2
votes
2answers
77 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
votes
2answers
82 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 ...
1
vote
1answer
24 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 ...
3
votes
1answer
187 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 ...
1
vote
1answer
69 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 ...
25
votes
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
votes
1answer
117 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 ...
4
votes
2answers
118 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? ...
2
votes
1answer
29 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 ...
4
votes
1answer
73 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 ...
9
votes
1answer
242 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
votes
1answer
263 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 ...
0
votes
0answers
35 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 ...
1
vote
2answers
133 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
697 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 ...
4
votes
1answer
159 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 ...
2
votes
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 ...
6
votes
1answer
77 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 ...
1
vote
2answers
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 ...
3
votes
2answers
98 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
votes
1answer
668 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 ...
3
votes
3answers
228 views

How should we prioritize retirement savings, paying down debt, and saving for a house?

My wife and I are newlyweds. We currently have 6 months' emergency fund (3 months are currently in a CD, and 3 months in a high-yield savings account.) We are contributing to get the full match in her ...
2
votes
1answer
56 views

Would student loan consolidation through a private party still be tax deductable?

I have a private party that would be interested in paying off my student loans and in turn, extend me a loan at a slightly reduced interest rate. This makes sense to me until I get to the point where ...
2
votes
3answers
3k views

What are the advantages or disadvantages of paying off student loans early? [duplicate]

Possible Duplicate: Paying off student loans early/lump sum — best practices? I'm curious as to the advantages or disadvantages of paying off student loans early. I understand that interest ...
1
vote
1answer
206 views

Is $0 unpaid interest on a student loan effectively 0% APR?

I have two loans: Unsub Consolidation Loan and Subsidized Consolidation Loan, both at a 6.5% fixed rate. However, I've paid all the accrued interest. Therefore, if I were to "start fresh" today; would ...
5
votes
2answers
184 views

Do I have an option to transfer parent plus loans to myself?

My wife and I are currently about to start our payments for student loans. All of our loans are federal student loans through Direct Loans. We also have a parent plus loan, which is technically under ...
3
votes
3answers
195 views

Building Credit for a Young Person with No Credit

I don't have any credit established but I'm a computer programmer and I make pretty good money. I'm 21 and I would like to buy a new car. I can't get a loan because I don't have any credit and I've ...
2
votes
1answer
203 views

Any smart way to get the interest down on our student loans?

Trying to figure this out. I have a student loan $24,000 at 6.55% with Nelnet, and my wife has $48,000 at 5.2% with Mohelo. We have a home worth $220,000 with $40k in equity, and the rest at $180k at ...
1
vote
1answer
195 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, ...
4
votes
3answers
111 views

How can I use my low credit card rate to save interest on my student loan payments?

I have student loans at a rate of 6.55%. I have zero credit card debt - and have a card with a rate of 6%. I have a comfortable amount saved for emergencies and have some extra income that can go ...
4
votes
4answers
168 views

Schooling - Pay in cash or take the subsidized loans?

I'm going back to school in about a month. I will be going after my bachelors degree in Information Technology with an emphasis in Software Development. I am in a position right now where I could ...
8
votes
2answers
175 views

Which graduate student loans are preferable?

It seems that subsidized loans will no longer be offered to graduate students studying in the US. Students will typically have two choices, Unsubsidized Stafford Loans and Federal PLUS Loans. ...
2
votes
1answer
131 views

How to calculate outstanding Graduate Plus Loan balance currently in deferment?

Can someone tell me what I'm doing wrong here? If I have a $56,500 loan and the interest rate is 7.9% how much will I owe after 8 months? I thought this would be fairly simple. I would ...
3
votes
1answer
163 views

Faster degree with debt or slower degree with no debt?

I'm looking at going back to school, and I have the option for two different speeds at which I could pursue my degree. The following numbers are assuming none of my credits transfer. They all should, ...
5
votes
1answer
132 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 ...
3
votes
1answer
3k views

FAFSA: Do I still report my parents' income if I am not claimed as dependent?

I'm 19 and it's nearly time to fill out the FAFSA again. Most of the time, until you're 24 (or is it 25?) you report your parents' income on the FAFSA. However, my parents do not claim me as a ...
12
votes
4answers
346 views

How will I pay for college?

The SAT is coming up soon for me and, with it, everything college. I had held the impression that I was just going to rack up student loans, go to college, and then pay them off with whatever job I ...
2
votes
5answers
247 views

Can a debt collector deny a consolidation?

I've asked this question below... Can a debt collector garnish my wage without a judgment? but thought it be better the break these up into seperate questions... PHEA, who is acting as a debt ...
9
votes
3answers
1k views

Can a debt collector garnish my wage without a judgment?

I am going through student loan hell. Trying to consolidate loans and running into walls (repeatedly). I am getting overwhelmed. Can a debt collector garnish my wage without a judgment? I am trying ...
3
votes
2answers
102 views

Improving credit score by taking on spouse debt, possible?

My wife and I recently purchased a car, during the process I was shocked to learn my credit score was below average (no debt, healthy credit limit and always paid balances in full, good income) while ...
2
votes
1answer
126 views

How do I fill out my FAFSA form if my mom has two jobs?

My mom gets two separate W-2 forms from two separate jobs. How do I take this into account when filling out my FAFSA form?
0
votes
2answers
162 views

Student loans in IBR plan, should I pay more on them or pay more on our mortgage?

My husband purchased his house a year ago. We are looking into making it an investment property. We want to fix it up and pay off a reasonable chunk of the mortgage to hopefully have a good return ...
1
vote
3answers
204 views

Best strategy for paying off my multiple student loans?

I have a massive amount of student loans (master's degree overseas, basically traded the extra money for about 2-3 years of my life due to differing lengths of education). Now that I have a job and ...
5
votes
3answers
478 views

How do I set up the formulas to properly split monthly loan payments to principal and interest?

This has been a small annoyance for months now: the formulas GNUCash produced via loan repayment wizard don't match up with my lender's amortization tables. The formulas use pmt() functions, like this ...
5
votes
3answers
540 views

Should I take a loan on my 401k to repay student loans?

I have a student loan that has 6.5% interest (highest rate of many) and would be able to repay it if I took a loan on my 401k. I know the basic trade-off is that my money may do better in the 401k ...
10
votes
1answer
380 views

Are student loans tax deductible in US?

If I have a student loan from finishing my graduate degree, can I deduct its interest payments from salary for tax purposes? Is there any education related tax credit that can be applied for payments ...
4
votes
3answers
130 views

What options are there for consolidating a large amount of private student loan debt?

I'm currently in a weird situation - I have a large amount of accrued debt (85k principal, ~15k accrued interest so far), spread amongst multiple smaller student loans. Some are federal stafford ...
4
votes
1answer
77 views

Federal Stafford Loan deferment options?

I have a question pertaining to Federal Stafford Loans, I think it goes here, let me know otherwise. I have several student loans, Federal Stafford Loans to be exact, and the National Guard has ...
3
votes
3answers
241 views

Under IRS rules, After what tax bracket or income range student loan interests are not effective?

Student loans generally have very low interest rates. Those interests paid work in your favor at tax time, for certain income and tax bracket group. In the US, if you make more than what amount, ...
5
votes
1answer
155 views

Should I try to consolidate my student loans? If so, how should I do it? What traps should I watch out for?

I recently graduated with my Bachelor's degree in Computer Science. I now have student loans to pay off. I've heard that something that should be done with your student loans is consolidation, but I ...