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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Applying additional student loan payments directly to principal while on a income-based repayment plan

My sister has a federal student loan with a total balance of about 60K and an interest rate of 6%. Her income isn't high so she's eligible for an income based repayment plan with a monthly payment of ...
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2answers
101 views

Formula for how to distribute a loan payment between multiple loans such that the remaining principal accrues the least interest?

Assume 4 loans (Balance @ monthly interest): $10,000 @ 5.5% $5,500 @ 7.25% $2,000 @ 5.5% $1,000 @ 4.5% If I am looking to pay $7,250 towards principal only, how would I calculate the ...
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2answers
111 views

Employer is making a student loan payment on my behalf. Does this need to be claimed as personal income?

As an incentive to employment my company is making a large lump sum payment towards my student loan debt, lets for this example say $5,000 (the real amount is different). They have inquired about my ...
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2answers
61 views

How to take care of multiple student loans (consolidation, payment strategies)

I've freshly graduated college. Here's my current standing: I estimate ~ $1200/month in free cash after bills/entertainment/etc. My loans are as follows (all US based): 1: Perkins Amount: 3,240 ...
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2answers
110 views

Does crossing tax bracket matter when choosing to repay loans early?

I am a recent college graduate with student loans and a job which puts me at the top of the 15% tax bracket. I'm not sure how my career will grow at this point, but I was thinking it's possible I'll ...
6
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1answer
59 views

Student Loan versus Cash ISA

I have taken out a UK student loan several years back whilst studying, it was interest free at the time, but now a low interest of 1.5% APR has kicked in. I have scraped together enough to pay this ...
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3answers
78 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 ...
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1answer
46 views

Is it possible to re-consolidate student loans after marriage?

I consolidated my student loans down to two (for the Sub and Unsub halves) shortly after graduating college a few years ago. My wife never consolidated her loans. Is it possible to consolidate hers ...
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3answers
93 views

Emergency Fund vs. Student Loan Payment

I've been reading a lot about the importance of a ~6 month emergency fund AND the importance of paying off student loans as soon as possible. I have ~$14k (6% interest currently in grace period) in ...
2
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1answer
48 views

In the face of currency exchange rate, pay off loan or not?

We have a student loan in the US, which is at low percentage rate. We live in Canada, and the CAD <-> USD conversion rate is getting worse. We have several stock and fund positions held in USD. ...
0
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1answer
39 views

Can I refinance my student loans and keep an IBR plan?

I would like to refinance my federal student loans since they have a rather high interest rate of 7%. Is there any way I can refinance and still have some sort of income based repayment plan? The ...
2
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1answer
105 views

Student Loan Debt Forgiveness And The Foreign Earned Income Exclusion

The US federal government currently has several student load repayment options (like the income based repayment program). At the end of some specified time period (20 or 25 years) the outstanding ...
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2answers
109 views

Calculating Various Aspects of An Investment

I will be entering a Ph.D. program this coming fall. At some point, I will have to add to my current student debt. Nevertheless, it's a done deal and I am definitely going. I (conservatively) ...
3
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2answers
271 views

Should I pay off student loans with existing retirement savings?

I am about to change jobs, I am 24 and have a little bit more than my current student loan debt saved in a retirement account. Once I leave my current employer, I basically get free reign over my ...
3
votes
2answers
293 views

Is SoFi too good to be true?

I'm considering refinancing some student loans with SoFi from a variable rate of 6% (based on the LIBOR) down to a variable rate 4.16% (based on the LIBOR). The new rate, once I setup auto-pay will ...
7
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2answers
258 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 ...
2
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1answer
140 views

Taking out a private loan to pay off student loans

My wife and I have a large sum of student loans (>150k together). She is now out of school and I'm in the latter years of a PhD program. So we both have steady incomes. My loans are from the ...
4
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2answers
171 views

Use Roth IRA to pay portion of federal student loans?

I'm a graduating medical student, and have ~$220,000 in student loans. The majority of this (~$180,000) is in federal student loans at 6.8%, with the rest being at a lower rate (4-5%). I also have ...
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2answers
104 views

UK university student finance - should I use my sponsorship money to pay the debt?

I am in the fortunate situation of having both an unconditional offer for a (UK) university I really want to go to, and a sponsorship offer from the company that I have worked for in my gap year, in ...
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2answers
118 views

Auto loan and student loan balance

I have a student loan of around INR 11,00,000 (~USD 18,240) at 13.7% APR. I have an auto loan in the US for USD 10,000 at 6.35% APR. I am aware of the high interest rate on my auto loan and wish to ...
4
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2answers
104 views

Is it bad to consolidate and pay off private student loans with margin from my brokerage account?

I have several private student loans that aren't eligible for debt forgiveness and with interest rates between 10-15%, for a total of about $30K. I think it would be easier to pay the loan down over ...
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1answer
27 views

Do I count as student loan interest the payments I make on a PLUS loan that was taken out for my tuition?

I took over paying my mother's monthly PLUS loan payments, taken out for my education. (Sallie Mae autodeducts the monthly payments from my checking account.) Can I count the 1098-E for that account ...
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2answers
67 views

Balancing an Interest Accrual Rate Between multiple loans

Tags: multiple student loans , balancing interest accruals , student loan help
3
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1answer
850 views

Can I default on my student loans if I move to another country?

I am moving away from the USA and I don't really plan on coming back. What are the consequences if I stop paying my student loans? My current debt is ~50,000 USD in federal loans. I know next to ...
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1answer
73 views

Forgiveness and payments [duplicate]

I've read in several places around the Student Loans repayment policies and I see a lot of forgiveness perks for having made more than 125, or 300 payments. I am currently on the IBR repayment plan ...
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13answers
5k views

Why might it be advisable to keep student debt vs. paying it off quickly?

