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Light bulb with a graduate hat on
The student loan industry has received a lot of negative attention lately. The younger generations feel imprisoned by what they see as nothing more than corporate greed, while economists are growing uneasy watching the nation’s total student loan debt swell into what they believe may very well be the next financial bubble. Given the sheer amount of animosity festering amongst the lower- and middle-class towards the education system, college degrees, and the lack of jobs, it comes as little...
Silhouette of a superhero
The famous saying “If at first you fail, try, try again,” didn’t become famous because it sounded optimistic and noble, but rather because it’s necessary in the pursuit for success. This old adage doesn’t only apply to the individual, but also to groups, businesses, and even the government. As our lawmakers discovered with the original Home Affordable Refinance Program (HARP), they are not immune to failure. The original HARP launched with wonderful ambitions, but it wasn’t equipped with the...
Map of United States Covered in Money
The amount of student loan debt an individual should carry can't be conveyed in an article as it's very dependant on a case-by-case basis. Instead of providing a number everybody should adhere to, that amount will fluctuate depending on the individual and the educational path he or she is pursuing. The amount of debt borrowers should accrue for financing their education should be calculated dependant on how much they believe they will be able to manage after obtaining their degree. That being...
Money falling into Uncle Sam's hat
Not only “can” borrowers be taxed on interest-free loans, they “will” be taxed on them. As unfortunate or nonsensical as that may sound, interest-free loans, whether they be auto, home, or personal loans, are classified by the IRS as cancellation of debt income, or COD income. COD income is essentially an income that an individual shouldn’t have, but wound up receiving through some special agreement. Regardless of the way somebody receives COD income, the IRS expects to taxes from it.  COD...
Man waving goodbye
Refund anticipation loans, more commonly referred to as RALs, will no longer be offered after this year’s tax season. Some weep at this news, while others cheer, but the general consensus is that executing this type of financing is good for the American public. Why’s that? Because many feel RALs simply suck tax refunds away from those who rightfully deserve them: taxpayers. Then the funds are diverted and filtered into the coffers owned by large banks and corporations.   The sentiment held...

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