my main investment , but even having the initial investment would help me a lot MedlinePlus . MedlinePlus However, my school is offering low-interest (about 7-8% , I think) of the loan , and only need about $ 1,800 . The loan begins accruing interest immediately , and I'd be able to make payments fairly regularly , though not for the first 6 months or so . I'm not obligated to make any payments until after graduation , but that will only cause more interest to accumulate , so plan to make payments when possible. MedlinePlus MedlinePlus The problem is I'm not sure it would be a smart move right now. At first my bonds were worth $ 4,275 , and now are about $ 5000. Of course , if I leave them there for another 20 years , will end up being worth much more than that . MedlinePlus MedlinePlus So the way I see it, is that I now withdraw my bonds to eliminate my need for a student loan (and even then , probably only for this school year . Following this , I have one more to the left. ) Or let my bonds alone and take the loan and use my bonds in several years to pay off the remaining debt . MedlinePlus MedlinePlus I'm not sure what makes the most economic sense . Can anybody help ? Thanks so much!
Should I cash in my savings bonds?0Kennet2012-09-06 18:39:03
I found a few savings bonds recently. They are about 6 years old. Now is a good time to take advantage ? I know that I will not face value ($ 700 or so) , but I have student loans to pay 7 % so it's a bit stupid to keep these things if you're not going to win significant money .
How do I cash out savings bonds?1kayla :]2012-11-02 18:15:02
I have some EE Savings Bonds circa 1986-1987 type together worth about $ 20,000 , I want to pay cash out my car . The Bank's loan is Hunington , I can change them out there ? ? How will I pay tax on them? Never done this before.
Can my mom cash my savings bonds?1ordinal2012-10-20 23:13:07
I have a lot of savings bonds that people gave me when I was a baby . I would like to change them when I'm done with college next year and use them to pay some of my loans . However, my mom has all my ties and his name and mine , are some of the bond since he was a baby when people have for me . If your name is on them , does that mean you can cash them without me ? Because I have a feeling that is going to try and not give me my money , although you really need to help pay for my school ! Is there anything I can do to prevent this from happening ?
Can I redeem my EE savings bonds?0leesa2012-10-26 11:58:10
and use the proceeds to pay off student loans and my wife was not paying interest next year to the feds ? We file a joint return .
Is it true that you can get interest free student loans if so where should I look?0Quin2012-11-06 05:34:10
Mortgage loan and savings bonds question?0Iman2012-10-16 01:50:10
I was pre-approved for an FHA loan , found a home, make an offer and got the house and now I'm going through a long process before closing . One thing that has been a huge unexpected pain is my savings bonds I cashed in before being pre-approved . His bond since the birth of my grandmother . The bonds were all in my mothers name . She took them to me at your bank , then transferred the money to my savings account . My lender apparently does not like this. I thought the extra $ 4,000 could help with the down payment and prior approval but are becoming a huge pain . I have been called by the bank 5 times asking for them . I had to bring proof that the money transferred to my account was theirs , etc. Why is it such a big deal ? I could have won the lottery , received a donation of money , inheritance do not why it's a big deal .

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