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0
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0answers
50 views

Are there ways to lower or postpone student loan payments while my wife is sick?

I have over $130k of student debt which is in grace, but will begin repayment soon. Unfortunately, my wife is very sick and we have a lot of expenses just to keep her alive. We simply don't have the ...
0
votes
1answer
49 views

When should I reduce my student loan payments in order to save up for a down payment on another loan?

I'm currently paying off a little over $13,500 of student loans, at a rate of $300 a month and accrues approximately $60 of interest each month. My bi-weekly take-home salary is approximately $1,350 ...
1
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3answers
149 views

Paying off Overdraft first or Credit Card

I have accumulated 18 000 in debt between my Credit Card (-8000, interest=16%) and Cheque Account Over Draft (-10 000, interest=15%). I make 10 000 per month, and I have around 3000 after all my needs ...
0
votes
1answer
100 views

Could you save money by not paying your student loans

I read an article that discusses a woman refusing to pay her student loans. In the end, she claims she saves money because she defaults on her loans, thus her loans grow without interest, and her ...
2
votes
2answers
231 views

How do I calculate interest on a personal loan with irregular withdrawals and payments?

Several years ago, I loaned money to a family member. They borrowed different amounts at irregular intervals. They are now beginning to repay, so I want to establish exactly how much they owe. I have ...
1
vote
3answers
102 views

Auto debit vs slight over-payment - which is better for a student loan?

I have a pair of student loans at 5.12% (the Sub and Unsub halves of a consolidation). My lender offers a 0.25% rate reduction if I sign-up or auto debit - but only if I terminate online billing. As ...
0
votes
0answers
44 views

Tuition related repayment deduction [duplicate]

My issue is similar to Tax treatment of repaid tuition after employment termination but I have not enough reputation to comment there. Megacorp paid my tuition. They made the payment directly to ...
7
votes
2answers
314 views

How can I take out a loan to repay my parents for school debt?

Background I am in the US. I got into a great school for undergrad that was expensive. My parents hadn't prepared for this and borrowed against their home equity to help pay for it. The amount of ...
5
votes
3answers
118 views

Deciding on whether to redraw from mortgage

I'm trying to work out whether or not there will be any benefit in redrawing from my mortgage to pay off my car loan. The idea is that if I pay off the loan, I can use the monthly car payments as ...
9
votes
1answer
221 views

Myth, or not: If using a secured card to build credit, paying off in part each month has more benefit than paying in full?

Does paying off a secured credit card in full each month not allow me to build a credit history? I'm asking because reading about regular credit cards indicates that paying in full helps build a good ...
3
votes
3answers
138 views

Can I draw funds from a personal line of credit to pay its own monthly “minimum payment”?

I can guess the answer to this question, but I can't figure out why. So here goes... I've got an unsecured line of credit with a limit $30,000. The annual interest rate is 6%, compounded daily. ...
3
votes
2answers
983 views

Monthly/Annual Payments Calculation with percentage increase to equal exact dollar amount over exact specified period

I'm not sure if this is the right place to ask this kind of a question, but here it goes. I have the following information: A = Total amount needed B = Number of periods (monthly, 12 payments of ...
9
votes
1answer
394 views

$140,000 student debt. What are my options? Please help

As the title states, I am about to finish my PhD with $140,000 dollars worth of student debt. Assuming I even obtain my desired position—a university professor—my salary will be in the upper $40,000. ...
1
vote
2answers
277 views

I have a loan with a 6.5% interest rate. Should I divert money into my 401(k) instead of prepaying?

I have a loan with a fixed 6.5% interest rate, with an absurdly low minimum payment, so I have been paying extra each month (about enough so that the loan will have a 10-year repayment lifetime ...
1
vote
2answers
272 views

What is a formula for calculating equity accumulated while repaying car loan?

I'm going to buy a used car (maybe a Honda CR-Z), pay for it with a bank loan, then resell it in two years when I move. I'm trying to create a Google Docs spreadsheet to figure out how much more money ...
3
votes
2answers
685 views

What is the best way to pay back a(n unaffordable) private student loan?