As of a couple weeks ago, I paid off all of my student debt. Hooray... But I have a friend named A who has a friend named B who is a financial advisor (a young so therefore perhaps ignorantly ...
2
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1answer
123 views

Debt Forgiveness - Extra Payments

Student loans can be forgiven after ten years of being a teacher (link). If there is no chance for a new teacher to pay off the loan in ten years, is there any benefit to pay anything other than the ...
2
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1answer
108 views

Buying a car and learning to drive versus paying up study loans

My wife and I have two children. Soon we will have three. Neither of us know how to drive, and we do not have a car. With the prospect of having three small children, however, I think having a car ...
4
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2answers
138 views

Which student loans to pay off first: Stafford or private?

I'm really trying to buckle down and get ride of my student debt. I currently have Stafford and Private loans (I owe more on my private loans). I'm wondering which are best to pay more towards? ...
3
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1answer
86 views

How can I pay off my school loans (denominated in dollars) with Euros without an exchange fee?

I will soon begin earning an income in Europe and paying off school loans in the U.S. Any way to do this without paying an extra exchange fee?
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2answers
52 views

How to make spreadsheet to plan loan payments

I am trying to make a budget/schedule for after college. Basically I have rows of income/expense line items (one being for payment of each debt) and then a section for my debts. The columns are month ...
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1answer
254 views

How rate of interest scheme in bank works?

When I was looking at SBI site, I got this info: Loan Amount Rate of Interest* For loans upto Rs.4 lacs - 3.50% above Base Rate, currently 13.50% p.a. What does it mean? interest rate is ...
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1answer
32 views

Re-financing/consolidating multiple student loans for medical school?

Currently my friend has 5-6 loans for medical school in the 6.8% to 7.9% interest rate. The loans are of type Stafford, Unstafford, Plus, and a few others. I looked at ...
5
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1answer
87 views

Is it common for student loan debt to be paid with another loan found at lower interest?

I currently have 22k in student loans at 6.55% interest. I checked my credit score and it was 706 a couple of weeks ago. I am a recent college grad with a decent paying job right out of college. What ...
4
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1answer
78 views

Loan with Sallie Mae at 16 without a Co-Signer

My mom got a loan out while I was in Cosmetology school and it was supposed to be for me but she ended up spending all of it. I was only Sixteen and the Sallie Mae person on the phone said I didnt ...
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1answer
304 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. ...
6
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1answer
304 views

Estate liability for co-signer to Sallie Mae student loan?

My son has student loans. I co-signed on three that are currently with Sallie Mae. He stopped paying so I am doing that in order to protect my own credit. What is my estate's liability should I die ...
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0answers
39 views

What expenses to include in student loans

I am considering going back to school to get my Masters and I will need to take out student loans to pay for it. I was speaking with financial aid at one of the schools I am looking at and they ...
0
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1answer
113 views

Should I pay the student loan now classified as bad debts

I got educational loan on 2008 from one of a Bank in India. So far I am paying only interest money not principal money for it, but it’s also not regularly, I left some intermediate gap on it. Last ...
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2answers
164 views

How should I handle student loans when leaving University and trying to buy a house?

I am currently in my last year of university and I am trying to figure out when I should buy a house. A couple of quick points: Senior in univeristy (graduate May, 2014) Already accepted an offer ...
6
votes
1answer
851 views

Is there a most efficient way to pay off multiple loans with the same interest rate?

My Situation: About $36k USD in graduate student loans. There are 4 different federal loans in play, each with a fixed rate of 6.8%. $12k w/ ~$1.2k in unpaid interest $10k w/ ~$1k in unpaid ...
5
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1answer
198 views

What are my options for paying off the large balance of my federal, high interest student loans?

I have a large student loan from grad school that's over $41,000. I graduated in 2007, before the economy crashed and I was locked into some very high interest rates. I consolidated the Plus and ...
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3answers
1k views

Should I just pay off my car and student loans?

Here are the loan details : Car Loan : 2.8% APR with a balance of $11,300 Student Loan : 3.0% APR with a balance of $7,300 I have enough cash to pay off both loans today. Should I pull the ...
2
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1answer
225 views

Need help with my financial situation/life, very unhappy

I am 24 and have $21,000 in student loans and no degree. I dropped out of college because I wasn't sure what I wanted to do and for my last quarter I took F's. Now I can't go back and get financial ...
6
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1answer
83 views

Verification of student loan amounts

I consolidated my student loan debt with FedLoan a year or two after graduation. Is there an easy way to verify that my current balances are accurate? Is this something an accountant would handle, or ...
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3answers
1k views

Getting around Gift Tax in US

I've been transferring money to my fiance's account to help her pay her student loans. I just realized that I went past my yearly gift tax allowance for her ($14,000 for 2013) by $3,000. I realize ...
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1answer
182 views

How to dispute a balance transfer that never posted with other creditor?

Three months ago, I did a credit union credit card balance transfer at 0% to pay down three student PLUS loans. In the payments, the account number and sequence number for the three loans were given. ...
3
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1answer
138 views

Grad student - Pull money from 401k, or get student loan?

I went back to school after a few years in industry. The PhD has a stipend, but it doesn't quite go far enough. I'm dipping into savings each month. I'm looking for a little extra cushion. I have a ...
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3answers
144 views

Financing Education through Credit Card or Student Loans

I'm currently back in school, full-time, for an MBA (20 month program). I don't need to worry about tuition, but I still need to pay for living expenses out of pocket. Should I rely on student ...
7
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1answer
918 views

My student loans are on an income-based repayment plan. How does this affect my debt-to-income ratio?

If my student loans are on an income-based repayment plan, how does that affect my debt-to-income ratio? Is it reported at the current amount I'm paying, or what I would have been paying if it weren't ...