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.

learn more… | top users | synonyms

31
votes
13answers
7k 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 ...
15
votes
8answers
7k views

Should I pay off a 0% interest car loan or put money towards high principal student loans?

Within the past year my wife and I have paid off approximately $40,000 in debt - from her car loan, my two student loans, and other misc debt (new refrigerator, hardwood floor install). I had a car ...
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 ...
17
votes
2answers
3k views

Paying off student loans early/lump sum — best practices?

My wife & I have run into a large sum of cash recently and are interested in paying off/paying down our student loans -- about $30k between us, at about 6.5% avg interest. We're both earning ...
12
votes
8answers
2k 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 ...
6
votes
6answers
643 views

23 and on my own, what should I be doing?

So I graduated in May with a Computer Engineering degree and started work in September at a major bank located in Jersey City and moved in with a couple of college friends in an apartment in Astoria, ...
8
votes
2answers
3k 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
votes
2answers
1k 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 (~$180,000) is in federal student loans at 6.8%, with the rest being at a lower rate (4-5%). I also have ~$...
5
votes
3answers
478 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
1answer
145 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 ...
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 ...
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, ...
10
votes
1answer
460 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 ...
12
votes
7answers
9k 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 ...
13
votes
5answers
551 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 ...
23
votes
2answers
5k views

Received federal student loan collection letter, but never had one. What to do?

Yesterday I received an unexpected letter in the mail, a federal student loan collection letter from ConServe collections. I've never had a federal student loan, so it was quite surprising to receive ...
9
votes
3answers
9k views

Is it better to pay off a loan with a higher interest rate or one with a much higher principal balance?

Okay, we'll start off with some backstory. I went to a for-profit university with absolutely no financial assistance, so now I'm in a very large amount of debt. I've read almost everyone on this site ...
6
votes
1answer
349 views

Student loan debt and business owner: What's the best loan-payoff strategy?

I graduated from my doctoral pharmacy program 1.5 years ago with ~215k of student loan debt. So far, the balance has been paid down to 170k. The weighted-average of the interest rates is 7%. ...
10
votes
3answers
3k 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 ...
9
votes
3answers
2k 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 ...
6
votes
2answers
1k views

Should I seek loan forgiveness, or paying off my loan quicker?

A little background: I am a public worker who recently learned about a loan forgiveness program. I have already been paying off this loan (since before the program began) and was not aware of the ...
5
votes
1answer
95 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 ...
4
votes
3answers
158 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
2answers
673 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 ...
3
votes
1answer
5k 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 ...
3
votes
3answers
2k 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
votes
3answers
6k 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 I'...
1
vote
1answer
293 views

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 ...
1
vote
3answers
411 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 ...