A student loan is a loan taken for the purpose of education. Ideally the country tag should also be used as the response may differ based on the country.

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Payoff of student loan by parents

My son recently graduated from medical school with a student loan of ~ 200K. He will be a resident fellow for the next 7-8 years with 60-80k annual income. My wife and I have some cash and are willing ...
-2
votes
1answer
45 views

Is it smart to take OSAP student loan right now?

I am going to grad school in Canada this September and have a chance to borrow ~$15000 at a rate of prime+1% (provincial loan) and prime+2.5% (federal). I would guess the 15000 is split 50-50 between ...
0
votes
1answer
78 views

Which student loan is better to make a lump sum payment

I have $15,000 that I am trying to put towards one of my loans. Right now I have two loans $14,000 3.7% variable interest, 10 years, $140 monthly payment $30,000 7% fixed interest, 15 years, $260 ...
4
votes
1answer
122 views

Lending money to colleague with interest - how to legally bind agreement

A colleague of mine has student loan debt of ~35K at 7% APR interest. I have more than enough principal to pay off his debt, and for my troubles (and risk), I think asking for a 4% APR is not out of ...
1
vote
1answer
25 views

Credit influence of transferring debt to new account

I understand that the age of my accounts has an impact on my credit score. My oldest account, by a wide margin, is my federal student loan. I'm hoping to minimize my payments in size and/or how long I ...
3
votes
1answer
73 views

Two high-interest loans: Pay down one at a time, or split my money?

I have 4 student loans. Two are for roughly $5,000 - one at 4.5% and one at 5.6%. Two loans are for roughly $1,500 and both have an interest rate of 6.8%. Right now I have $1,000 I can put towards my ...
3
votes
6answers
314 views

What I can possibly do about the future once my student loans are paid off and I have no savings?

I attended a private institution in the USA for higher education and as a result I pay monthly student loan payments so expensive they rival my rent payments. I try not to think very hard about this ...
9
votes
5answers
480 views

What happens if I just don't pay my student loans?

My friend said she never pays her student loans and nothing has happened. She's been out of school for a couple years and is only employed under the table and doesn't have a bank account. If I don't ...
1
vote
1answer
130 views

What are my options for this high interest student loan?

I have about $13,000 in private student loans that I took out nearly 10 years ago before I knew better. To make a long story short, I graduated about 1.5 years ago and began paying these loans. All ...
2
votes
1answer
137 views

Credit Report: Proportion of loan balances to loan amounts is too high

I'm a student that has just finished his first year at university. I just started building credit by opening a card with Discover back in January. I have been paying my balances in full, and have ...
3
votes
1answer
97 views

What happens to my current loans if I go back to school?

I just recently received my bachelor's degree. I have government loans and a personal loan from Sallie Mae. I have to start paying these back in mid June. I have a job currently, and I was originally ...
0
votes
1answer
47 views

Do I have a time limit on my financial aid if I'm only using Pell Grants

I am enrolled in an Associates of Applied Science degree at community college. My grants have been enough to pay for the credit hours, so I have not taken out direct loans. Conversation wise, people ...
1
vote
1answer
385 views

How do student loans get split in a divorce?

My question: Legally should a husband have any responsibility for his wife's student loan if it was taken out during their marriage? They are divorcing, the loan is in her name, and I, her mother, co-...
5
votes
2answers
119 views

Student loan repayment plan

I recently graduated with a PhD in mathematics and its time for me to pay back my student loans. Being a mathematician, I sat down and did the math. I realized two things: There is no feasible ...
3
votes
2answers
130 views

Retirement Savings vs. Student Loan payments

I'm currently 23 and deciding if I should pool my extra income every month towards my retirement or student loans. My situation: I believe between saving for retirement and student loan debt I have ...
18
votes
2answers
6k views

Using fiancée's money to pay off my student debt

I have a student loan in my name and I just got engaged (Yay!) about 2 months ago. My fiancée has been saving up and is really interested in helping us get out of debt before the wedding. I think we ...
1
vote
1answer
90 views

Student Loan Balance question

My wife and I have recently paid off our auto loans and are trying to tackle our pesky student loan debt next. Following the "debt snowball" pattern, we've applied our monthly car loan payment to my ...
3
votes
2answers
262 views

Strategy for paying off 120k in student loans

I am graduating this semester from an American school with 120k in student loans. The standard 10-year payment plan suggested to me via email and snail-mail is a little over 1k dollars per month -- ...
15
votes
5answers
3k views

At what point should I begin paying off student loans?

