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.
3
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2answers
295 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
2answers
116 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
67 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 ...
5
votes
2answers
91 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 ...
5
votes
1answer
52 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. ...
8
votes
5answers
3k views
How to transfer money to yourself internationally?
I tried to find a question that already answered this but surprisingly I wasn't able to. My situation is this: I'm from the U.S. and I have student loans there I need to pay off. However, I am now ...
3
votes
1answer
94 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 ...
11
votes
6answers
2k 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 ...
4
votes
0answers
77 views
How does an income-based repayment plan affect 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
153 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
46 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 ...
1
vote
3answers
146 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 ...
2
votes
3answers
1k 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 ...
12
votes
4answers
567 views
Can someone help me understand my student loans?
I have more loans than these but I am wondering how to handle these three (all with the same bank):
3%, last payment ~$36, current balance $6153, original amount $5500, payoff balance $6170
2.5%, ...
1
vote
1answer
93 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 ...
11
votes
7answers
2k views
Saving $1,000+ per month…what should I do with it?
I am able to save $1,100 a month, after all expenses and after paying the minimums ($225 a month on my 2.24% and 3.25% student loans). I want to make smart decisions with my money, but am not sure ...
3
votes
3answers
167 views
How will making monthly student loan payments before grace period ends affect credit?
I recently graduated with student loan debt, and my grace period will be ending soon. Most of these loans are subsidized, meaning I do not pay interest until the end of my grace period. If I begin ...
5
votes
1answer
114 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
2answers
153 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
2answers
85 views
How much extra to put towards loans? I can't judge which gives me more utility
So I can now calculate exactly when my loans would get paid off by ensuring I consistently contribute some amount X to my loans where X is greater than the sum of the monthly minimums, where the extra ...
2
votes
2answers
40 views
Is there a program out there that will give you details for paying X extra per month?
I've got about 6 loans or so with different payoff times and interest rates. My general strategy is to calculate how much I'd save by paying an extra X per month, always directed towards the loan with ...
9
votes
2answers
193 views
How much is enough to save as a rainy-day fund before I start plugging my higher-interest student loans?
Typically, what is considered realistic? 6 months expenses? A year? I understand this is more of an "opinion" question but I am still curious what people think is a responsible buffer (in the event of ...
0
votes
1answer
44 views
Calculating payoff date and monthly payment for a school loan?
How can I verify the minimum monthly payment number and how it breaks down into principle vs. interest if all I know is the current balance and interest rate?
How can I determine the payoff date of ...
3
votes
3answers
199 views
Trying to figure out my student loans
Please let me know if this is too much information/perhaps unsafe private information to reveal. I am trying to understand the finances behind this stuff and what I can do to get rid of my loans ...
1
vote
2answers
123 views
Budget planning for students
I hope this question is a good fit for the site.
So, I have just been accepted at a university (UK) and being 18 I don't have much experience planning budgets and certainly not for anything longer ...
3
votes
3answers
137 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
125 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 ...
4
votes
4answers
152 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 ...
1
vote
1answer
156 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
102 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 ...
2
votes
1answer
104 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 ...
7
votes
2answers
165 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.
...
10
votes
8answers
1k views
Extra payments toward mortgage or student loans?
So I have roughly $5000 in student loans at 5% and about $65000 on my mortgage at 3.875% (5/1ARM). Should I put extra payments towards the student loan or the mortgage?
5% is higher, so if it's ...
4
votes
4answers
198 views
Paying loan more than the monthly limit vs keeping the extra in a bank or investment
I have a student loan (9% interest rate) which I have to pay within the next two year. Since I have a secure job I know I will finish paying within two years even with the minimum monthly payment. ...
3
votes
1answer
2k 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 ...
0
votes
1answer
445 views
What to do or watch out for when school loans are transfered?
I received an email today informing me that one of my student loans has been transfered (Email is below).
Besides following the instructions in the email and some due diligence to make sure this is ...
9
votes
2answers
168 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
2answers
1k views
How can I pay off tuition fees from a past semester so that I can enrol in school again?
I still owe my tuition fees for a university of California school from fall 2010. I have been out of school since then with two semesters to go before I can graduate. I've been trying to take out a ...
2
votes
5answers
201 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 ...
7
votes
2answers
540 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
97 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
109 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?
1
vote
1answer
124 views
What does “parity” mean with regards to student loans?
I read in a newspaper that interest on part-time student loans was made the same as a full time student's loan in order to
"achieve parity between part-time and full-time student loan programs"
...
5
votes
3answers
327 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 ...
0
votes
2answers
138 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 ...
6
votes
3answers
204 views
Would consolidating my student loans improve my credit score?
I graduated college a few years ago and have roughly $12,000 in student loan debt left. Even though I make 1 monthly payment, the loan shows up on my credit score as 6 installment loans. When I go to ...
4
votes
4answers
244 views
What are my options to deal with Student Loansharks?
So I had about $16k in student loans. I defaulted on the loans, and they got passed to a collection type agency (EOSCCA). The collection agency tacked another $4k onto the loans. I spoke with a ...
5
votes
3answers
424 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 ...
5
votes
1answer
55 views
Can I personally start and use a 529 college savings account?
I am still a college student, and I am currently working. I am taking out loans for my tuition costs and paying for the rest of my expenses out of pocket (from my job).
Yet I was wondering if I could ...
5
votes
4answers
194 views
Should I pay my Education Loan or Put it in the Stock Market?
I currently have a Student loan at a 2.47% interest rate, I owe most of my home mortgage and have a minimal amount invested in the stock market (not counting retirement).
I have some money that can ...
