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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Should I cash out my IRA to pay my student loans? [duplicate]

I'm 27 and I have an IRA of around 125K. I'm about to transition into another position with a salary of around 85K-100K. I have around 15K in smaller debts that include credit cards and medical. I ...
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1answer
45 views

If I roll over my retirement into an IRA, can I pay off my school loans at the same time without having that sum penalized?

I want to roll over a lump sum of retirement funds into some type of savings account, but want to designate a certain amount of it to pay off school loans. Can I do it without being taxed and/or ...
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1answer
57 views

How much should I pay to bank for educational loan?

I have a bank loan taken from one of the nationalised bank and I owe 4.54 lakhs at 11% interest to the respected bank I have not paid since last 2 years towards interest So I wanted to know how much ...
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1answer
42 views

When should I reduce my student loan payments in order to save up for a down payment on another loan?

I'm currently paying off a little over $13,500 of student loans, at a rate of $300 a month and accrues approximately $60 of interest each month. My bi-weekly take-home salary is approximately $1,350 ...
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1answer
201 views

How to find the right credit union?

I have 3 months left in grad school, currently with about $50,000 in student loans (most of it at 6% interest). I also need to finance or lease a used car. Suppose I select a car with a sticker price ...
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2answers
75 views

Tax benefit to paying off student loan interest while in school

I have a substantial amount of loans from my bachelor's degree. I worked for a few years, saved money, and then returned to school full time. While working, my Modified Adjusted Gross Income (MAGI) ...
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4answers
136 views

Does it make sense to take out student loans to start an IRA?

Let's say you're an undergraduate student, and you're eligible to take out more money than you need to pay for school expenses (at a fixed interest rate of 4.66%). Due to compounding, it's always best ...
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1answer
93 views

Which is better: Guaranteed 7% or projected/historical 8%

In deciding between maxing out 7% interest rate student loan repayment on the other hand, and investing in a SPY ETF on the other there are essentially two factors: 1) Is a projected/historical 8% ...
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1answer
51 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 ...
3
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2answers
135 views

Chipping away at large loan, or get rid of smaller ones? Student debt

I am currently $50k in debt from school. I have $9,500 in saving specifically saved for paying off student loans. I am wondering if I could get some quick advice as to what/why I should be paying off. ...
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6answers
2k 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 ...
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4answers
839 views

Should I get cash from credit card at 0% for 8 months and put it on loans?

I have approx $100K in student loans, and am still in my grace period. I am able to get approx $4K cash from my citibank card as a special promotion. I would not have interest on the card until April ...
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1answer
63 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 ...
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2answers
208 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 @ p.a. 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
542 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
91 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
119 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 ...
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1answer
69 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
93 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
58 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
129 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 ...
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1answer
55 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. ...
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1answer
53 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
178 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
113 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) ...
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2answers
435 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 ...
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2answers
774 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 ...
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2answers
289 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
170 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
432 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
125 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
132 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
121 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
28 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
80 views

Balancing an Interest Accrual Rate Between multiple loans

Tags: multiple student loans , balancing interest accruals , student loan help
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1answer
2k 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
6k 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
125 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
116 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
180 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
94 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
57 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
377 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
33 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 ...
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1answer
100 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 ...
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1answer
82 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
348 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. ...
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1answer
323 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
41 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 ...