I am attending a rather pricey American university, and most of my money for tuition comes from grants and loans. Grants are great, but obviously I have to pay off loans at some point. I have some ...
36
votes
1answer
7k views

Why is my student loan balance not going down?

This will be basic for you pros, please forgive me. I have been paying the minimum balance on my student loan all year, but the balance shown on the site has barely gone down. I assumed that this ...
5
votes
4answers
1k views

Student Loan Payment Plan

EDIT: the OUTSTAND_PRIN is the same as PRINCIPAL since I haven't begun paying down yet, but am saving like I am paying until my 6 months is up, just in case i need the extra $3,600 for an emergency ...
12
votes
6answers
3k views

Should I use short term loans to pay for student loans?

I have about $30k in student loans. I graduated last May and have a steady income. Now, my company's credit union offers $3.5k loans at 3% to be repaid over a year (they automatically deduct from my ...
2
votes
1answer
95 views

Pay down a big loan or pay off a small one? [duplicate]

I have two student loans I would like to pay off: A: $6000 - 6.5% B: $3000 - 6.5% I am receiving a tax refund of a bit over $3000. I am not sure whether to pay off B in one fell swoop to get it ...
1
vote
2answers
182 views

How often should I pay my student loans?

I've got ~$30K in student loan debt, spread out between different loans with different interest rates. My minimum payment is $190, but I'm in a financial position where I can afford about $750 per ...
15
votes
4answers
5k views

Paying Off Student Loans Early

I currently owe $34,558.00 in student loans ($31,000.00 principal + $3,601.83 unpaid interest accrued so far) with an average interest rate of 4.877%. I just started working full time ($70,000 GAI) ...
2
votes
1answer
179 views

NAVIENT Auto-Pay Amount Cap

Currently Navient is saying that Auto Pay amounts cannot exceed the minimum monthly payment due. I have a really hard time believing this is a technical issue, to me this sounds like a ploy to make ...
3
votes
2answers
75 views

How much will I potentially receive from grants?

After reading this question which gives a general overview of strategies of how to pay for college, it wasn't clear to me exactly how much "a dent in what you'd pay" could be, particularly in the case ...
1
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1answer
214 views

Want to pay down principal on student loan, but AES says no

A relative of mine has some high student loan debt. I've decide to help pay down some of it. I called AES and told them that I want to apply the payment to the highest interest loan and for principal ...
2
votes
2answers
150 views

Is eliminating debt smart when considering a home purchase? [duplicate]

I'm entering into the latter half of my twenties, and I'm now faced with a question I've seen a few times before on this site: should I pay off my student loans or use the money as a down payment for ...
5
votes
3answers
480 views

Paying off student loan or using that money for a downpayment on a house

I am 22 years old, I live in Atlanta, Georgia and I am a recent graduate. I approximately owe 22,000 dollars in student debt (all federal student loans at a fixed rate). My job pays me around 50,000 ...
0
votes
0answers
90 views

Should I refinance my student loans with SoFi?

I have roughly $97,000 in student loans right now divided between federal loans and a very large private one. Here are the statuses on all of these: Federal Loans - (All fixed interest rates and 10 ...
3
votes
1answer
127 views

Is there any reason to not refianance my student loans once I graduate?

I'm completing my masters degree after this Spring semester. I have no debt from my undergraduate degree, but have accumulated around $20,000 for my graduate degree. Currently my interest rates ...
3
votes
1answer
87 views

Numerous large student loan balances: Pay down principal or refinance to 5-year loan

My spouse and I have almost $150k in Federal student loans. About 60k of this balance is in consolidated loans, and the remaining 90k is split between roughly 20 smaller loan balances (the smallest is ...
2
votes
2answers
130 views

3 loans under my name, 2 are fixed, one is a declining balance interest loan. Which to pay first?

