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The Master Promissory Note has replaced the Stafford Loan Application Promissory Note. It is a legally binding document that sets the terms of your student loans. By signing the Master Promissory Note It becomes a legally binding document that sets the terms of your student loans. By signing the Master Promissory Note you are promising to repay your student loan. This is regardless of whether you graduate or are satisfied with your education. You are promising to repay your student loan regardless of whether you graduate or are satisfied with the education you received.

No. Unlike the previous Stafford Loan Application Promissory Note, the Master Promissory Note is simply the promissory note. Rather than completing a separate application, you begin the loan process each year by answering "yes" to the question on the Free Application for Federal Student Aid (FAFSA) that asks if you are interested in student loans. The financial aid office will advise you of any additional steps they require in the application process such as completing a loan request or loan information form.

If your school is authorized by the Department of Education, and uses the Master Promissory Note as a multi year note, you will only have to sign the note once as long as you don't change lenders. If you attend a two year or proprietary school, you will need to complete the Master Promissory Note each year. If your Master Promissory Note exceeds 10 years, you must sign a new Master Promissory Note.

In the year you are divorced you must file as single or head of household if you have a child living with you.

If your ex-spouse is deducting alimony payments to you, he is required to include your social security number on his return to claim the deduction. The IRS will cross reference your return with his to make sure you include the alimony received on your return.

Yes. By mutual agreement one spouse can forego the deduction for alimony and the other spouse can receive the benefit of not being required to pay taxes on the alimony received.

These bonds refer to U.S. Government bonds. All U.S. government bonds are tax exempt on the state tax return. These bonds are tax deferred as well and earn interest for 30 years. You do not report the income until you turn the bonds in. They can be rolled into HH bonds. EE bonds are bought at half their face value.

Both EE and I US government bonds are eligible for an education tax break. However certain restrictions limit their applicability. Interest on all I or EE bonds are free from income tax if you use it to pay for college expenses and your income in the year you cash in the bonds falls within certain limits. As of January 1, 2012, paper savings bonds will no longer be sold at financial institutions. This action supports Treasury’s goal to increase the number of electronic transactions with citizens and businesses.

You are limited to $10,000 a year.

HH U.S. government bonds are designed for people who want current income. The interest is paid semi-annually and is federally taxable. EE bond interest is tax deferred until cashed in.