Student loan question -


Hi David,
 
I've been a paying customer of yours since 2001.
 
I was talking with some financial services company who wanted to help me improve my credit card interest rates and we got talking about my student line of credit with Bank of Montreal.  When I mentioned in passing that I had a tax accountant in Canada he told me that the job of an accountant is to negotiate better rates for their customers.  I realize that this may not necessarily be something that you do, given your specializations, but I am wondering if you might be able to suggest someone who could help.
 
I am staring at a final big tuition bill for January-December of this year that I could not pay because my debt is already so high that there's nothing left (with So. Cal cost of living) and moving expenses for a 2,000-mile move I hope to make to my new, post-doc life in xxxxxxxxx as soon as I can find a job there once my dissertation is finished with (which will be in the next month or so).
 
Meanwhile, the Canadian dollar is now pretty much at par and the 4.25% interest rate I had on the student line of credit has now gone to 7.25%.  I had an excellent credit rating in Canada before I left, and have an excellent one here, also, so is there a way I can either negotiate a better rate or get out of that situation and put the debt somewhere at 0%?  It stands at just under $30,000 and may go up if I can't manage the tuition and the move without borrowing again. I'm also paying a dental card (around $2,000) and paying down my credit card as fast as I can (around $2,000 also).  And my car is 15 years old and may not survive a Wisconsin winter! At least in Wisconsin my housing costs will be less, but I don't know if I'll be able to command an equivalent or better salary right away, because my Ph.D. is from a school not yet accredited (though getting there) and I have yet to write my licensure exams.
 
Do you have either any suggestions for someone who could help me deal with the Bank of Montreal debt, or for something I could do to minimize its impact on my life?!  I'll be turning 60 next year and should be saving for retirement rather than struggling under a big debt.
 
Thanks, David.
 
Sincerely,
 
Claire Winstone
 
Claire Winstone, M.A., Ph.D.(c), MFTI
18756 Mandan Street, #1506
Canyon Country, CA
91351
(661) 251-9311
claire@speaking4baby.com
www.speaking4baby.com
 
Only Irish coffee provides in a single glass
all four essential food groups:
alcohol, caffeine, sugar and fat.
-- Alex Levine
-----------------------------------------------------------------------------------
david ingram replies:

Sorry Claire, I do not know what you can do about the student loan.  I have seen a dozen people in the last year have to deal with them and other than single mothers who do get a discount on completion of their degree, I do not know of any way of reducing or dealing with the loan to reduce it other than a formal proposal in bankruptcy. 

And, to go bankrupt in Canada for a student loan, the loan has to be ten years old.

I suggest that you arrange for smaller payments to the Bank of Montreal by producing a budget showing that you can not pay any more per month  or anything for six or nine months.  That will stop or should stop any collection actions against you.

However, I am putting it out on the Q & A list and if all 13,000 people read it, maybve someone will have another suggestion.

I will, of course, disguise your identity.

david

PS, my favo(u)rite food groups are

take out
order in


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Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation  in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included." expert  US Canada Canadian American  Mexican Income Tax help.
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This is not intended to be definitive but in general I am quoting $800 to $2,800 for a dual country tax return.
 
$800 would be one T4 slip one W2 slip one or two interest slips and you lived in one country only - no self employment or rentals or capital gains - you did not move into or out of the country in this year.
 
$1,000 would be the same with one rental
 
$1,200 would be the same with one business no rental
 
$1,200 would be the minimum with a move in or out of the country. These are complicated because of the back and forth foreign tax credits. - The IRS says a foreign tax credit takes 1 hour and 53 minutes.
 
$1,500 would be the minimum with a rental or two in the country you do not live in or a rental and a business and foreign tax credits  no move in or out

$1,600 would be for two people with income from two countries

$2,800 would be all of the above and you moved in and out of the country.
 
This is just a guideline for US / Canadian returns
 
We will still prepare Canadian only (lives in Canada, no US connection period) with two or three slips and no capital gains, etc. for $150.00 up.
 
With a Rental for $350
 
A Business for $350 - Rental and business likely $450
And an American only (lives in the US with no Canadian income or filing period) with about the same things in the same range with a little bit more if there is a state return.
 
Moving in or out of the country or part year earnings in the US will ALWAYS be $800 and up.
 
TDF 90-22.1 forms are $50 for the first and $25.00 each after that when part of a tax return.
 
8891 forms are generally $50.00 to $100.00 each.
 
18 RRSPs would be $900.00 - (maybe amalgamate a couple)
 
Capital gains *sales)  are likely $50.00 for the first and $20.00 each after that.
 
Just a guideline not etched in stone. 
 
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