I've searched for this answer for a while, but my loans are set up in a different way and I'd love some advice. (FYI I don't live in the USA) Loan 1: Personal loan. It was $200,000 with a 4.95% Fixed ...
5
votes
3answers
406 views

Should I Pay Off my Student Loan Debts First or Invest in an Index Fund?

I am an Albertan currently about $8,000 in debt from student loans. Roughly $5,500 of this $8,000 is an Alberta Student Loan, while the rest ($2,500) is from the National Student Loans Service Centre (...
4
votes
0answers
95 views

Are Dodd Frank rules applicable to all loan types?

My student loan was transferred to a new servicer several months ago, and I never received notice, neither from the previous or the new servicer, of the assignment of my loan. I thought that Dodd ...
0
votes
1answer
131 views

Paying credit card debt with student loans

First of all let me say that my financial future is looking pretty scary as of right now. I just started graduate school in August and I came in with about 63k in debt from undergrad. Fortunately my ...
4
votes
2answers
172 views

Proper/best way to loan money to a family member

If I want to loan money to a family member so that they can pay off student loans quicker, I have a few questions. Is it inevitably taxed by the government? What is proper documentation procedure (...
1
vote
1answer
77 views

What can I do to pay off Summer Tuition balance?

My financial situation breaks down like this. I currently have 3 semesters to graduation but I have a hold preventing me from taking classes because I owe a balance for tuition totaling in $4,114.74. ...
0
votes
1answer
47 views

advice for which debt to pay off first [duplicate]

some quick back ground: I recently sold my shares in a company I started to accept a great position with a large company. It was a cross country move for me and my family. Once my property sells ...
3
votes
2answers
170 views

Sending money to India from the United States

I am a student in the United States and I have taken an education loan back in India. My parents sent me money taken from the education loan for my tuition fees and expenses which I don't need now. ...
4
votes
3answers
89 views

Wisest option to pay for second career education

I am 30 years old and my husband is disabled and unable to work, so I am the one income for our family. (We do not have any children.) Due to a number of factors, I am considering going back to ...
1
vote
1answer
75 views

Maximizing credit benefit of paying off my partner's student loans

My partner has approximately 8,000$ of student debt which we'd like to pay off. I have poor credit (or rather, no credit) and we have figured that paying it off "on my credit" would benefit both of us,...
1
vote
1answer
232 views

Using IRA to pay off federal parent plus student loans

I have $165,000 in my IRA which I'm really wanting to avoid using, but am seriously considering withdrawing or taking it all from this IRA to pay down my parent plus student loans. I am 58 yrs old I ...
0
votes
1answer
41 views

Student Loan for International Students in the US

I live and work in NJ. I am getting ready for a Part Time Program to enhance my career. University has clearly mentioned me that they will not provide any Scholarships. I am responsible to find the ...
2
votes
1answer
76 views

Student Loan Repayment

I have 3 private student loans. Outstanding Principal Balance taken 08/2011 $15,000.00 Outstanding Accrued Interest as of 08/21/15 $6,678.26 Interest Rate 11.75% Outstanding Principal Balance ...
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votes
3answers
1k views

Should I cash out my unused traditional IRA to pay student loans?

Currently I have a traditional IRA that has about $3,000 in it. It was rolled over from a 401k two years ago and has been sitting ever since (due to various reasons). It's not making any money and I'm ...
10
votes
8answers
7k views

Paying $1000 a month to keep a car in New York City

I am 25 working in New York city making ~117k a year. After tax and various pre-tax deductions, (mta fare etc) my take home is just shy of 6k a month. I pay $1875 in rent a month for a nice ...
3
votes
2answers
603 views

What is this option offering me on my loan repayment?

I was just updating my auto-repayment for my student loan, when I was given the following option: I am not sure what the difference is here between these two options - why would allowing interest ...
5
votes
4answers
1k views

Can it be irresponsible to repay a student loan?

In a previous question, I asked if I was responsible for my wife's student loan. The conclusion after reading the answer and checking with other sources is that I am not, in fact, responsible. ...