For those who read my first post about the loan forgiveness work commitment program and the taxes I asked a second person who would know more about it and she told me that there will not be that much taxes taken out. I orginially thought that they would take out 50% of $19,400 in taxes which would be $9,200 over 2 years because that is how the lady in financial aid explained it to me. Well it turns out that 50% of the $19,400 will be taxed so only $9,200 will be taxed over 2 years time which will resort to MUCH less. It will be about $50 taken out each pay period rather than $176 each pay period.
I was not going to let it rest until I spoke to someone who could tell me for sure 100%
May 15, '03
Whew! Glad you got that one cleared up! Like I said, I took a similar offer...so I was beginning to doubt the info. I had!!!
Glad it worked out!
May 15, '03
I went and talked to the financial aid director today about what the financial aid secretary told me. The director has been out a lot lately so the secretary been doing a lot of stuff for her. The director told me that she would inform the secretary of how the program works. It was an accident on the secretary part.