Let's say I owe a private student loan of $50,000, and it's already been discharged to a 3rd party for collections. Monthly payments would be several hundred dollars, which is something I cannot ...
1
vote
1answer
215 views

Can student loan minimum payments go up upon full repayment of another?

I am in the U.S. and currently paying off student loans. Here is a hypothetical situation that shows what I am asking about: I have 5 loans (all from one financial institution) of $1,000 a piece, ...
5
votes
1answer
153 views

How do Income Contingent student loan payment plans work?

In order to benefit from Public Service Loan Forgiveness, I need to select a payment plan that leaves a balance on year ten. Thus far I've focused on Income Based Repayment, which is a newer option ...
7
votes
1answer
250 views

Repayment of 2010 First-time Homebuyer Tax Credit

My wife and I received the full $8000 first-time homebuyer tax credit when we bought our home in April 2010, but we're now planning to move. According to the IRS, since we've lived here for less than ...
1
vote
1answer
164 views

PV problem: lump sum payoff or continue quarterly payments

I am is faced with a choice of two alternatives. There really is no right or wrong answer, I just want to hear someone else's input/methodology. Here are the two choices: Keep paying $5,722.56 for ...
11
votes
5answers
720 views

Can I pay a 30 year fixed loan like a 15 year fixed loan?

I'm on a 30 year fixed loan with the following properties: 5% interest No penalty for early payments Pretty recent loan, hardly any equity I'd rather be on a 15 year fixed loan, so that I can pay ...
1
vote
2answers
1k views

How to calculate equal payments based on different interest rates?

Below, I have a cash flow chart showing the loan received ($30000) at the beginning, and three equal payments (amount we want to know [x on chart]), based on their period, for reimbursement of loan: ...
2
votes
1answer
1k views

First time home-buyer incentives require 3 years of primary residence, but can I move if I'm laid off?

My wife and I are 25-months into an FHA loan (we received a first time home buyer tax credit), and I seem to recall that we cannot sell or rent the property for at least 36-months. That wasn't a ...
2
votes
2answers
151 views

Choosing the duration of a loan, how the monthly payments evolve in function of the loan term?

I would like to visually discover how the monthly repayments of a given loan (for a given amount ; taking about a fixed rate loan) evolve in function of the total duration of the loan. I assume it is ...
14
votes
6answers
4k views

Should I pay off my 50K of student loans as quickly as possible, or steadily? Why?

I was an idiot in college. I basically just used student loans and got very few grants. I also spent way too much time in there. I now have two bachelor's degrees and a master's degree. About 7 ...
7
votes
4answers
201 views

Is there any circumstance in which it is necessary to mark extra payments on a loan as going to “principal and not interest”?

I've heard for years - and not believed - that it was necessary to mark extra payments, clearly targeted towards a particular loan, as "apply to principal" or any other such magic wording in order to ...
6
votes
7answers
967 views

Reducing mortgage term by paying off a chunk of the principal each quarter - how effective is this?

A family member once told me about a method for reducing the term of a mortgage "significantly". They didn't know (or I can't remember) the details but it had to do with certain mortgages that ...
8
votes
4answers
794 views

What do you do when a family member won't pay you back?

What do you do when a family member won't pay you back?
15
votes
2answers
2k views

Paying off student loans early/lump sum — best practices?

My wife & I have run into a large sum of cash recently and are interested in paying off/paying down our student loans -- about $30k between us, at about 6.5% avg interest. We're both earning ...
6
votes
1answer
276 views

What happens when you make extra payments but don't specify principal reduction?

Lets say your loan payment is $100 a month. What is the differences between: making a regular payment for $120 making a regular payment for $100 plus an additional principal reduction payment for ...
4
votes
2answers
306 views

Paying off loans early, or is there some way to reduce extortionate interest charges?

I bought a car about 2 years ago on finance. The car was priced at £11k and I was very quick to jump at the chance rather than thinking. Over the 5 year period I'm paying over £18k in total, thats ...