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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13
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7answers
8k views

Should I use IRA money to pay down my student loans?

I have just over $140,000 in consolidated student loan debt with a fixed interest rate of 5.75% on an income-based payment plan. My current and previous employers qualify for the Loan Forgiveness ...
5
votes
3answers
264 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 ...
5
votes
3answers
359 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 ...
2
votes
1answer
220 views

Borrowing money for study abroad…student loans don't apply

I have applied for a masters program in Spain, and I was accepted (yay!). However, now I am faced with the daunting task of determining how I am going to pay for it. My university in Spain is not ...
0
votes
1answer
222 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, ...
5
votes
2answers
99 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 ...
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 ...
2
votes
2answers
87 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 ...
19
votes
6answers
7k 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 ...
1
vote
1answer
73 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
159 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 -- ...
3
votes
2answers
71 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 ...
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 ...
35
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 ...
8
votes
2answers
2k 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
163 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 ...
13
votes
4answers
10k views

Will our hefty student loans affect our chances of getting a mortgage?

My husband and I live simply but we're content. I'm an avid budgeter and love finding ways to be frugal. My dilemma right now is that we've been able to keep our living expenses below what we make, ...
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
89 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
162 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 ...
9
votes
7answers
2k views

How should I pay off my private student loans that have a lot of restrictions?

I have numerous private student loans, with amounts and interest rates like this: $30,000 7% 25,000 7% 10,000 7% 5,000 6% 4,000 5% My loan provider told me I have two options. ...
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
2answers
308 views

Is this a valid strategy to reduce interest payments for student loans?

I kind of messed up and didn't pay my unsubsidized grad schools loans while I was in school, so I have quite a bit of interest accrued. In total there are 5 loans and they come to about $100k. All ...
3
votes
3answers
596 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
119 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 ...
1
vote
1answer
181 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 ...
12
votes
1answer
746 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. ...
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 ...
4
votes
2answers
151 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 ...
5
votes
3answers
353 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 ...
2
votes
2answers
137 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 ...
0
votes
0answers
81 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
126 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
82 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
110 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 ...
4
votes
2answers
294 views

Can I and should I put my dad's Parent PLUS student loan under my name?

My dad took out a loan for me to go to school that currently has a principal of $58,000. Its interest rate is 7.5%. Even though it's not technically my loan, I'm paying all of it by the agreement my ...
3
votes
0answers
64 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
39 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 ...
0
votes
1answer
120 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 ...
3
votes
2answers
147 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. ...
10
votes
3answers
2k views

to what extent am I responsible for my wife's student loan?

My wife has a substantial student loan (in excess of $100k) which she aquired before we were married. We have a prenup and no community property. She currently is not working and my income is not ...
1
vote
1answer
71 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
44 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
3answers
136 views

Is this Employee Stock Purchase Plan worth it when adding my student loan into the equation?

Here are the details of my company's Employee Stock Purchase Plan: An automatic 5% purchase discount off the fair market value of the stock. Payroll deductions start on July 1st. The stock purchase ...
4
votes
3answers
87 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
66 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 ...
21
votes
10answers
4k views

Student loan payments and opportunity costs

I'm about to graduate college and enter a very well-paid job in an inexpensive area. I am confident that I could repay my student loans much sooner than ten years, but I am wondering whether this is ...
4
votes
2answers
630 views

Should I pay off a student loan before getting a mortgage, given I have a large deposit?

I live in the UK, and have a ~£15K student loan that I started in 2007. That means that I pay extremely low interest on it (lower value of "RPI" and "Base Rate + 1%") and that I only ever pay it out ...
2
votes
2answers
290 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 ...